4 areas of focus hit headlines at once. I decided to just make separate video clips for each topic, so a 3 min into + 4 videos following.

These were supposed to go out yesterday. Turns out that writing everything out would’ve been more timely after all. Oh well- still experimenting here. Let me know any feedback please, thanks as always!

I. Intro

II. BOJ

III. Monex: the BTC driver

IV. UBS

V. Nomura

I. Intro (3min) & NOTE: global markets are WITHOUT Japan flows for the next 7 days of holiday (USTs, NDX, BTC, EM FX could see direct impact absent one of largest players)


II. BOJ April Policy Meeting Review: Was NOT a non-event

III. 8968 MONEX Group Earnings were released Mon after close, this was supposed to go out before Japan market open this morning- apologies. but video still applies of course

Previous Note: Theory: Monex has become more BTC than GBTC, and even more than BTC itself (theory explained)
(see more charts below)

IV. UBS - “surprise!” -$774mn loss on Archegos to join the club. Why their temporary silence is deafening

V. Nomura (uploading)

Additional Charts & material:

BTC vs JAPAN Cash Equity Trading

GBTC premium & discount vs GBTC/Monex Ratio:


BOJ BTC MONEX charts:
Intraday Charts from Mon 4/26, w/ BOJ policy release during lunch break (11:30am -12:30pm) & Monex earnings few mins after market close (15:00)


BTC vs MONEX Price Action - which leads which? (Monex leads)

When Monex is open for trading, BTC... (More)