Crypto Research

While some of the risks that prompted our cautious stance in early February have been partially mitigated, most remain—with the ongoing trade war still the most pertinent. Therefore, we believe it remains prudent to exercise patience. That said, improving liquidity conditions, favorable seasonality, and the possibility of a budget-neutral BTC acquisition strategy offer reasons for optimism. Regardless of the direction, depressed implied volatility (BVIV < 50) suggests that a significant...

While some of the risks prompting our cautious stance in early February have been partially mitigated, most still persist—with the ongoing trade war being most pertinent. Thus, we believe it's prudent to remain patient. However, reading between the lines, there is a non-zero possibility that next week, we will receive material information regarding potential "budget-neutral" methods the US government could employ to acquire BTC. Depending on details revealed, this could...