S&P 5005,632.41+0,18%Nasdaq 10019,784.12+0,31%IBEX 3511.840,50 pts+0,42%Apple$227.14+0,21%Microsoft$421.06+0,15%NVIDIA$178.32+0,64%Alphabet$174.88+0,09%Amazon$181.45+0,27%Meta$512.73+0,11%Tesla$241.18-0,38%JPMorgan$248.90+0,22%Inditex€45.12+0,18%Santander€7.84+0,35%Iberdrola€14.62+0,08%BBVA€13.41+0,29%S&P 5005,632.41+0,18%Nasdaq 10019,784.12+0,31%IBEX 3511.840,50 pts+0,42%Apple$227.14+0,21%Microsoft$421.06+0,15%NVIDIA$178.32+0,64%Alphabet$174.88+0,09%Amazon$181.45+0,27%Meta$512.73+0,11%Tesla$241.18-0,38%JPMorgan$248.90+0,22%Inditex€45.12+0,18%Santander€7.84+0,35%Iberdrola€14.62+0,08%BBVA€13.41+0,29%

TOKYO·—MADRID·—NYSE·—

SEARCH RADAR // IBIT

[EUROPE // RESEARCH]

DIGITAL ASSETS

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iShares Bitcoin Trust: the 61.44 billion dollar AUM dynamic reshapes market structure

The iShares Bitcoin Trust concentrates 61.44 billion dollars in assets under management, shifting focus from retail narratives to institutional supply absorption. Daily net flows in the spot ETF drive price formation across global trading desks.

KEY TAKEAWAYS

The iShares Bitcoin Trust manages 61.44 billion dollars in assets under management.
Daily spot ETF net flows dictate the actual market absorption of underlying supply.
CME open interest reflects institutional arbitrage and hedging positioning.
Short-term MVRV metrics validate the digestion of new institutional blocks.

READ FULL ANALYSIS →

[MARKET PULSE]

Fear & Greed // Macro weather

LIVE

FEAR & GREED INDEX

EXTREME GREED

050100

MACRO WEATHER GAUGE

GLOBAL LIQUIDITYEXPANSIVE
VIX 14.1LOW <15
RATE REGIMEHIKE

VISUAL SCREENER

Market map

Market-cap treemap. Pick index, metric and sector. Click opens the desk note or the TradingView quote page.

METRIC

SECTOR

Consumer

Healthcare

Tech

Industrials

Utilities

Financials

Textile

Energy

Banks

Auto

Insurance

Materials

Size ≈ market cap · color = selected metric

DownUp

EUROPE & WALL STREET

SAN.MC

Santander

€7,84

ASML

$876.40

ITX.MC

Inditex

€45.12

NVDA

NVIDIA Corporation

$178.32

AAPL

Apple Inc.

$227.14

BYLINES

Signed columns from the desk

SIGNED COLUMN[EU]EU10Y

Buying the central issuer's digital rhetoric while the system crosses borders blind

The ECB's digital narrative omits the actual replacement costs of legacy banking architecture.

Read column →

Rafael Roca

Founder & editor · AlphaMetrics Desk

FUNDAMENTAL ANALYSIS

Ibex, Stoxx and capital quality

VIEW ARCHIVE →

EQUITY RESEARCH[EU]ENG.MC

Regulated asset allocation in ENG.MC: returns and cash flows at a 15.35x P/E

Sector allocation within gas infrastructure dissecting cash conversion, the 26.9% EBIT margin, and Enagás valuation against regulated industry cash flows.

ON THE COVER

City skyline silhouette over water at sunset

Linde sustains defensive multiples through long-term cryogenic supply contracts

New york stock exchange building with american flags

The ECB celebrates digital liquidity while banks shield their deposit spreads

Electrical substation with power lines against blue sky

RED.MC: the 98.3% gross margin overshadows negative free cash flow in grid assets

a computer screen displaying a stock market chart

Institutional flows in gas networks: capital allocation towards regulated transport infrastructure

CALENDAR // EARNINGS & MACRO

CET

10 SEPT
BCEHIGH
BCE Tipos
Consensus Depósito 2,00%
11 SEPT
IPC EE.UU.HIGH
IPC EE.UU.
Consensus +0,2% m/m · +2,7% a/a
17 SEPT
FedHIGH
FOMC y dot plot
Consensus Fed funds 4,25-4,50%
18 SEPT
ITX.MCMEDIUM
Resultados 1S
Consensus Margen bruto estable
02 OCT
SAN.MCMEDIUM
Investor Day
Consensus RoTE 2026 >15%

THE MARKET WIRE

Latest publications

COMPANY DEEP DIVES

Fundamental analysis

AMS.MCAmadeus IT Group

AMS.MC: FCF conversion and 19.19x P/E valuation amid travel booking cycles

P/E: 19.2x
EBIT margin: 28.2%

READ FULL CARD

SAN.MCSantander

The operational toll behind Santander's margin

P/E: 14.4x
EBIT margin: 43.4%

READ FULL CARD

THE MARKET WIRE

Latest publications

13F SMART MONEY

Institutional flow monitor

ASSET	FUND	ACTION	% PORT.
AAPL	Berkshire Hathaway	INCREASE	22.40%
AXP	Berkshire Hathaway	INCREASE	12.10%
KO	Berkshire Hathaway	REDUCTION	6.80%
UNH	Scion Asset Management	NEW POSITION	4.25%
GOOGL	Scion Asset Management	REDUCTION	3.10%
BABA	Scion Asset Management	EXIT	0.00%
GLD	Bridgewater Associates	NEW POSITION	2.85%
IEMG	Bridgewater Associates	INCREASE	5.40%
TLT	Bridgewater Associates	REDUCTION	1.95%
NVDA	Citadel	INCREASE	3.60%
AMZN	Citadel	NEW POSITION	2.15%
SAN.MC	Citadel	EXIT	0.00%

FX & COMMODITIES

LIVE

EUR/USD

1.1625

+0.31%

Brent crude

$95.10

+5.09%

Gold

$4,513.50

+1.86%

THE MARKET WIRE

Latest publications

DEEP TECH

Semiconductors and hyperscale

VIEW ARCHIVE →

DEEP TECH[EU]AMAT

AMAT: Lithography capacity constraint and CapEx intensity under a 37.33x EV/EBITDA multiple

Applied Materials trades at a 41.49x P/E multiple, reflecting sustained investment in advanced process nodes. We analyze the operational balance between a 49.4% gross margin and equipment backlog for semiconductor manufacturing.

MACRO

Rates, liquidity and geoeconomics

VIEW ARCHIVE →

MACRO & SECTOR[EU]BBVA.MC

European banking flows: institutional capital allocation towards BBVA return on equity

Monetary policy transmission and central bank balance sheet dynamics dictate institutional flow allocation across European lenders. Supported by a 56.4% EBIT margin and an 18.9% ROE, the institution absorbs margin compression through operational efficiency.

DIGITAL ASSETS

Bitcoin, ETFs and on-chain flows

VIEW ARCHIVE →

DIGITAL ASSETSBTC-USD

BTC-USD: spot ETF net flows and derivative open interest amid the institutional cycle

Institutional absorption of Bitcoin via regulated US exchange-traded products redefines market dynamics. Cumulative net flows and declining exchange reserves dictate the current liquidity pulse.

DIGITAL ASSETS
The structural toll of absorbing liquidity in spot exchange-traded funds
BTC-USD

[GREEN // TRANSITION & CLIMATE]

Capital, policy and companies moving the energy transition

[ENERGY TRANSITION // DATA DASH]

LIVE

426.3 ppm CO₂

Atmospheric concentration

NOAA Mauna Loa

+1.56 °C

Global thermal anomaly

vs. pre-industrial mean

€68.40 / t

CO₂ emission allowances

EU ETS Carbon

[MEDIA DESK // VIDEO BRIEFINGS & COVERAGE]

Institutional coverage from the press room and the terminal.

[AUDIO DESK // CURATED PODCASTS]

Financial podcast radar

42 min

Odd Lots

Market plumbing, liquidity and commodities

Brad Setser on the US's unusual Japanese yen intervention

APPLE YOUTUBE

37 min

The Macro Compass

Liquidity regime, rates and global allocation

On sizing options, the Fed and the JPY

APPLE

91 min

All-In Podcast

Tech, policy and capital markets

Dario defends himself, datacenter panic, AI doomer trap

APPLE YOUTUBE

71 min

Capital Allocators

Endowments, family offices and the investment process

Rebuilding the NYU endowment, with Michelle Knudsen

APPLE

68 min

Bankless

Cryptoassets and decentralized finance

What's next for Bitmine after 5% of ETH, with Tom Lee

APPLE

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iShares Bitcoin Trust: the 61.44 billion dollar AUM dynamic reshapes market structure

Fear & Greed // Macro weather

Market map

Signed columns from the desk

Buying the central issuer's digital rhetoric while the system crosses borders blind

Ibex, Stoxx and capital quality

Regulated asset allocation in ENG.MC: returns and cash flows at a 15.35x P/E

Linde sustains defensive multiples through long-term cryogenic supply contracts

The ECB celebrates digital liquidity while banks shield their deposit spreads

RED.MC: the 98.3% gross margin overshadows negative free cash flow in grid assets

Institutional flows in gas networks: capital allocation towards regulated transport infrastructure

Latest publications

The yield curve conditions the operating cash flow dynamics in Naturgy

Retail margin compression transmits direct pressure to imported cyclical demand

Fundamental analysis

AMS.MC: FCF conversion and 19.19x P/E valuation amid travel booking cycles

The operational toll behind Santander's margin

Latest publications

Institutional energy flows: sector rotation into Repsol cash generation versus the futures curve

BBVA.MC: 56.4% EBIT margin and ROE expansion amid monetary rate divergence

Institutional flow monitor

Latest publications

AENA.MC: The 1.49 billion operational cash flow subverts the regulatory narrative of air traffic

Linde sustains defensive valuation multiples as long-term contracts protect margins

Semiconductors and hyperscale

AMAT: Lithography capacity constraint and CapEx intensity under a 37.33x EV/EBITDA multiple

Rates, liquidity and geoeconomics

European banking flows: institutional capital allocation towards BBVA return on equity

Bitcoin, ETFs and on-chain flows

BTC-USD: spot ETF net flows and derivative open interest amid the institutional cycle

Capital, policy and companies moving the energy transition

Redeia: EBITDA cash conversion and operational cash flow dynamics in transmission grids

Acciona Energía: negative cash flow and valuation multiples in the renewables segment

IBE.MC: grid expansion strategy and capital allocation amid high-voltage capacity demand