Hedge Funds Short on US Treasuries, Palantir skyrockets as Data Industries Brush off Inflation and Meme Coin Mania sends ETH gas prices through the Roof [Bulls, Bears & Blockchain May 9, 2023]

Start listening

Join us on Twitter spaces for today’s Bulls, Bears & Blockchain show, where we’ll be tackling some of the most pressing topics in the financial world.

Be sure to join the conversation as we discuss:

  • Hedge Funds Shorter than ever on US Treasuries
  • Data Industries brush off Inflation
  • Ethereum Gas Fees Spike to Yearly High

Don’t miss out on this exciting discussion! Tune in to our Twitter Spaces show today at 5:30 pm EST and join the conversation.

Let’s dive right in!

Unprecedented Bearish Bets on Treasuries Precede Rush for Secure Assets

Hedge funds significantly increased bearish Treasury wagers to unprecedented levels just days prior to the US banking crisis worsening, which led to a rush for the world’s most secure assets.

In the week leading up to May 2, leveraged funds raised overall short positions on US bond futures to a new all-time high, as per a measurement of cumulative net positions derived from the most recent data provided by the Commodity Futures Trading Commission. This marks a consecutive seven-week increase in bearish bets, the lengthiest run since 2017.

Join us on todays show as market masters Marc Lopresti and Jon Najarian take a deeper look at what this all means for markets.

Data industries not worried about inflation

Palantir Technologies put up a stellar quarter as reported after the close yesterday. They expect to be profitable every quarter this year and described demand for its new artificial intelligence products as “without precedent.” Shares soared 20%+ in extended trading.

  • Adjusted income from operations is expected to be $506M – $556M in 2023. vs. consensus of $496.5M.
  • Revenue for the first quarter was $525M, up 18% YoY vs. street at $506M.

In a letter to shareholders, Chief Executive Alex Karp said the software maker is well-positioned amid booming interest in artificial intelligence tools.

“The depth of engagement with and demand for our new Artificial Intelligence Platform (AIP) is without precedent,” he said. “We are currently mobilizing our company and sales teams in order to convert this organic and inbound interest into an expansion of our reach within the market.”

He added: “AIP enables enterprises across the commercial and government sectors to leverage the power of large language models on their own privately held data sets. The first iteration of the platform will be made available to select customers this month.”

Ethereum’s Gas Fees Hit Yearly High with the Revival of Meme Coin Mania

The recent resurgence of interest in meme coins, such as PEPE, has propelled the daily median Ethereum gas price (transaction cost) to exceed 12-month highs. This increased activity on the Ethereum network has also contributed to a rise in the ETH burn rate. With the return of meme coin frenzy, what are the implications for Ethereum holders?

Ethereum Gas Fees Skyrocket as PEPE Ignites Meme Coin Mania

The recent introduction of PEPE, a frog-themed meme coin inspired by the popular “Pepe the Frog” movie franchise, has rekindled the public’s fascination with meme coins. The token, which has witnessed incredible success since its launch, is primarily responsible for the spike in ETH gas fees.

Data from CoinGecko reveals that PEPE has experienced an astonishing 555% gain over the past two weeks alone. The token exceeded the $500 million market capitalization mark within three weeks of its debut, entering the top 100 cryptocurrencies by market cap on May 1.

PEPE now ranks as the 57th largest cryptocurrency, boasting a market cap of over $823 million. In the past 24 hours, PEPE’s trading volume exceeded $143 million on Uniswap, surpassing both Wrapped Bitcoin (WBTC) and USDT stablecoin volumes.

The success of PEPE has also reignited interest in other meme coins such as CHAD and 4TOKEN, which have rallied by 450% and 250% within a week, respectively. Another cryptocurrency, DINO, has seen a 500% increase in two weeks.

This renewed meme coin frenzy has caused ETH gas fees to soar. As of May 9, the average cost of a single transaction on Ethereum stands at over $21. On May 5, the gas fee reached a multi-month high of over $27.

Join us on todays show as Alex Mascioli and other special guests talk more about the crypto markets.

Join us live on todays Bulls, Bears & Blockchain show

With so much at stake, it’s crucial to stay informed and involved in these discussions.

Join us today at 5:30 pm EST on our Twitter Spaces, where we’ll delve deeper into each topic, exploring the implications of Hedge funds positioning towards US Treasuries, Data industries thoughts towards inflation and Ethereum gas fees mooning with the meme coin mania.

Don’t miss this opportunity to engage with experts and make your voice heard in this critical conversation.

Share this
Join the discussion