Financial Research
Crypto Weekly
- Crypto Weekly
FED RAISED RATES ABOVE FUTURES This week, the Fed went ahead and raised interest rates another 75 bps in its attempt to stimy demand and bring down the prices of consumer goods. While the rate hike was already priced in by the market, the Fed’s...
- Crypto Weekly
Merge vs Macro
THE GOOD In what was undoubtedly one of the greatest instances of long-term collaboration and a celebration of human ingenuity, the Ethereum network finally converted from Proof-of-Work to Proof-of-Stake in the early morning hours on Thursday. Contrary to most of the Testnet Merges, there were essentially no hiccups, as the...
- Crypto Weekly
The Final Countdown
FASTEN YOUR SEATBELTS Just like that, we are less than a week away from one of the most consequential events in crypto history. If you are tired of hearing us talk about the Merge, trust us when we say we are also somewhat fatigued and are excited for what lies...
- Crypto Weekly
Take What the Defense Gives You
SO LONG SUMMER As the sun sets on a tumultuous summer, we bring you a note filled with resolve as we continue to discuss the opportunity that remains on the table for those positioning ahead of the Merge. For those wishing to review a comprehensive summary on the matter, we...
- Crypto Weekly
Skate to Where the Puck is Going
DESPITE MARKET PULLBACK, JACKSON HOLE WAS NOTHING OF SUBSTANCE Fed Chair Jerome Powell took to the microphone on Friday afternoon for the first time since he announced the Fed’s prior 75 bps rate increase. Powell has mastered the art of tactful political speech, as he used 10 minutes of words...
- Crypto Weekly
Nothing Has Changed Except Price
RISK ASSETS RETREAT (FOR NOW) After several consecutive weeks of bullish price action across risk assets, we have seen markets pull back on both technical exhaustion and underwhelming global economic data. As we write this note, the global crypto markets have retraced 7.0% over the preceding 24 hours, with the...
- Crypto Weekly
Flippening Watch
INFLATION EASES, MARKETS RIP The collective world briefly exhaled this week as inflation showed its first signs of cooling in nearly a year. On Wednesday, CPI surprised to the downside, as energy prices showed a month-over-month (MoM) decline for the first time since April. Topline CPI was 8.5%, below the...
- Crypto Weekly
Hacks, Forks, and Hash Rate
NOT-SO-PRIVATE KEYS This week started with a pair of high-profile exploits – the first of which came in the form of a bridge hack, as interoperable bridging protocol Nomad was hacked for $200 million. Ironically, the vulnerability appeared to stem from a known bug highlighted in a previous audit. Despite...
- Crypto Weekly
High Beta Merge Ideas
DATA DUMP Last week, we discussed the market’s positive reaction to the deluge of negative economic data. Despite a continued murky economic outlook, risk assets performed well. This was an encouraging sign that gave us confidence that we have seen the market put in this year’s lows. We also mentioned...
- Crypto Weekly
Good Price on Bad News is Good News
GOOD PRICE ON BAD NEWS IS GOOD NEWS Last week, we discussed the piping-hot inflation print and expected additional volatility around this data point. On the contrary, markets behaved resiliently, with legacy markets and crypto rallying hard from last Thursday to today. The market had what seemed to be its...
- Crypto Weekly
Hot things: CPI and Solana
CPI STILL HOT Despite oil prices falling and inventories growing, lagging CPI data came in hot this week. It was expected to be an eye-popping 8.8% but still managed to surprise to the upside. The CPI print of 9.1% was the highest in four decades as gas prices soared 11%...