$Lemonade(LMND.US), $S&P Global(SPGI.US) basically didn't move, $Opendoor Tech(OPEN.US) dipped slightly. The US fintech sector sensitive to interest rates has been completely dead.

In days of a strong dollar and rising long-term rates, the cost side of insurtech, the volume of real estate transactions, and the issuance volume of rating businesses are all being suppressed—without a return in rate cut expectations, no one has a story to tell.

Don't expect a big rally before the September FOMC meeting. During this sideways period, those with pricing power like $S&P Global(SPGI.US) at least won't lose time value, but for those purely betting on cycles like $Opendoor Tech(OPEN.US), it's hard to say. Will you front-run ahead of the rate cuts?