Crypto Research
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CLOUD COMPUTING OVERVIEW The creation of the internet has had a significant impact on how enterprises are run and managed. Prior to the internet, companies were required to invest in on-premises infrastructure such as physical hardware, servers, networking equipment, and software applications. The internet has enabled the creation of cloud computing, or the ability for businesses to access traditional infrastructure via the internet. There are three main segments of cloud...
CRYPTO MARKET UPDATE EQUITIES ARE MIXED THIS MORNING, WITH THE SPY 1.11% GAINING 0.30% AND THE QQQ 1.36% DECREASING 0.31%, WEIGHED DOWN BY A 5% DROP IN NVDA. The DXY has dropped 0.32%, although it has not boosted crypto assets. BTC has fallen more than 3%, briefly dropping under $61k after news of Mt. Gox repayments beginning in July (more below). ETH has followed suit, declining to $3,300 despite the likelihood that...
WEEKLY RECAP Private funding was suppressed as we enter the summer season, with total funding dropping 43% week-over-week to $66 million and deal count decreasing 52% to 15 deals. Infrastructure still took the top spot from a funding perspective, totaling $31 million across three deals, including Sonic, our Deal of the Week. DeFi tallied the most deals (6) and had the second most funding across categories ($24m). CeFi had its...
CRYPTO MARKET UPDATE TODAY'S FLASH S&P PMIS SURPRISED TO THE UPSIDE, LEADING TO A BRIEF UPTICK IN RATES, WHICH HAS SINCE LARGELY RECEDED. Despite this, the DXY continues its march back toward 106, nearly reaching that level this morning. Naturally, crypto continues to display relative weakness, with BTC dropping below $64k, ETH below $3500, and SOL briefly dipping below $130, now trading just above that level. ETHBTC is showing some...
LDO Risk/Reward Looks Good Here, Immediate-term Macro Picture Still Uncertain (Core Strategy Rebalance)
FLOWS AND SENTIMENT STILL SUBDUED Last week, we received a better-than-expected CPI print, but the DXY continued to move higher due to global weakness and a hawkish Fed. We discussed the risks appearing in the metrics we use to gauge sentiment and flows. The overall lack of follow-through in the crypto market was evident. Volumes, net ETP flows, the Coinbase discount, stablecoin market cap trend, and search interest for key...
CRYPTO MARKET UPDATE DESPITE SLIGHTLY HIGHER THAN EXPECTED JOBLESS CLAIMS (238K VS. 235K EXP.) AND WEAK HOUSING STARTS DATA, RATES ARE RISING TODAY, WITH THE US10Y TICKING UP TO 4.27%. The DXY is also rising as investors are pricing a higher likelihood of the Bank of England cutting rates in August after holding them steady today. The S&P 500 and Nasdaq 100 opened at new all-time highs and are now...
CRYPTO MARKET UPDATE U.S. EQUITIES ARE FLAT IN TODAY’S TRADING AHEAD OF TOMORROW’S MARKET CLOSURE IN RECOGNITION OF JUNETEENTH. This morning’s retail sales report showed consumer spending slowing, with MoM sales reading +0.1% versus +0.3% expected and core sales at -0.1% versus +0.2% expected. Rates and the DXY are declining in response to the data, while crypto assets continue to show weakness. BTC fell to the low $64,000s this morning...
CRYPTO MARKET UPDATE CRYPTO HAS RESUMED ITS RECENT WEAKENING TREND FOLLOWING A WEEKEND PUMP, WITH BTC TESTING THE $65K LEVEL, ETH TRADING AROUND $3500, AND SOL APPROACHING $140. The ETHBTC ratio is declining again after a weekend relief rally sparked by news from Bloomberg ETF expert Eric Balchunas on Friday evening, clarifying his timeline for the ETH ETF launch. Meanwhile, the DXY continues its upward trajectory from the post-CPI selloff,...
WEEKLY RECAP This week’s $113 million in funding was less than half of last week’s $242 million, although the deal count showed a more modest 17% drop to 30 deals. Infrastructure continues to be the most popular investment category. Infrastructure’s $66 million in funding was stapled by Nexus Labs and Nuffle Labs’ $25 million and $13 million respective investment rounds. After tallying a few deals in the previous two weeks,...
