Bitcoin is sideways and is not in lockstep with the Nasdaq today. The missing lockstep is the news. A day when the index rises and the coin does not does not belong in the same explanation.
Crypto stays separate from the cash sweep. It is not a substitute for uninvested cash and it is not part of the Treasury book. Naming both in the same sentence mixes mandate and product.
The print is delayed. The note does not set a size.
What the desk is watching
- Bitcoin sideways
- No Nasdaq lockstep
- Separate from the cash sweep