Injective

$INJ

$28

-0.03

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...

This week is shaping up to be a significant one on the macro front, with the JOLTS report on Tuesday, the FOMC meeting and Treasury Quarterly Refunding Announcement (QRA) on Wednesday, PMIs on Thursday, and jobs data on Friday. Despite a downward trend in rates today, possibly hinting at the Fed's tone this week, DXY is climbing, largely due to a weakening Euro. In the equities market, major indices are...

Bitcoin continues to slowly chop higher ahead of this week's highly anticipated decision from the SEC regarding the Bitcoin spot ETF. On Friday, issuers submitted their final 19b-4 forms, and this morning, all the S-1 forms were filed, offering a glimpse into the emerging fee war. Bitcoin is currently trading just above $46k. Meanwhile, $ETH is up 4%, reclaiming the $2300 level. Following a mild pullback across the altcoin market,...

Equities are mixed today but on track for the seventh straight week of gains, the longest winning streak since 2017. The Nasdaq gained .38% while the S&P fell .49%. Both indices are in striking distance of all-time highs following comments from Fed officials about inflation coming down and potential rate cuts in 2024. $BTC has pulled back to $41.8k, down 3.3% after facing resistance at $43.4k. $ETH is performing in...

On Sunday evening, the perps market experienced a low liquidity liquidation cascade, eliminating about $2.7 billion in open interest (source: CoinGlass) across all coins. We interpret this as a healthy purge of some overleveraged traders, and any immediate market weakness should be viewed as an opportunity to buy on dips. $BTC found support at last week's low and has since recovered about half of last night's dip. Today, our focus...

Michael Saylor’s MicroStrategy has purchased another 12,333 Bitcoin at an average price of $28,136. The additional purchase brings the firm’s Bitcoin holdings to over 152,000 BTC at an average price of approximately $29.6k. $BTC (-1.09%) has declined slightly in light of the announcement, and $ETH (-1.48%) continues to underperform Bitcoin. Injective ($INJ) is outperforming today (+1.72%) while also being one of the strongest coins on the week, rising 10.90% compared...

Crypto prices rebounded today after a cooler-than-expected CPI print of 4.9% (vs. an expected 5.0%). The index for shelter was the largest contributor to the CPI increase, followed by increases in the index for used cars and trucks and the index for gasoline. At the time of writing, $BTC is up 2.03%, and $ETH is up 1.71%. After declining for the past few weeks and erasing much of their 2023...

Crypto markets bounced back sharply today, with $BTC up 5.42% and $ETH up 4.85%. Altcoins such as $ARB and $INJ had huge recoveries, up 15.0% and 28.9% from their lows yesterday. The biggest winner on this bounce has been $RNDR, up 40% from its lows yesterday and putting in new highs for 2023. Crypto's rally comes just after First Republic Bank shares hit record lows after depositors withdrew $100b. Traditional...

Digital asset markets continue their run-up from Ethereum's successful Shapella upgrade midweek, while traditional markets stall. $BTC (-1%) is holding the 30k level since breaching it on Monday, while $ETH (+2.5%) breached $2.1k last evening before dipping right below it at the time of writing. $ETHBTC is trading back above the 0.066 level at 0.068 after failing to break down from 0.062. $SPX (-0.4%) and $QQQ (-0.6%) opened higher before retracing...

Crypto and traditional markets began to recover from their pullback yesterday. $BTC and $ETH are up 0.97% and 1.52%, respectively, while SPX and NDQ are up 0.15% and 0.57%. Outperformers today include $INJ, up 12.67%, and $LDO, up 14.0%. Lido's rise comes after the protocol unveiled its upgrade plans for v2 ahead of Ethereum's Shanghai upgrade. There are two major focuses of this upgrade: an introduction of a new staking router and...

Crypto and traditional markets consolidated ahead of today's FOMC meeting at 2 pm EST. The market is currently pricing in a 98.7% chance of a 25 bps rate hike according to CME Group's Fed Watch tool. $BTC and $ETH are down 0.57% and 0.70%, respectively, and SPX and NDQ are down 0.57% and 0.32%. Despite the broader market consolidating, certain altcoins have continued to rally. $ATOM is up 6.55% and...