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The Milk Road Show

How Do You Time Altcoin Season Based on Macro? w/ Andreas Steno Larsen

Feb 13, 2025
In a captivating discussion, Andreas Steno Larsen, CIO at Steno Global Macro Fund and CEO at Steno Research, unveils the powerful market forces beyond just Treasury actions. He emphasizes understanding money creation and liquidity’s role in influencing risk assets. With insights on altcoin seasons, he predicts potential investment opportunities driven by institutional interest, while cautioning against volatile risks. Larsen also delves into the impact of geopolitical dynamics and financial innovations shaping the crypto landscape.
33:20

Podcast summary created with Snipd AI

Quick takeaways

  • Even in restrictive monetary conditions, liquidity can emerge from private banks and government spending, supporting crypto markets.
  • Macroeconomic indicators like the ISM manufacturing PMI will be crucial in signaling an upcoming altcoin season as economic conditions improve.

Deep dives

Understanding Liquidity Creation

Multiple agents contribute to liquidity creation in an economy, including the central bank, public sector, and private banking system. While the Federal Reserve's current stance is restrictive, not all liquidity creation relies solely on them. Private banks can create money by granting credit, as can governments by funding deficits. This highlights that even in a tight monetary environment, liquidity can still be present through other channels, potentially allowing for continued support of crypto and risk assets.

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