"2026 continues to blow away any historical comparison"

1. Home affordability. "Americans need to earn $109,796 to afford the typical U.S. home for sale, down 0.5% from an all-time high of $110,382 a year ago ... Just over one-third (34.2%) of U.S. home listings were affordable to someone earning the median income in June, up from 30.5% a year earlier."

2. ADP wage growth. Wage growth rose to 7% YoY for job changers while holding at 4.4% for job stayers. The spread between two is at its widest in almost a year.

3. Bitcoin implied volatility. "Upside Implied Volatility has printed the lowest level in the metric's history, near 23%, while Downside Implied Volatility is unremarkable ... The asymmetry is not a bid for puts; it is the disappearance of the call bid. Nobody is paying for upside, and nobody is paying much for downside."

4. Equity ETF flows. "2026 continues to blow away any historical comparison."

5. Token prices. "Competition is up and prices are down. This is good for consumer and enterprise users of AI (agents) and promotes much wider and faster AI adoption."

ICYMI