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U.S. Exceptionalism Is Alive and Well as Nasdaq Outperforms Global Peers: Macro Markets

Published

2 месяца ago

5 июля, 2025

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U.S. exceptionalism, the notion that the U.S. economy and its financial markets are distinct compared to those of other nations, remains alive and well, at least according to the equity markets.

Since the early April slide, Wall Street’s tech-heavy Nasdaq index has surged 31%, while the broader S&P 500 index has rallied 24%, according to data source TradingView. Other major indices, such as Germany’s DAX, France’s CAC, Japan’s Nikkei, and China’s Shanghai Composite, have lagged behind Wall Street.

Both Nasdaq and the S&P 500 traded at record highs Thursday. Demand for U.S. Treasury notes has held up amid concerns about fiscal sustainability, as noted by CoinDesk last month.

The data contradicts the popular narrative that capital flows are rebalancing away from the U.S. en masse due to debt jitters and President Donald Trump’s trade war and repeated criticism of the Federal Reserve.

«Several key factors that underpinned U.S. exceptionalism remain fully intact and are perhaps even strengthening further,» Hani Redha, portfolio manager, head of strategy and research for global multi-asset at PineBridge Investments, wrote in a blog post published last month.

Redha pointed to deregulation under Trump as a key factor supporting the US’s productivity supercycle – unique among global peers – and its lead globally.

Economy validates U.S. exceptionalism

Other economic variables, such as the real per capita GDP growth, also support the exceptionalism narrative. The metric measures the rate at which the value of goods and services produced per person in an economy is adjusted for inflation.

«The U.S. massively outperforms the EU in terms of real per capita GDP growth. The reasons for that are deeply structural and haven’t changed one bit. U.S. exceptionalism — for growth at least — is here to stay…,» Robin Brooks, senior fellow in the Global Economy and Development program at the Brookings Institution, said on X.

The U.S. jobs data released Thursday further added another stake in the ‘loss of American exceptionalism narrative, as Bruce J Clark, head of rates at Informa Global Markets, said on LinkedIn.

Implications for BTC and DXY

The return of U.S. exceptionalism to U.S. stocks can be viewed as a positive development for bitcoin (BTC) and the broader crypto market, given the historical positive correlation between the two.

BTC, the leading cryptocurrency by market value, has already risen 44% to $108,000, rallying swiftly from the early April lows of nearly $75,000, according to CoinDesk data. Moreover, with the pro-crypto president in the White House, one may argue that bitcoin is part of the U.S. exceptionalism play.

Meanwhile, the return of U.S. exceptionalism could also put a floor under the U.S. dollar. «With today’s jobs data putting another stake in the ‘loss of American exceptionalism’ narrative, the temptation to get long dollars here for a counter-trend trade is big and growing,» Clark noted, adding the ECB officials’ growing discomfort with the strong euro.

Early this week, the FT reported, quoting a senior ECB official, that the central bank may need to signal that too much strengthening in the euro could be an issue, as it might lead inflation to hover below targets. Meanwhile, in an interview with Bloomberg, ECB Vice President Luis de Guindos said that «overshooting» of the euro should be avoided, flagging levels above 1.20 as complicated.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

12 минут ago

16 сентября, 2025

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Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

12 минут ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Business

Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Published

22 минуты ago

16 сентября, 2025

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Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.