📈Ithaca Protocol Market Update

► US Treasury Secretary claims substantial progress in U.S. / China talks over the weekend

► Russia / Ukraine ceasefire progress

► $Trump takes aim at drug prices ( and this may have huge impact budget wise medium term ); Saudi Aramco reducing dividend, $Trump policy pillars ( 3/3/3 ) intact

► All 6 U.S. market high yield deals priced last week traded up on the break; sentiment in good shape. Even $ETH blipping on the long-term ETHBTC chart

► Aggregate positioning according to GS; 20th percentile since 2015, bearish positioning very one sided across investor community. Fear has moderated as evidenced by single stock put / call skew, but has room to go ( $ETH basis barely at 5% )

► U.S. CPI tomorrow, 0.23 mom core by Cleveland Fed nowcasting

► Retail investors continue buying single stocks ( not ETFs ); funding spreads easing again signify institutionals again lightening up