Crypto Research

After playing second fiddle to Bitcoin during the leading cryptoasset's run at all-time highs in late October, ETH finally got its moment in the spotlight as it surged from below $4,000 last week to reach a new all-time high.Activity on the Ethereum network has increased dramatically in recent weeks as reflected in transaction count and fees paid, indicating increased demand for blockspace.Bullish supply dynamics are also supporting ETH price. The...

The crypto market faced nearly $1 billion in long liquidations on Wednesday morning, stymieing Bitcoin and Ethereum’s momentum and punishing altcoins. We viewed this as generally healthy market behavior and conducive for the next leg up.Long-term holders took profits off of the table following Bitcoin’s recent ATH – selling 39.6k BTC while short-term holders bought 51.3k BTC. The reentrance of short-term holders into the market is generally a good sign...

Bitcoin experiences healthy consolidation following a red-hot start to October but continues to exhibit strong underlying fundamentals.BTC open interest has increased dramatically in recent weeks, but data shows that the majority of futures are cash-margined, which may point to a more robust derivatives market as compared to prior bull runs.Historical trends in Market Value to Realized Value ratio and Market Cap to Thermocap multiples suggest that despite the leasing asset’s...

China FUD causes crypto markets to sell-off for the second week in a row. We take a deeper dive to understand the broader implications (or lack thereof) of the most recent regulatory crackdown announced by Beijing.Leverage and funding rates are trending lower, signaling uncertainty among short-term market participants.Despite recent volatility, HODLers continue to accumulate bitcoins, leading to an increasingly illiquid bitcoin supply.The Lightning Network allows Bitcoin to gain adoption as...

Crypto markets stumble as global equity markets go risk-off in the wake of Evergrande fears. Strongest selling pressure was from those with high exposure to Asian assets seeking liquidity to hedge against a potential “Lehman” moment for China.This week reminds us that Bitcoin is relatively early in its adoption phase and consequently, is still a risk-on asset. Macro remains the roadblock between Bitcoin and $100,000 price.We suspect continued trepidation in...

Bitcoin continues to march higher, eclipsing another key milestone and trading above the 200-day SMA. Ethereum is also higher on the week but has met resistance at $3,300. Attention turns to the 50-day SMA.Bitcoin’s recent price run has not been as “hot” as its gains would suggest.Price action has been largely supply-driven and recent movement of coins onto exchanges could present short-term risk.Crypto and meme stocks are on the move...