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Recessions and Ai Bubbles
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Market Update📈📉
Quick Hits:
* Asset Class Reversal: We are witnessing a historical anomaly. Gold (+54%) is currently the best-performing major asset of 2025, while Bitcoin (-1%) sits as the worst. This is the direct inverse of 2013 and a dynamic we haven’t seen before in a calendar year.
* S&P 500 Technicals: The S&P 500 closed below its 50-day moving average for the first time since April 30, officially ending the 5th longest uptrend since 1950.
* Institutional Signal: despite Bitcoin’s price lag, institutional adoption is heating up. Harvard’s…
The skinny
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