RWA ๐ Global & Macro: CFTC data shows fund managers cut net long S&P 500 futures positions, signaling rising institutional caution on U.S. equities. Meanwhile, Goldman Sachs forecasts gold at $4,900/oz by end-2026, with upside risks skewed.
๐ฆ RWA & Institutional: UniCredit, Italy’s second-largest bank, is reportedly considering crypto asset custody services, underscoring growing institutional interest in digital assets among traditional European banks.
โก Crypto & Markets: The crypto custody move by UniCredit highlights accelerating TradFi integration, while reduced S&P 500 net longs suggest a defensive tilt in broader risk positioning.
๐ก Key Takeaway: Institutional caution on equities contrasts with bullish gold and crypto adoption signals, pointing to a rotation toward hard assets and digital infrastructure.