Crypto Research
1,746 Results
IMMINENT 19B-4 APPROVAL SEEMS LIKELY Up until yesterday, we were quite bearish about the prospects of a spot ETH ETF approval. Our off-the-record conversations with those close to the situation confirmed this sentiment. ETF experts James Seyffart and Eric Balchunas, who accurately predicted the Bitcoin ETF call, also assigned a very low probability of approval. The market agreed as well, with the ETHE discount widening from 8% to over 20%...
CRYPTO MARKET UPDATEDESPITE YIELDS MOVING HIGHER, RISK ASSETS ARE GENERALLY FARING WELL TODAY. BTC -1.96% BRIEFLY MOVED ABOVE $67,000 AGAIN IN THE MORNING HOURS AND IS NOW HOVERING JUST ABOVE THAT LEVEL. ETH -2.98% remains in a holding pattern, trading around $3,000 as it awaits a likely denial from the SEC this week on spot ETFs. The ETHE N/A% discount did compress slightly last week, possibly driven by longshot bets that the SEC...
WEEKLY RECAP Weekly funding decreased 25% from $209 million to $157 million, and the total deal count declined 19% from 32 to 26 deals. DeFi was the most funded category this week, anchored by Polymarket’s $45 million Series B round, the largest fundraise of the week. Infrastructure was not far behind, totaling $61 million across eight deals. As we begin to approach the end of 1H 2024, Infrastructure and DeFi have been the two consistent...
FLOWS RETURNING TO THE MARKET Last week, we discussed how our base case remained that conditions for liquidity-sensitive assets like crypto would improve in the near term, and we continued to lean on our "Buy in May" thesis, given the constructive setup. A combination of (1) a dovish Federal Reserve, (2) an accelerated tapering of quantitative tightening (QT), and (3) a Quarterly Refunding Announcement (QRA) that met investors’ expectations contributed...
MARKET COMMENTARYU.S. EQUITIES ARE RELATIVELY FLAT AS THEY CONSOLIDATE ABOVE PRIOR ALL-TIME HIGHS. THE SPX IS TRADING AT 5,300, AND THE NDQ IS HOVERING NEAR $18,600, WHILE THE DXY N/A% (-0.07%) IS SHOWING A SLIGHT DECLINE, TRADING AT $104.4. Crypto assets are showing strength, with BTC -1.96% rising 2.84% to $67.1k and ETH -2.98% surging 4.86% to $3,090. Liquid staking tokens are building on Ether's outperformance, as LDO 1.44% and PENDLE -5.32% have gained 10.11% and 13.43%, respectively. Similarly, layer-2...
CRYPTO MARKET UPDATETODAY, WE ARE SEEING SOME MINOR CONSOLIDATION IN THE CRYPTO MARKET COINCIDING WITH THE SLIGHT BOUNCE IN THE RATES AND DXY N/A% . BTC -1.96% is trading just north of $65k, while ETHBTC continues to struggle, with ETH -2.98% moving lower for the 5th consecutive day and still trading below the $3k mark. Despite the market consolidation, SOLBTC is still green on the day as SOL -2.84% works to regain the $160 level....
MARKET COMMENTARYINVESTORS WELCOMED THIS MORNING’S SLIGHTLY SOFTER THAN EXPECTED CPI DATA AND A LARGE DOWNSIDE MISS ON U.S. RETAIL SALES, ALLEVIATING INFLATION CONCERNS AND HELPING TO PROPEL STOCK INDICES TO NEW INTRADAY ALL-TIME HIGHS. The SPY 0.60% and QQQ 0.53% have gained over 1% to surpass $528 and $451, respectively, while US treasury rates have turned significantly lower, with the US10Y dropping below 4.34%. Crypto is responding in similar fashion with BTC -1.96% ...
Tornado Cash Developer Sentenced to 5 Years in Prison, LayerZero Succeeding Against Sybils
CRYPTO MARKET COMMENTARYAPRIL PPI CAME IN MIXED THIS MORNING, WITH A LARGE UPSIDE SURPRISE IN MOM READINGS (0.5% VS. 0.3% EXP.) AND YOY METRICS LARGELY IN LINE WITH EXPECTATIONS. The upside in the MoM reading was offset by March figures being revised downwards. Yields initially spiked upon the data release but have turned negative across the curve. Equities are showing mild gains as attention shifts towards tomorrow’s CPI data release. The SPY 0.60% has gained 0.17% and the QQQ 0.53% has gained 0.31%. Crypto assets are...
CRYPTO MARKET COMMENTARYBITCOIN REBOUNDED OVER THE WEEKEND, WITH PRICES FULLY RECOVERING FROM FRIDAY'S DRAWDOWN BY MONDAY MORNINg. BTC -1.96% is now trading just below $63k. Meanwhile, both ETH -2.98% and SOL -2.84% have lagged, trading at $3950 and $146, respectively. Altcoin flows seem to have shifted towards memecoins, which are outpacing the rest of the market today, with gains exceeding 5% from BONK -2.85% , DOGE -25.27% , and PEPE. This interest in memecoins likely stems from...
WEEKLY RECAP Total funding rose 58% this week from $128 million to $203 million, while total deals ticked up to 29 compared to last week’s 26. Infrastructure was the dominant category, representing 64% of funding and 55% of deal count. There were five CeFi deals this week (including our DotW), one of the higher totals for the category in recent weeks. Seed rounds amassed a staggering $92 million in funding...