The US housing market index has hit its lowest value since 2012 (excluding 2020's short dip), which is yet another signal of a deteriorating housing market.
Risk assets, such as junk bonds and equities, saw a slight bounce heading into this week but rising Treasury yields have worked to counteract this strength as of Thursday.
The 3-month/10-year Treasury yield spread flipped negative on Wednesday for the first time since 2020.
Bitcoin has seen a notable decline in volatility in recent weeks, price action points towards a large move coming.
Bitcoin below it's 4-Year moving average as well as the Long Term Holder Realized price signals we are still in the depths of the bear market
S19XPs will likely perform as safe-haven assets if Bitcoin sees another leg down.
Bitcoin's hash rate continues soaring even during difficult times for miners.
Bitcoin Energy Gravity, a metric used to estimate the breakeven electricity rate for a modern Bitcoin ASIC shows evidence of BTC price bottoming.
Bitcoin Mining
There are four key reasons why [hashrate is soaring].
Large S19XP orders that were previously placed during higher BTC prices are actively being shipped and plugged in.
Extra rack space from the ETH merge is being filled with BTC ASICs.
It is still profitable to mine BTC with new-gen rigs (capital allocators are buying cheaper rigs).
As old rigs become unprofitable, their rack space gets replaced by XPs and M50s. Replacing an S17 with an S19XP is still a net growth in hash rate.