Crypto Never Sleeps
Weekly Recap
Outside of a Sunday-night dip, cryptoassets have performed robustly, with bitcoin reclaiming the $40k level and ether reestablishing its perch above $3k.
This week, crypto investors ventured further out on the risk curve as DeFi and Web3 sectors outperformed currencies.
Interestingly, the privacy sector recorded another green weekly candle, as privacy-focused names including Monero ($XMR), Zcash ($ZEC), and Decred ($DCR) each increased more than 15% over the last seven days.
Source: Messari
A Tale of Two Halves?
In light of the constant sideways chop that seems to have persisted for the past several months, we revisit the meme below, pulled from our 2022 annual outlook. Given the macro uncertainty and intermittent on-chain demand, we thought this would be a tough Q1 and Q2 for strictly long-only investors. This memetic prognostication has undoubtedly come to fruition as crypto prices have struggled to find directional consistency.
Applying the framework outlined in the previous Weekly, it is reasonable to expect downside volatility around QT, and buying put protection on long crypto positions could be a helpful way to mitigate this risk.
Source: Fundstrat Digital Asset Annual Outlook 2022
As our clients are aware, a big reason ...Reports you may have missed
INFLOWS RESUME On Monday, market sentiments were rattled by a surprisingly strong manufacturing PMI figure, marking the first expansionary reading in 18 months. This led to a rise in rates, with risk assets across the board experiencing selloffs amid renewed inflation concerns and fears that the Federal Reserve might need to implement further measures to cool the economy. However, in our crypto comments video on Tuesday, we outlined a couple...
Adding RON and IMX As a Different Flavor of ETH-beta and Gaming Exposure (Core Strategy Rebalance)
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....
RESEND: Bitcoin ETF Equilibrium Price Dynamics: ETF likely to drive significant rise in daily demand
BY POPULAR DEMAND, WE ARE RE-SENDING THIS BITCOIN PRICE IMPACT OF SPOT ETF REPORT FROM JULY 24, 2023 The Bitcoin spot ETF was finally approved. And we are seeing the surge in price of Bitcoin because of attractive supply and demand dynamics.We received multiple requests to resend this report from July 24, 2023 which looked at supply and demand dynamics if a spot ETF was approved.In short, we believe a...
Articles Read 1/1
🎁 Unlock 1 extra article by joining our Community!
You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.
Already have an account? Sign In c7563c-bc1280-746a3f-39ea24-bb14e5
Already have an account? Sign In c7563c-bc1280-746a3f-39ea24-bb14e5