Crypto Research
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PBOC ONE-UPPING THE FED This week, China’s central bank initiated what we believe are the first steps in a broader effort to stimulate the economy, which is struggling to meet its annual growth target of around 5%. These new measures are aimed at reviving economic activity and restoring confidence, especially in the real estate and equity markets, both of which are facing significant challenges. The People’s Bank of China (PBOC)...
MARKET UPDATE The PBoC has announced a fresh package of economic stimulus, weighing a $142 billion injection into top domestic banks and pledging to stabilize the housing and stock markets. Domestically, durable goods data came in better than expected, and GDP met expectations, providing more confidence in the stability of the U.S. economy. Crypto is responding positively to both developments, as BTC -0.80% has gained to $65.3k and ETH -0.11% to $2,650,...
AI Miners Continue Outperformance, CB Premium Remains Muted Despite Flows Increasing
CRYPTO MARKET UPDATE The crypto market has been consolidating over the past 12 hours following Bitcoin’s first daily close above its 200-day moving average since last August. BTC -0.80% is hovering just below $64K, while ETH -0.11% is holding above $2,600, and SOL -1.54% remains strong above $150. SEI -2.94% , one of the high-performance L1s that rallied significantly in Q1, is leading the market today, following a similar path to SUI -2.35% . Other notable outperformers...
In today’s video, we explore the implications of BTC ETF options approval and the impact of PBOC's monetary stimulus on the broader crypto ecosystem. We also explain why the outperformance of Chinese equities serves as a bullish signal for BNB. TICKERS IN THIS VIDEO: BTC -0.80%
INTRODUCTION In an increasingly digital world, demand for wireless internet has never been higher. The wide use of handheld devices, the growth of “smart devices,” and the commercial importance of connectivity have left traditional carriers struggling to keep up with demand. Carriers have begun exploring zero to low-capex alternatives to provide services to their customers through the help of decentralized infrastructure networks (dePIN). XNET is a decentralized wireless network using...
MARKET UPDATE Equities are gaining following the People’s Bank of China announcing the largest stimulus package since the pandemic. China-related names are surging, with FXI 3.31% and KWEB 4.54% gaining more than 8%. The SPY 1.51% and QQQ 1.50% have gained 0.22% and 0.67%, respectively. Crypto is mixed, with altcoins outperforming the majors. BTC -0.80% has declined modestly to $63k, and ETH -0.11% is trading just above $2,600. TIA -4.56% has been one of the top gainers...
CRYPTO MARKET UPDATE Crypto began the final full week of September trading—historically the worst time of the year for the asset class—with a positive move higher. BTC -0.80% briefly pushed above $64K during Sunday's session, attempting to break through its 200-day moving average. Meanwhile, ETH -0.11% has quietly rallied 10% against BTC -0.80% over the past five days, now trading above $2,660, while SOL -1.54% has retreated to $144 after reaching $152 on Friday....
WEEKLY RECAP Weekly funding increased 67% from $100 million to $167 million, while the deal count rose a modest 8% from 26 to 28. Infrastructure was the clear winner this week, raising $110 million across 14 deals, representing two-thirds of total funding and half of the total deal count. There were two CeFi deals totaling $9 million in funding, which remains a laggard category, tallying only 55 deals so far...
CRYPTO MARKET UPDATE The last key macro risk for crypto markets this week was Friday’s Bank of Japan (BOJ) meeting, with concerns around potential rate hikes or hawkish commentary. However, the BOJ held rates steady, reaffirming its stance not to raise rates in unstable market conditions. In response, crypto markets surged overnight, with BTC -0.80% briefly crossing $64K, ETH -0.11% rising above $2,570, and SOL -1.54% climbing past $152. Since the U.S. market...
OUR VERDICT: POWELL NAILED IT Yesterday, Powell did exactly what risk assets wanted him to do—their actions were dovish, with a 50-bps cut and guidance for two more by year-end, but their economic commentary remained reassuring. Many bears point to this as hawkish, and since it's hawkish, it's implicitly bad for risk assets (including crypto). In our view, if Powell had taken a significantly more dovish stance than he did,...