Crypto Research

INVESTMENT THESIS Of all the financial instruments in TradFi, interest rate derivatives have arguably one of the largest total addressable markets. To illustrate, interest rate derivatives occupied over ~$500T in notional value in H2 ‘22, according to BIS. This market is generally supported by participants who want to speculate on or hedge yields on a myriad of asset classes, including foreign exchange, equities, commodities, and credit. This class of instruments...

Crypto funding fell on a weekly basis to $153 million compared to $219 million last week. Notably, 10 of the 15 deals announced this week secured funding within the $0-$10 million range. This is significant because it continues a trend of crypto VCs increasingly allocating capital towards early-stage funding rounds and being more selective in later stages. Our team highlighted this trend in our Q2 2023 Crypto Fundraising Report. Infrastructure-related...

In todays video we discuss the recent decline in bitcoins realized volatility and what this implies for near term price action. We also touch upon near term risks on our radar as well as a massive regulatory update. For our latest Crypto Strategy note click here.

PAINT DRYING Over the past few weeks, watching Bitcoin’s price action has been akin to watching paint dry. Earlier this week, bitcoin’s 30-day realized volatility reached levels not witnessed since July 2020. I shared the chart below in Wednesday’s market update. I noted that historical data indicates that such drawdowns in volatility often precede significant price movements. Recognizing the importance of this insight, we decided to delve deeper into the...

WHAT ARE AIRDROPS? Crypto Airdrops are a unique growth and distribution mechanism that crypto protocols use to attract users and give them ownership of the protocol through the "airdropping" of tokens. Airdrops involve giving away tokens to selected users to generate interest, raise awareness, and attract potential users to the project. Most airdrops aim to distribute tokens to early users and backers of the project, ideally rewarding these early backers...

We are attaching our deck on Bitcoin ETF equilibrium price dynamics. Please click here to download. If you have not yet registered for our Crypto Market Update on Tuesday, July 25 at 2pm, please register using the block below. EXECUTIVE SUMMARYBitcoin ETF could finally get approved. Sean Farrell sees the “Blackrock effect” making this far more likely today.Bitcoin ETF likely one of the largest ever launches. Precious metals ETF >...

Funding has risen from $116m last week to $207m this week. Most funds raised came from the Infrastructure and Web3 & NFTs verticals, both of which saw larger deals being closed compared to last week. The largest raise of the year so far among Web3 &NFTs closed this week, with Futureverse raising $54m in a Series A to build a platform to enable the creation of interoperable content and applications....

Watch our latest Crypto Comments Video where we discuss the latest altcoin rally and why the weakness in the majors should be temporary. For our full strategy note click here.

KEY SLIDES FROM THIS REPORT... QUARTERLY FUNDING (SLIDE 4) YTD VENTURE FUNDING (SLIDE 5) DEAL VERTICAL SUMMARY (SLIDE 7) DEAL STAGE SUMMARY (SLIDE 8)

Watch our latest Crypto Comments video where we discuss Ripple's landmark victory against the SEC and elaborate on some of the implications for asset prices moving forward.