Goldman Trader Notes Market Strength, Crypto Ascent to $4T Amid Warning on Shifting Risk/Reward

Key Points

1. Tony Pasquarello points to fresh equity highs fueled by mega-cap tech momentum and favorable technicals, but cautions about upcoming high-stakes earnings reports and capital return plans.

2. Crypto markets gained attention, with bitcoin and ethereum (ETH) driving the total market value past $4 trillion, though it slightly dipped to $3.9 trillion by July 20, 2025.

3. Dominika Nestarcova credits bitcoin's strength in the U.S. and highlights strong inflows into spot bitcoin ETFs, which hold around $150 billion in treasuries.

4. Pasquarello warns that despite bullish signals, the rally since April leaves limited room for further gains, advising investors to remain cautious.

5. Historical data shows bitcoin has a 66.67% chance of closing Q4 in the green, with significant gains typically seen in the final quarter.