Crypto Research

EXECUTIVE SUMMARYThe digital assets space has witnessed a Cambrian explosion of alternative crypto networks over the past few years, with many projects experimenting on concepts pioneered by Bitcoin. Despite the new options for crypto investors, we believe Bitcoin remains differentiated as the only sound monetary cryptoasset due to its unique technical characteristics around decentralization, consensus, and supply. Bitcoin is also fundamentally superior to other existing monetary assets such as the...

Venture capital investors took a breather heading into March after investing around $4 billion in the previous three weeks. CeFi projects continue to get a substantial portion of investments, raising $123 million this week. A DeFi project received $70 million in funding, and NFT/Metaverse investments totaled $52 million. Infrastructure was an unusual laggard in the venture space, raising $35 million. Most of this week’s capital flowed into two new venture...

Debt. Arguably one of the most controversial financial terms in modern history. Embroiled in the conversations of 45 million student debt holders, 55% of Americans who carry a month-to-month credit card balance, and the mortgage holders that account for 70% of all American debt. Use too much and risk defaulting, use too little and miss out on opportunities due to temporary illiquidity. Even nation-states use debt to boost productivity -...

We continue to focus on the key narratives surrounding bitcoin and assess recent adoption trends driven by Russia’s invasion of Ukraine.We review on-chain data (realized cap, STH SOPR, and wallet addresses) to determine whether there is a sustained level of organic demand supporting the recent uptick in bitcoin’s price.Recent price action gives us some confidence that there will be buyers that step up in the $34k-$35k area should we witness...