Unchained Bits + Bips: Vanguard's Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners - Ep. 967
9 snips
Dec 2, 2025 
In this discussion, Alex Kruger, founder of Kruger Macro, dives into the recent market selloff alongside hosts Ram Ahluwalia, Austin Campbell, and Chris Perkins. They explore factors behind the volatility, the potential rotation from high-beta to quality assets, and how institutional investors are reacting differently than retail traders. The group also tackles the implications of Vanguard's crypto offerings, the Tether debate, and the notable CME outage that exposed market fragility. It's a whirlwind of insights on navigating these unpredictable times in finance.
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Carry Trade Unwind Sparked The Correction
- The BOJ-led unwind of the yen carry trade likely triggered a rapid market pullback across risk assets.
- Institutions remain committed to crypto adoption despite retail-driven volatility, highlighted by Vanguard entering the space.
High-Beta To Value Rotation
- High-beta assets are rotating into value as animal spirits fatigue after a strong run since April.
- This explains synchronized selling across digital assets, uranium, and certain tech names.
Why The Bottom Call Felt Wrong
- Alex Kruger described being confident Nov 21 was the bottom before being surprised by the violent move.
- He traced the selloff's timing to synchronous Japanese market moves and MicroStrategy headlines.