Milk Road Macro Bear Trap, Bull Run, or Blow Off Top? Where Is The Market Going Next w/ Yann Allemann
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Nov 4, 2025 Yann Allemann, co-founder of Glassnode and SwissBlock, shares his insights on market liquidity and macro trends. He discusses the Fed's rate cuts and their effects on market behavior. Yann dives into the potential for a melt-up or blow-off top in the S&P, explaining how institutional capital is revolving rapidly. He analyzes Bitcoin's price dynamics, highlighting critical levels and on-chain signals. Plus, he addresses the role of Ethereum and stablecoins in the evolving macro landscape, emphasizing how these factors will shape market outcomes.
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Markets Diverge From The Real Economy
- Markets can rally even while the real economy slows because credit and liquidity drive asset prices more than production.
- Liquidity cycles and credit creation now matter more than mid-century manufacturing for understanding macro risk.
Don't Confuse Repo Support With A Fix
- Treat repo injections as temporary backstops, not cures for liquidity stress.
- Avoid assuming repo operations eliminate systemic liquidity risk because they merely postpone payback obligations.
Lessons From Venezuela And Argentina
- Yann recounted living through Venezuela and Argentina crises to illustrate money chasing scarce goods.
- He used those experiences to explain how liquidity inflows can create severe distortions and inflation.