Staying the Course

Key Takeaways

• Bitcoin and wider crypto market stalls on macro uncertainty. We provide insights on why we think the party continues through year-end.
  
• Bitcoin volatility is still relatively muted compared to historical measures. The Bitcoin “VIX” is approaching a historically bullish range.
  
• Seasonal trends point to a favorable environment for BTC and other strong performing cryptoassets in December.
  
• Ethereum is trading at a relatively modest multiple of annualized fees. We focus on a pair of factors driving recent fee growth.
  
• We highlight a basket of altcoins that we think present an opportunity into the end of Q4.
  
• Bottom Line: Despite recent macro uncertainty, the crypto market is still fundamentally strong and poised for the next leg up. Reaching our price targets for BTC and ETH of $100,000 and $10,500, respectively, by year-end is looking less likely. Still, we think that any prolonged periods of consolidation could provide a steadier floor off which Bitcoin and Ethereum could make their next jump and feel confident in each asset’s ability to reach these levels before the end of the current bull market. We view any sustained market chop as an opportunity to increase positions across major cryptoassets.

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