Kyle Davies Ordered to Respond to Subpoena, SBF Pleads Not Guilty

Name: FS Insight
Price range: $$$

Mar 31, 2023

Author

Walter Teng, CFA ^AC

BTC -1.38% ETH -0.26% QQQ N/A% SPX N/A% STX -1.10%

Market Update Markets continue pushing higher on slowing PCE data, pointing to signs of slowing economic momentum ahead of the banking crisis. Consumer PCE increased 0.2% in February (vs. January's 2%). After adjusting for inflation, however, spending actually fell 0.1% MoM in February. $SPX and $QQQ have opened higher on the news before trading 1.0% and 1.1% higher at the time of writing. Digital asset markets have followed suit, with $BTC and $ETH trading 1.1% and 2.7% higher than the past day. Over the past week, Stacks ($STX) has been the worst performer in the Top 100, retracing 22%. With fundamentals unchanged, our valuation catch-up remains intact, and hence we view this dip as an opportunity to gain exposure to the most prominent L2 on Bitcoin.Over the past day, there have been regulatory updates pertaining to past bad actors in crypto. Kyle Davies, the founder of Three Arrows Capital (3AC), has been given two weeks to respond to a subpoena related to the books and records of the bankrupt hedge fund. The hedge fund's liquidators have accused Davies and fellow co-founder Su Zhu of refusing to engage in proceedings for the firm's bankruptcy and have attempted to serve a subpoena via Twitter. The court ruled that the service of the subpoena via Twitter "comported with the

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