The United States equity markets have witnessed a solid year so far. The Nasdaq Composite has soared 31.7%, its best first-half performance since 1983. Similarly, the S&P 500 Index’s (SPX) 15.9% gain is its best first half since 2019. This suggests that risky assets remain in demand.
In the cryptocurrency markets, Bitcoin (BTC) has led the recovery from the front, rising 20% in Q2 2023. An encouraging sign is that the rise has not tempted the Bitcoin hodlers to book profits. Glassnode’s illiquid supply change metric is near cycle highs, indicating hodler conviction.