Sonali Basak

The S&P 500 can continue to rise to 7500-7800 based on fair value, supported by earnings growth, but further multiple expansion is unlikely. However, liquidity sources that drove the first half are expected to fade in the second half, creating a non-linear path and making hedging necessary.

Bitcoin is back above $70k, and Coinbase (COIN) is seeing massive gains (up significantly on the day). Reports indicate the CEO met with Trump to discuss market structure bills. The combination of "Risk On" sentiment, rising Bitcoin prices (driving transaction fees), and a potentially friendlier regulatory administration (Trump meeting) creates a tailwind for the leading US exchange. LONG. High beta play on the crypto resurgence and regulatory clarity. Regulatory crackdown or a reversal in Bitcoin price action.