Sean Farrell retweeted
BESSENT COULD UNLEASH $1 TRILLION ON BOND MARKET The US Treasury could tap its nearly $1 trillion cash account to fund expanded bond buybacks, potentially giving it major firepower to push long-term yields lower. Treasury recently doubled minimum buybacks of longer-dated securities to $4 billion, with Bessent signaling even larger purchases are possible. Using existing Treasury cash could strengthen the program’s market impact while reducing the need for Federal Reserve involvement.
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Sean Farrell retweeted
TBT to @FundstratDirect Head of Digital Asset Strategy @SeanMFarrell flagging potential actions from the Treasury on @coinage_media last week: "It increases the odds that you see some coordinated intervention...like active Treasury issuance" 🎯
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spx 1.5% below ATH
*BESSENT: WE WILL ROUTINELY DO BUYBACKS AND INCREASE SIZE OF BUYBACK *BESSENT: WILL BE MORE THAN 4 BILLION
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Sean Farrell retweeted
Chatting with @FundstratDirect @SeanMFarrell about the best opportunities in crypto-related names right now — and what to prepare for through year-end! Tune in:
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Sean Farrell retweeted
🎙️ New @Edge_Pod 🤝 Fundstrat's Sean Farrell On Bitcoin, ETH, and The Macro Case For Crypto In Every Portfolio 0:00 - Intro 3:03 - Sean’s role at @FundstratDirect 6:31 - When DeFi became legit tech 12:47 - Sean and Tom Lee on differing views 20:04 - Market conditions for crypto improved 26:28 - Is this the market bottom? 28:47 - Price recovery before credit expansion 31:35 - Can DeFi tokens win next uptrend? 36:35 - DeFi best placed to accrue value 43:48 - TradFi/fintech integrating DeFi 46:16 - Is Wall Street bullish for crypto? 52:47 - CLARITY + possible political headwinds 57:34 - Case for ETH + BTC in every portfolio 1:03:00 - From niche markets to trillions 1:05:23 - Closing 🙏 Thanks to Fundstrat Head of Digital Asset Strategy @SeanMFarrell for joining us!
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Sean Farrell retweeted
New @Edge_Pod drops in a few hours! We're joined by @SeanMFarrell, Head of Digital Asset Strategy at Fundstrat, for one of our best episodes to share with friends and colleagues looking to rotate capital back into digital assets. Even within Fundstrat, Sean and Tom Lee (@fundstrat) regularly hold differing short-term views while agreeing on the long-term trajectory of digital assets like ETH. Subscribe at the-edge.xyz and follow @Edge_Pod 📌
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can citadel execute a block trade for all 10y treasuries
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A few thoughts on the crypto market now that we're a little over halfway through the year (this is a tldr of our webinar from last week): -First, some thoughts on the crypto/equities divergence. First, one must understand that broad crypto market beta is still largely tied to BTC/ETH performance (more on this later). Thus, narrowing one's focus on BTC remains half of the work for directional liquid investors. -A lot of ink has been spilled trying to explain why stocks keep pushing to new highs while crypto remains stuck in a bear market (what happened to BTC just being levered QQQ, etc). Sell-side flows from whales/miners, fund redemptions, and idiosyncratic DAT risks are all part of it, but this chart is probably the cleanest explanation of the current regime. It measures the YoY change in global liquidity vs. the YoY change in SPX EPS. When liquidity expands faster than earnings, BTC tends to outperform equities as investors look for non-productive stores of value to absorb the excess monetary expansion. When earnings outpace liquidity, equities have generally been the better home for capital. We've been in the latter regime since early 2024.
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-On liquidity – base liquidity is trending higher again, buttressed by RMPs (this is positive), but currency trends suggest choppiness ahead, while yields are flashing yellow/red signals. The entire curve has risen precipitously in recent months while inflation swaps and breakevens continue to reflect disinflationary expectations, and the curve is flattening. To me this means either (1) the swap curve is wrong, (2) yields are wrong, or (3) the market is pricing in a potential Fed mistake. I also suspect part of the elevated yields story is a new risk premium the market is ascribing to the front end, given the "brave new world" the Fed has created with its lack of forward guidance. -The bull case here is that the Fed shifts toward more dovish rhetoric over the next couple of months to meet what should be continued cooler CPI/PPI prints alongside cooling tensions in the ME. The bear case is that Warsh sticks to his guns to establish credibility with the committee and the broader public, with the WH supporting those efforts, as the war rages on and inflationary pressures matter far more for electoral outcomes than another 5% on the SPX when it's trading just 1-2% below ATH.
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-On CLARITY – my odds of Clarity passing the Senate before the Aug recess sat slightly above a coin flip last week. I said I would buy 45 and sell 60 (wide spread i know). But given the shrinking window of opportunity for Congress, I think I would now buy 25 and sell 35. I wouldn't put much weight on the Polymarket contract (~$2-3M of total volume, and senators were banned from prediction markets a couple months ago, reducing informed flow). -We would obviously see a huge rally in Clarity-sensitive names if the ethics problem were miraculously resolved early this week. This would also likely mean any late Q3/early Q4 drawdown would find support at a higher level than we probably would have otherwise. One nuanced scenario to consider, given the dwindling floor time ahead of the Aug recess is if senators find common ground on ethics and push for at least an initial vote. I think this would probably lead to a lighter tactical rally as optimism around Clarity being revisited in the lame duck period grows. -In the near term it remains a trader's market. Weak flows, narrow leadership, and the absence of a sustained trend continue to favor a buy-dips, sell-rips approach, leaning into winners. BUT this is also a good time to have a sincere conversation with yourself about time horizon and risk appetite, because I do think that one can by the majors here and sell them for higher prices 12 months from now. It is the path and opportunity cost that I am less sanguine about.
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Sean Farrell retweeted
1/ 🚀 New special episode today on Medici Level Up – Live at LA 26 Join @David_Grid & @SeanMFarrell on-site as they sit down with 3 industry leaders in digital assets - a capital allocator, a protocol founder, and a builder bridging TradFi and blockchain. ▶️ Full episode link + interview snippets below 👇
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Sean Farrell retweeted
Digging into $MSTR and the rest of the market with @FundstratDirect's @SeanMFarrell Tune in! ⬇️
Strategy Sells $400M of Stock w/ Fundstrat’s Sean Farrell nitter.net/i/broadcasts/1RKjppYNM…
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Sean Farrell retweeted
1/ 🔊 "AI will be able to de-anonymize your wallet - it knows where and when you're transacting. It's a major risk. So what should financial privacy look like in the age of AI? New Level Up episode is LIVE with @will__mcevoy, CIO of @cypherpunk. Join @David_Grid & @SeanMFarrell as they dive into: ◆ Why privacy may be "the other side of the AI coin" ◆ The investment thesis behind Zcash and Cypherpunk ◆ Bitcoin's institutionalization and the revival of cypherpunk ideals ◆ The evolution of digital asset treasuries ◆ Key catalysts and risks shaping the privacy thesis 🔗 Full episode links below ⬇️
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Look forward to playing with GPT -5.7 STRC when it drops
Introducing a limited preview of GPT-5.6 Sol, our next generation frontier model, as well as GPT-5.6 Terra, a balanced model for efficient, everyday work, and GPT-5.6 Luna, a fast and affordable model for high-volume work. openai.com/index/previewing-…
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