Welcome to Markets Desk, here's what's moving the needle right now.
In the crypto space, a notable divergence is opening up between two classes of Bitcoin investors. On-chain data from Glassnode shows large holders, the so-called whales, actively accumulating coins through early November, even as ETF investors continue pulling money out of those products day after day. It's a classic smart money versus retail tension playing out in real time.
Shifting to equities, Michael Burry, the investor who famously called the two thousand eight housing collapse, is softening his long-standing bearish stance on Nvidia. Burry spent much of this year betting against the chipmaker, but in a recent Substack post he acknowledged the sell-off is becoming difficult to ignore, suggesting the broader market may soon view current levels as a compelling trade opportunity. That's not a full reversal, but coming from Burry, it's worth noting.
And in commodities, wheat is catching a bid across all three major exchanges at midday. Chicago soft red winter, Kansas City hard red winter, and Minneapolis spring wheat contracts are all trading five to eight cents higher on the session, reflecting modest but broad-based buying pressure across the complex.
That's the tape. Markets Desk, signing off the floor.
