Ithaca Protocol

@ithacaprotocol

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Ithaca Protocol

@ithacaprotocol

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Ithaca Protocol

@ithacaprotocol

📈Ithaca Protocol Market Update ► Oil call | put skew is at its highest in 25+ years ► FOMC vol relatively low at 0.9% ► 30% of Bitcoin owned by centralized entities now ► Coinbase sponsors the 250 year army anniversary parade ► State of Crypto conference mentions: crypto 235x, Bitcoin 62x, Ethereum 1x ( one is very early here )

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Ithaca Protocol

@ithacaprotocol

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Ithaca Protocol

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Ithaca Protocol

@ithacaprotocol

📈Ithaca Protocol Market Update ► Iran responds, Israeli attacks to continue ► Treasury companies everywhere, when does the music stop? We think it will be a translation of the crypto game itself, the best community, tech and product market fit will win. Financial engineering is common knowledge. Fetch! ► SBET still at a premium to NAV despite huge convergence drops ► Reminder in the bear market, Strategy traded at a 50% discount to NAV ► Jane Street striking one of the biggest prime office leases in central Hong Kong globally, since before COVID; crypto relevance for astute traders ► Coinbase launching US-listed perps ( one crypto major innovation mainstream going mainstream )

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Ithaca Protocol

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Ithaca Protocol

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📈Ithaca Protocol Market Update ► War in the Middle East, sadly part CCCLXII.. ► Netanyahu claiming uranium enrichment site was attacked ► US was informed but did not participate ► Oil, most relevant benchmark +5%, digital oil ( ETH ) -10%, long way to go for some digital assets to act as diversifiers and havens ► IRIS Virtuals Genesis very strong launch creating the right visibility to the space

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Ithaca Protocol

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Ithaca Protocol

@ithacaprotocol

📈Ithaca Protocol Market Update ► Weak CPI, 4 months in a row, no impact from tariffs yet; 2 cuts now priced this year ► BUT crude oil + 5% as ‘ less confidence on Iran deal ‘ and Israel chomping at the bit for a strike; US embassy partial evacuation in Baghdad ► Bessent makes the case for a 2trln stablecoin market and his plans / hopes to leverage this to extend dollar dominance ► Casey Newton making the case for ‘ pro-athlete ’ type hires at Meta for ‘ AGI Development ’ ► US / China deal verdict ‘ weaker than expected ’ with China holding more cards than the administration was giving them credit for; July 9th looming as a headline now for fresh derisking ahead of it

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Ithaca Protocol

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📈Ithaca Protocol Market Update ► Plasma, Bitcoin, Stablecoin, Tether; what a mix ► SEC’s Atkins signalling support for DeFi ► Korean equities most overbought since Jan 21; banks competing to raise to OW due to governance reforms + cyclical upside ► Section 899, this will be getting bigger; TACO to the test soon ► US CPI today ► Trump wishes trades almost quadrifecta; Brent lower, rates lower ( and rate vol lower; UK driven due to weak jobs report ), stocks up, crypto up, $ not weaker though ► JPM bond valuation model update; bonds are fairly priced now

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📈Ithaca Protocol Market Update ► Virtuals on Ethereum ( Mainnet; yes, let that sink in ) ► Risk assets marching to all time high soon ► xAI debt raise being FUDded; sic transit gloria mundi; Musk companies always come through ► Big treasury auction week this week amidst CPI; this can derail the risk feel good environment ► No news from US / China trade talks ► Apple AI update fails to dazzle ► ‘ SPX futures point to light positioning ’ ; stay long till this corrects from JPM

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Ithaca Protocol

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Ithaca Protocol

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📈Ithaca Protocol Market Update ► US CPI this week; Treasury auction quadruple header, including 20y and 30y ► JPM reiterates India OW ( RBI growth friendly ) ; GS raises Korea to OW ( a room to reduce ‘ Korea discount ’ ) ► US / China 2nd round trade talks to commence ► Crypto is underperforming risk & macro drivers ► Options not pricing much of a move for June 18 FOMC; vol has leaked to early July ( tariff and OBBBA headlines ) ► Retail buying, positioning balanced ► Saudi tokenizing oil on XRP ( ?, yes, sure )

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Ithaca Spaces: Market Report ⚡️Now Live on X https://x.com/ithacaprotocol/status/1931667671671804009?s=46

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Ithaca Protocol

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Ithaca Protocol

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Ithaca Protocol

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📈Ithaca Protocol Market Update ► Trump meme and World Liberty Financial kiss and make up; no more Trump meme wallet ► Circle is ripping, Gemini filing for IPO reportedly. It won’t be altseason but IPO ‘ party it is like 99 ’ season, who knew ► 5th straight week up global equities ► Payrolls on the sweet spot to weak, with AHEs on high side, unemployment softer but rounded down ► Blackouts approaching, technical support should be evaporating soon from one consistent stock buyer; window till July 4th is always decent though ► Net hedge fund leverage now middle of the road ( gross leverage still at highs ); retail still buying strongly ( see Circle above case study ) ► Crypto should have been doing better and it is concerning

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Ithaca Protocol

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📈Ithaca Protocol Market Update ► Scary how Circle soared almost 4x and then fallout headlines came through. The fear factor involves both the pop and the volatility; huge congratulations to everyone and to the crypto market, just these gyrations bode ill ► The Trump / Musk fallout situation is very fluid and every tweet or ‘ truth ‘ can make it change ► ARCA CIO public meltdown another sad moment; justified or not ► Trump / XI phone call overshadowed by Trump / Musk brawl and Twitter MAGA collective meltdown ► ECB cut rates as expected but hawkish ► Payrolls today in good news are good news mode

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Ithaca Protocol

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