Oil Plunges, Steepener Sends Bitcoin $98K-$105.9Kish, SLR On Tap - 6/24

This Is Not Investment Advice

sMiles Users Spend 5 Mins/Day in App - Add Bitcoin Rewards To Your Apps - sMiles API/SDK

Risk On Gets The Stick Save For ES, Oil Crumbles

We noted Risk On sure could’ve used an event based boost very early in the week to reverse the distribution days piling up along with the sluggishness. TSLA carried the load as SPY and QQQ volume light but the non-event of Iran’s capabilities and theatrical nature of it all was the event to kneecap oil.

10YR UST softened a bit late (up overall in price) but I note the initial reaction and burst in the 2YR as it ended up as a steepener. Note the 2YR below on a 4HR:

Bitcoin front-runs the $95K-$98K key zone and bounces from $98.2Kish up to the $105.9Kish as of this moment:

Only able to take some of straddle away when awake and did not get to set up a new one. Let’s see what happens. Another wild day and week perhaps.

Still have lower highs locally for much of Risk On absent the AI basket let’s find out if the ‘Melt Up’ has steamrolled oil enough to make that attempt at new ATHs.

The market already knows about the Genius Act and Texas. What Bessent needs now more than anything to ensure Option B stays on course is two things: A) lower oil, and B) a steeper curve. Both good for Risk On.  

Powell discusses SLR on 6/25.