Dogecoin

$DOGE

U.S. equities are flat on the day heading into the holiday weekend. The SPY has risen 0.07%, holding above $523, while the QQQ is down 0.06%, trading at $444. Although the market is closed tomorrow, the February PCE report will be released, and Fed Chair Powell will speak at the Macroeconomics and Monetary Policy in San Francisco. Surprises at either event could have an impact on markets. Crypto assets are...

MARKET SHRUGS AT HOT CPI The latest Consumer Price Index (CPI) data indicated a hotter inflationary environment than forecasted for February. Despite the surprise in the numbers, market participants appeared largely unmoved, suggesting that the potential impact had already been factored into their calculations prior to the release. This resilience reflects a broader sentiment that a rates-driven selloff, in response to the CPI figures, is not a significant near-term risk....

In a volatile day, $BTC (-4.51%) has made a new all-time high, briefly surpassing $69k before retracing to the low $65k range. $ETH (+1.55%) is showing strength, trading around $3.7k as attention may shift towards Ethereum and related names ahead of the Dencun upgrade next week. Layer-2 tokens support that notion, as $OP and $ARB are outperforming today, gaining 13.46% and 4.44%, respectively. Some of the meme-mania has subsided, with...

$BTC has soared to a new all-time high market cap, and is currently hovering just above $67k, with its sights set on $69k. Meanwhile, $ETH is slightly behind, inching up to just under $3600. The market appears to be adopting a barbell strategy, with Bitcoin maintaining its strength, yet beyond meme coins, few assets are significantly outperforming. The sustained rallies in $DOGE, $BONK, $PEPE, and $SHIB unmistakably signals the resurgence...

Bitcoin experienced an uptick in premarket trading, approaching $63k, and is now stabilizing just above $61k. As we will expand on below, yesterday's price action was special in light of the GBTC outflows that were experienced. The $BTC premium on Coinbase has decreased since the market opened, suggesting possible additional redemptions in GBTC today. However, the decrease isn't as pronounced as yesterday. $ETH is currently hovering just below $3400, generally...

FLOWS BEGET MORE FLOWS We have recently discussed the potential return of crypto being correlated with equities due to the new category of market participants entering the fold. However, price action this week suggests that inflows into the BTC ETFs may be throwing water onto that theory. It seems apparent that, at least in the near-term, that the ETF flows narrative is gaining steam, and it is likely that the...

Bitcoin ($BTC) continues its stellar week, rising 9.02% to surpass the $62k mark and bring it within 11% of its all-time high. $ETH has gained 5.43% today, exceeding $3,400, a level not seen since April 2022. Meme coins are outperforming today, with $PEPE, $DOGE, and $WIF gaining 21.63%, 19.07%, and 23.25%, respectively. The strong moves across various names have squeezed shorts, with over $209 million in short liquidations in the...

Bitcoin surged higher yesterday evening during Asian market hours, climbing from $54.8k to reach $57k. This increase followed a day of impressive inflows into spot $BTC ETFs. $ETH has taken a backseat for the time being, currently trading slightly above $3.2k. $STX is performing well, up over 6%, but other recent market leaders are lagging. It appears that flows have shifted towards more speculative corners of the market, with memecoins...

ETH GAINING RELATIVE MOMENTUM Given the success of Solana and Bitcoin's persistent dominance in this bull market, many have been quick to write off ETH. There is no doubt that ETH faces its own set of challenges, including a complex modular stack and potential cannibalization by Layer 2 solutions, which, while crucial to ETH's scaling roadmap, can sometimes fragment liquidity and users. Despite these issues, ETH continues to advance along...

BREAKING AWAY While we maintain that macro conditions are still the most critical factor in assessing the medium/long-term trajectory of BTC prices, daily returns of the leading cryptoasset continue to exhibit a lack of defined correlation with any major macro asset. To us, the biggest reason for this sustained lack of correlation is the advent of the spot BTC ETF. A prime example of how ETFs are influencing BTC's performance...

WEATHERING THE STORM Heading into Q1, the key risks identified were: (1) A potential QRA supply shock, as long-term interest rates could surge due to a possible shift in bond issuance towards longer-duration securities, (2) the repricing of interest rate cuts, as the Federal Reserve downplayed expectations regarding the timing and frequency of such cuts, and (3) concerns regarding the dynamics between the expiration of the Reverse Repurchase Agreement (RRP)...