Trusts Holding Steady, Miners Moving Lower

Sep 8, 2023
Market Update Today has been another interesting day of price action across crypto and crypto-equities markets. $BTC has mostly undone its previous rally, now fluctuating just below the $26k mark after peaking at $26.5k yesterday. $ETH mirrors this trend, currently trading around $1,630. Altcoins have generally followed suit, albeit with a less significant upswing initially. Notably, $SNX and $DYDX are today's most significant underperformers, likely due to recent CFTC settlements against DeFi derivatives operators (more on this below). In contrast, COIN, ETHE, and GBTC are displaying further resilience, maintaining price levels similar to those seen yesterday. On the macro front, rates continue trending upward, and the DXY appears poised to end the day in positive territory. Consistent with recent patterns, gold is declining in value, moving in tandem with the broader crypto asset market.In August, Riot Platforms (RIOT), one of our preferred mining companies due to its scale, received $31.6 million in credits, comprising $24.2 million in power credits and $7.4 million in Demand Response credits from ERCOT, the Texas grid manager. When calculated using the average Bitcoin price for that month, these credits equate to approximately 1,136 Bitcoin mined. ERCOT typically forms these

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Bitcoin experienced yet another weekend rally, breaking above $42,000 for the first time since the Terra unwind in April 2022. BTC 2.17%  has since retraced slightly, stabilizing around the $41.5k mark. A major beneficiary of the rally was STX 7.08% , the Bitcoin layer 2 token we pinpointed as a buy in our recent strategy note. The token has rallied impressively, marking an approximate 25% increase today and a 50% bump since the...

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