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Fundamental Analysis

Macroeconomic and on-chain fundamentals — the data behind the price. Liquidity, growth, profitability, regulation — translated into trade setups.

US labour market: cracks under the surface

Headline payrolls hold up but full-time hiring has decelerated for six straight months — a leading indicator of softer aggregate demand.

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Bitcoin on-chain holder dynamics

Long-term holder supply at all-time high — historically a setup that precedes structural upcycles by 6–9 months when paired with rising velocity.

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ECB versus Fed divergence widens

ECB hike-cut spread reaches a two-year extreme. Carry-driven flows favour USD into the second half — until US recession risk is mispriced.

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S&P 500: margin expansion peaks

Q1 margins printed cycle highs. Historically, a cycle peak in margins precedes flat earnings for 2–4 quarters as input costs catch up to pricing.

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