Sushi for Christmas
Key Takeaways
- Alpha Opportunity: Despite a broad market shift away from DeFi, we think Sushiswap (SUSHI) presents an intriguing opportunity for investors at its current price. We discuss this further below.
- We note that leverage in the Bitcoin market is increasing, which may signal near-term volatility.
- Bullish indicators, including exchange outflows, increasing short-term SOPR, and a decreasing put/call ratio point toward a bullish breakout upon any liquidation event.
- Bottom Line: As Bitcoin’s leverage increases, investors should anticipate a bout of volatility at some point over the next couple of weeks. The current on-chain setup and options market activity point toward a bullish breakout. We maintain our positive outlook for Bitcoin, see the potential for Ethereum outperformance and view our altcoin baskets as an opportunity for those venturing further out on the risk curve as we head into the new year.
Value Investing in DeFi with Sushiswap
Since 2020 we’ve observed the emergence of two core “killer apps” for smart contract platforms, which started on Ethereum and have since spread to almost all others. DeFi was first – cementing its roots during DeFi Summer and garnering widespread excitement. Prices reflected this excitement even after DeFi Summer came to an end.
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