Buyers On Strike, But Leaning Bullish into Next Week
In today's video, we discuss the lack of clear market direction and how next week's QRA could provide the next positive catalyst.
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WEEKLY RECAP Weekly funding decreased 25% from $209 million to $157 million, and the total deal count declined 19% from 32 to 26 deals. DeFi was the most funded category this week, anchored by Polymarket’s $45 million Series B round, the largest fundraise of the week. Infrastructure was not far behind, totaling $61 million across eight deals. As we begin to approach the end of 1H 2024, Infrastructure and DeFi have been the two consistent...
FLOWS RETURNING TO THE MARKET Last week, we discussed how our base case remained that conditions for liquidity-sensitive assets like crypto would improve in the near term, and we continued to lean on our "Buy in May" thesis, given the constructive setup. A combination of (1) a dovish Federal Reserve, (2) an accelerated tapering of quantitative tightening (QT), and (3) a Quarterly Refunding Announcement (QRA) that met investors’ expectations contributed...
MARKET COMMENTARYU.S. EQUITIES ARE RELATIVELY FLAT AS THEY CONSOLIDATE ABOVE PRIOR ALL-TIME HIGHS. THE SPX IS TRADING AT 5,300, AND THE NDQ IS HOVERING NEAR $18,600, WHILE THE DXY 0.00% (-0.07%) IS SHOWING A SLIGHT DECLINE, TRADING AT $104.4. Crypto assets are showing strength, with BTC 0.25% rising 2.84% to $67.1k and ETH 0.85% surging 4.86% to $3,090. Liquid staking tokens are building on Ether's outperformance, as LDO -1.71% and PENDLE 3.15% have gained 10.11% and 13.43%, respectively. Similarly, layer-2...
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