Crypto Research
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SOL OUTPERFORMANCE Last week, we highlighted the explosive activity on Solana as DEX volumes surpassed those on Ethereum, leading us to increase SOL's weighting in our Core Strategy. These elevated DEX volumes have persisted through this week, and SOL has dramatically outperformed, breaking out against ETH and gaining ground against BTC—all amid a sharp bond selloff and a rally in the DXY. Source: Artemis Source: TradingView A significant portion of...
Stripe's Acquisition of Bridge Validates Stablecoins & Crypto Rails, SOL Outperforms BTC & ETH, HPC Miners Reprice Higher
In this week's video, we cover (1) why Stripe's acquisition of Bridge is a major development for stablecoins and crypto rails, (2) Solana's breakout against Bitcoin and Ethereum, and (3) the continued repricing of HPC miners. TICKERS IN THIS VIDEO: BTC 3.70%
WEEKLY RECAP Weekly funding rose by 37% from $132 million to $180 million, while the total deal count decreased slightly from 23 deals to 21. Funding was relatively evenly dispersed across categories, with four out of five categories raising more than $30 million, except Web3, which saw $8 million in funding. DeFi was the leading category in total funding and deal count, raising $56 million across nine deals. Series A...
SMALL CAP BREAKOUT A POSITIVE INDICATOR FOR BTC It is a common refrain among passive industry observers that BTC is strongly correlated with large-cap tech stocks, leading some to view BTC as a quasi-leveraged version of QQQ. However, we think this perspective is limiting. If you were to rely on QQQ as a barometer for crypto market conditions, you would experience several periods of underperformance over the course of a...
WEEKLY RECAP Q4 has represented the least funded quarter in each of the past two years, and two weeks into this year, the trend is on pace to remain intact. The first week of the fourth quarter was one of the least funded weeks all year, with just $11 million raised across eight deals. Although not overly impressive, funding rebounded this week to $120 million across 21 deals. Concentration in...
Storm-Driven Claims, Political Shifts, and Seasonality Point to Bullish Crypto Setup for Late October
MARKET INCREASES PROBABILITY OF 'NO LANDING' Over the past week, a series of stronger-than-expected economic data releases have significantly impacted market sentiment:ROBUST ISM SERVICES PMI: The ISM Services Purchasing Managers' Index came in at 54.9, significantly above the forecasted 51.7.STRONG NON-FARM PAYROLLS (NFP): The economy added 254,000 jobs, surpassing the expected 140,000.FOMC MINUTES INDICATE DIVERGENCE: The FOMC minutes revealed non-consensus at the September meeting regarding whether to cut rates by...
In today's video, we explore why the post-NFP market setup is encouraging for crypto, how profit-taking in Chinese equities could serve as a tailwind for BNB, and why MSTR's divergence from BTC could lead to $900 million in BTC inflows in the near term. TICKERS IN THIS VIDEO: BTC 3.70%
Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities
CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...