Wednesday’s outflow from $GLD was the largest since 2016

1. Alt labor market data. "If you combine a bunch of different alt data sources that track the labor market, there's been clear, ongoing improvement since September."

2. Occupational AI exposure. "The red area, depicting LLM use from the Anthropic Economic Index, shows how people are using Claude in professional settings. The coverage shows AI is far from reaching its theoretical capabilities ... As capabilities advance, adoption spreads, and deployment deepens, the red area will grow to cover the blue."

3. GLD ETF flows. Wednesday’s outflow from $GLD was the largest since 2016.

4. BTC ETF flows. "Spot ETF flows are stabilising after sustained outflows. The 14-day netflow trend has turned higher, signalling easing distribution pressure as BTC breaks above 70k. Institutional demand remains tentative, but early re-accumulation signs are emerging."

5. Realized volatility. "The average stock within the index has been nearly three times as volatile as the index itself (and the implied vol spread suggests the options market believes this will persist)."

ICYMI