Crypto Research

We see Bitcoin’s recent price action coupled with a lack of substantially leveraged positions as an encouraging sign.Hash rate has surged since Friday’s washout, pointing toward a network of miners that feel optimistic about the near-term trajectory of the BTC price.SOPR indicates that the majority of selling pressure is coming from short-term investors who lack conviction in Bitcoin’s current price trend.MVRV has decreased, implying a higher network cost basis, which...

Will McEvoy, Digital Asset Strategy Senior Associate, provides insight on the recent increase in virtual land purchases in the metaverse. RESEARCH: METAVERSE AND CYBERSECURITY LEAD THE WAY

We are writing to update our clients on the events of this past weekend and highlight a few data points we will be keeping an eye on moving forward into the next couple of weeks. On Friday, December 3rd, over $2 billion in long positions across the global crypto market were liquidated, nearly $850 million of which were from BTC futures.Almost $500 billion in total market value was wiped from the...

New Venture Capital funds raised an aggregate $1.9 billion this week with a metaverse and decentralized finance (DeFi) focus. Metaverse projects raised $213 million in capital, while cybersecurity firm Certik raised $80 million and Coinbase acquired cybersecurity firm Unbound for an undisclosed amount.Active investors this week include Alameda Research, Solana Ventures, Softbank and Coatue.DEAL OF THE WEEK: 1inch Network raises $175 million in a strategic Series B funding round led...

Bitcoin and wider crypto market stalls on macro uncertainty. We provide insights on why we think the party continues through year-end.Bitcoin volatility is still relatively muted compared to historical measures. The Bitcoin “VIX” is approaching a historically bullish range.Seasonal trends point to a favorable environment for BTC and other strong performing cryptoassets in December.Ethereum is trading at a relatively modest multiple of annualized fees. We focus on a pair of...

Sean Farrell, Head of Digital Asset Strategy, provides an update on crypto and the bullish or bearish outlook as we head into December. RESEARCH: HEALTHY PULLBACK & TAPROOT UPGRADE