Crypto Research

CRYPTO MARKET UPDATE CRYPTO ASSETS ARE BROADLY MOVING HIGHER AGAIN AFTER SOME POST-ETF APPROVAL CONSOLIDATION. BTC -3.48% is back above $68K, while ETH -2.91% is hovering around the $3.7K level. SOL 1.54% is underperforming today, possibly as a side effect of the last of the FTX auction taking place yesterday. Pantera and Figure led the $2.6 billion auction, purchasing the locked tokens at $102 per SOL 1.54% . We often find that the market can...

MARKET COMMENTARYCRYPTO INVESTORS ARE ANXIOUSLY WAITING FOR A DECISION ON AN ETHEREUM ETF APPROVAL AHEAD OF TODAY’S FIRST FINAL DEADLINE. Congress wrote a letter to Gary Gensler yesterday urging him to maintain a consistent and equitable approach for the Ethereum application, as well as for “other digital asset-backed ETPs.” ETH -2.91% continues to lead the market, gaining 1.51% to $3,795 while BTC -3.48% has dropped 2.10% to $67.7k. ETHBTC has risen 3.61%...

CRYPTO MARKET UPDATEBTC -3.48% IS BACK IN THE GREEN TODAY, RECLAIMING $70K FOLLOWING YESTERDAY'S DIP. ETF flows appear to be returning in full force, with another strong day of inflows, capping the largest 5-day period for inflows since mid-March. ETH -2.91% is down slightly on the day, consolidating around $3750 as investors await word from the SEC on ETF approval. ETH CME futures saw outsized volume yesterday as institutional investors showed interest...

MARKET COMMENTARYAMID A SUDDEN PIVOT IN THE SEC’S STANCE REGARDING AN ETHEREUM SPOT ETF, MULTIPLE FILERS SUBMITTED AMENDMENTS THIS MORNING, INCLUDING THE REMOVAL OF LANGUAGE PERTAINING TO STAKING UNDERLYING ETHEREUM. It is now expected that 19b-4 approvals will come as soon as tomorrow, with less clarity on when S-1 statements will be approved. ETH closed yesterday with a daily gain of 19.25%, the largest daily gain since January 2021. ETH -2.91% (+3.22%) continues to rise today, trading near $3,800, while...

CRYPTO MARKET UPDATEDESPITE YIELDS MOVING HIGHER, RISK ASSETS ARE GENERALLY FARING WELL TODAY. BTC -3.48% BRIEFLY MOVED ABOVE $67,000 AGAIN IN THE MORNING HOURS AND IS NOW HOVERING JUST ABOVE THAT LEVEL. ETH -2.91% 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...

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 -3.48% rising 2.84% to $67.1k and ETH -2.91% surging 4.86% to $3,090. Liquid staking tokens are building on Ether's outperformance, as LDO -6.71% and PENDLE -17.28% 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 -3.48% is trading just north of $65k, while ETHBTC continues to struggle, with ETH -2.91% 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 1.54% 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 0.54%  and QQQ 0.97%  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 -3.48% ...

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 0.54%  has gained 0.17% and the QQQ 0.97%  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 -3.48% is now trading just below $63k. Meanwhile, both ETH -2.91% and SOL 1.54% 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 -3.95% , DOGE -4.11% , and PEPE. This interest in memecoins likely stems from...

MARKET COMMENTARYA PRETTY SIZEABLE MISS IN TODAY'S CONSUMER SENTIMENT SURVEY REVERSED MOST OF THE GAINS EXPERIENCED IN THE CRYPTO MARKET OVER THE PAST 24 HOURS. Consumer sentiment came in at 67.4, well below market expectations of 77.2. 1Y inflation expectations came in at 3.5%, well above the market forecast of 3.2%. We saw the DXY N/A% turn sharply higher on the move, and most risk assets sold off. BTC -3.48% fell from...