Eric Balchunas

“Agree. Self custody is great, esp if you want btc for its censorship resistance. I’m just saying for the ppl who want to outsource btc exposure and/or use it for its debasement resistance an ETF is arguably the best choice and a legit threat to exchanges.”

“Wrote about BTAL today and how it is arguably a good ETF hedge for AI bubble burst periods or return of breadth as it goes short high beta stocks and long low beta stocks. This fund has long been a fav of critics/strategists but not popular with gen public- the ETF equiv of a Jim Jarmusch movie. Check it out on BI ETF<GO>.”

“Nice turnout at ETFs in Depth Asia which is in Tokyo this year. ETF market growing here just like everywhere else but BoJ still owns 80% of the ETFs. They have vanilla but now looking at buffers, spot crypto and private co-spiked ETFs, similar to US. Big dif tho bt US and rest of world is fee-based advisors/RIAs. Most still in bank/broker/MF commission system like US 40yrs ago (= high fees, MF stickiness).”

“Nice look at all the ETFs that hold Anthropic (largely via SPV or swaps). As a group they are seeing increased inflows. It's all very deja vu with SpaceX except there's now more products with exposure. Privates in ETFs is becoming more and more normalized every month. via @psarofagis”

“China's gov't has been buying $2.5b/day in equity ETFs since July to try and prop up market after AI slump. What's wild is China typically only sees about $218m/day in ETF flows = the govt is 10x the average. It would be like if the US Treasury bought $100b/day in ETFs here. Great note on the 'natty team' today from @RebeccaSin_SK @JackiWang17 on BI ETF<GO>.”

“Trump Accounts may soon be expanded even more to anyone under 40yrs old. That would be another 100 million people, on top of the 70 million kids and 3.5mil babies born each year. This according to Brad Gerstner who is the main guy spearheading efforts on this. He also said Elon is 'tip of iceberg' Nice scoop and piece on it from @LydiaMoynihan @nypost”

“The Stock Market Is Currently Out of Breadth But It's No Reason to Worry. new from me on the latest worry being hurled at investors from the columnist class and what they aren't telling you: 1) over past 100 years only 4% of stocks generated all net US market-wealth creation w/ half of cos lagging treasuries = lack of breadth has always been a thing 2) The big cos doing all the heavy lifting are not normal big cos…”

“Active bond mutual funds saw outflows for first time in a while in week ending 9/18 (so this doesn't count last week i'm sure its equal or worse). Conversely, bond ETFs took in $12b so more than offsets for now. But these MFs will be forced sellers of bonds if outflows pick up which will hurt their NAVs, which will spark more outflows. This potential 'doom loop' is why bond mutual funds are the canary in the 'how…”