Crypto Research

Crypto assets are building on the weekend’s gains. BTC (+3.47%) eclipsed $72.7k this morning before paring gains to approximately $71.8k. ETH (+5.58%) is showing relative strength today, gaining to $3,650, helping the ETHBTC ratio reclaim the .05 mark. Last week’s ETF net flows totaled $484 million, displaying the continued demand for exposure among traditional investors. Equity indices are relatively flat today, with the SPY and QQQ both gaining about 0.05%...

Despite March Non-Farm Payrolls blowing expectations out of the water (303k vs 214k exp.), equity indices are rebounding, with the SPY and QQQ gaining 1.23% and 1.50%, respectively. Although crypto assets held up during yesterday’s equity sell-off, they fell overnight, with BTC (-1.06%) reaching the low $66,000s before rebounding to $67.7k at the time of writing. ETH (-0.53%) is trading slightly above $3k as the ETHBTC ratio has fallen below .05%,...

Rates are continuing yesterday’s rise after ADP Employment showed 184k jobs vs. 150k expected. The US10Y hit a high of 4.3% before paring gains after March ISM Services data showed lower-than-expected prices, employment, and orders. U.S. equity indices are rebounding, with the SPY gaining 0.42% and the QQQ rising 0.60%. Crypto assets are showing more pronounced gains, with BTC (+1.28%) reclaiming $66k and ETH (+1.56%) rising above $3,300. Synapse (SYN)...

Risk markets are experiencing a broad decline today, largely attributable to the surge in rates following the impressive PMI figures released yesterday. The US 10-year yield briefly reached 4.4%, marking its highest level since November. The crypto market was particularly affected in the early US hours today, with over $400 million in futures liquidations and BTC moving from nearly $70k to just below $65k. Following suit, the wider crypto market...

The ISM Manufacturing Survey was released this morning, exceeding expectations and showing the first expansion since September 2022. The data has helped the DXY (+0.48%) surpass $105 and cause treasury yields to surge across the curve as investors rethink the potential timing and amount of rate cuts this year. Crypto assets are selling off to start the month, with BTC (-3.28%) dropping to $68.8k and ETH (-5.38%) falling below $3,450....

Crypto markets are declining following news that most of the SEC’s lawsuit against Coinbase will proceed (more below). BTC (-1.27%) reached intraday highs of $71.8k before declining to $69k after the news. Rumors have circulated that Morgan Stanley and PNC will soon approve access to Bitcoin ETFs on their wealth management platforms. Together, Morgan Stanley and PNC hold over $1.5 trillion in client assets and likely will provide a tailwind...

U.S. equities are rising in Tuesday trading, with the SPY and QQQ both gaining approximately 0.21%. U.S. durable goods orders rose 1.4% in February, bouncing back after dropping 6.1% in January. The DXY (+0.04%) is flat on the day but remains above $104, while rates are showing modest gains across the curve. Crypto markets are showing slight declines, with BTC (-0.22%) trading at $69.7k and ETH (-0.72%) holding above $3,550. It...

Following the worst week of ETF flows since inception, BTC (+3.89%) is rebounding, rising to $69.6k, and ETH (+4.09%) has reclaimed the $3,500 mark. Last week’s outflows totaled $888 million, representing about a fifth of the inflows seen in the previous two weeks. ONDO, an institutional RWA protocol, is one of the top performers today, rising 7.61% as investors remain optimistic about the future of tokenized assets and their ability...

Equity indices are showing muted declines today, but the SPY (-0.13%) and QQQ (-0.02%) are still on pace for respective 18th and 17th positive weeks out of the last 21. Crypto markets are showing more pronounced losses, with total market capitalization falling by 3%. BTC (-2.89%) has fallen to $63.6k while ETH (-4.53%) has dropped to $3,340. Bitcoin ETFs have seen four consecutive days of outflows totaling $836 million, representing...