How Far We’ve Come It’s hard to believe two years have gone by since COVID-19 upended our world....How Far We’ve Come It’s hard to believe two years have gone by since COVID-19 upended our world.

Index shot up 8% in just ten days, peaking alongside the daily percent increase in global confirmed COVID...Globally Confirmed COVID-19 Cases (Daily % Chg) vs....multifold, driven in part by the relative size and speed of the US policy response coupled with waning COVID...

Price action following the COVID crash saw DeFi outperform pretty much every asset.

...largest monthly budget deficit in U.S. history ($864 billion) as spending to combat the fallout from COVID...package in history; over $2 trillion in spending was approved to combat the inevitable fallout from COVID...Source: Opportunity Insights With a worsening sales outlook and renewed concerns over an acceleration in COVID...

Here’s what we know: the economic “recovery” has stalled, COVID-19 is still a major problem, and officials...Regardless, the point is we are a long way off from pre-COVID activity levels, which is one of the reasons...

Don’t get me wrong, the policy responses to COVID-19 have been exceptional in every sense of the word...little to no revenue without government support, and yet that’s exactly what an exogenous event like COVID...weeks, it’s little wonder policymakers are dusting off the old playbook to combat the fallout from COVID...

We all know how aggressive monetary and fiscal policymakers were in the aftermath of COVID-19 as they...The endgame hasn’t changed, and we’ve been harping on the impact of COVID as an accelerant for a while...

...appears to be relatively healthy, while US households are >$40 trillion wealthier than they were pre-COVID...If US M2 growth were to revert back to just 50% of its pre-COVID annual average growth rate, that would...If we saw a full reversion back to its pre-COVID average, we’re talking $4-5 trillion of US M2 growth...

If the economic recovery continues unabated, employment reaches pre-COVID levels, and businesses and...find ourselves in a low-growth environment because of all the structural headwinds we faced before COVID...

We witnessed its power during the post-COVID bull run, and now again in the subsequent bear market....The explosion in liquidity in the aftermath of COVID also led to a sharp rise in institutional inflows...

...thereof), the trajectory for global GDP over the next 5-10 years leaves much to be desired; even before COVID...The aftermath of COVID-19 has left us to face a massive shortfall in global growth compared to prior...

...multiple has gone below 0.50 only 4 times: during the previous market bottoms of 2015 and 2019, the Covid-induced...

Historically speaking, this rarely occurs, and hasn’t happened since the COVID capitulation in March...

Global Macro Outlook and What It Means for Bitcoin Slide 1: COVID-19 = Accelerant, NOT Root Cause...We’ve said time and again that COVID-19 served as an accelerant for several major headwinds we now face...

...reality getting into its stride, an additional few billion people coming online this decade, and the COVID...There are literally hundreds of millions of connected people across the globe who, no thanks to COVID...

July for many asset classes as risk appetite remained decently strong despite growing concerns over COVID...

We witnessed its power during the post-COVID bull run, and now again in the subsequent bear market....The explosion in liquidity in the aftermath of COVID also led to a sharp rise in institutional inflows...The last two major recessions pre-COVID both saw significant drawdowns in the equity market that pushed...

As the COVID tides continue to move in the virtual realm’s favour, an important trend is being crystalized...With the COVID tailwinds, global video game spend has exceeded $10B every month since March.

...historic display of cross-border solidarity, something the EU desperately needed as the fallout from COVID...

...and S&P 500 have started to tick higher but are still hovering near their lowest level since pre-COVID...low-income low-skilled workers), political tensions still rage, and the structural headwinds we faced before COVID...