Crypto Research
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Equities and crypto assets are selling off in tandem today as inflation and geopolitical fears have spooked risk assets. The SPY and QQQ have decreased by 0.46% and 0.92%, respectively, while crypto is selling off more aggressively. BTC (-5.49%) has tested the high $59,000s and ETH (-4.42%) is trading below $3,000. Among a sea of red, SUI 1.43% is showing relative strength, gaining 6.44% on the back of a partnership announcement with...
In today's video, we'll discuss the nature of the recent weekend's drawdown and the opportunities it may create. We believe it's prudent to remain cautious in the short term and favor an overweight position in BTC and BTC-related assets. We anticipate that the month-end QRA and FOMC meeting could provide some relief for risk assets.
Risk assets remain under pressure as the DXY's relentless rally has continued, now approaching its 2023 highs, currently at 106.5. Rates continue to move higher, with the 10Y now reaching a new year-to-date high of 4.7%. Gold continues its upward march amid persistent geopolitical tensions. Crypto remains weak in the face of rising rates, geopolitical risks, and tax season. BTC continues to range between $61K and $63K following yesterday's afternoon...
Crypto prices suffered steep declines over the weekend following news of Iran launching drone strikes at Israel. Bitcoin and Ethereum reached respective lows of $60.8k and $2.85k, while many altcoins saw drops of over 20%. Open interest (OI) across all coins on Friday was $48 billion, and after the rapid price declines, approximately 25% of that was wiped, with total OI of about $36 billion at the time of writing. BTC...
Fiscal Dominance, Flows from China, Plus Some Thoughts on Global Conflict (Core Strategy Rebalance)
In today's video, we discuss the monetary and fiscal levers affecting markets, potential impacts of spot ETFs in Hong Kong, and the rising tensions in the mid-east.
Fiscal Dominance, Flows from China, Plus Some Thoughts on Global Conflict (Core Strategy Rebalance)
WHAT BTC SHRUGGING OFF CPI SAYS ABOUT CURRENT FISCAL SITUATION The most significant piece of macro data this week was the CPI. Headline CPI registered at 3.5%, surpassing the anticipated 3.4%, while core CPI remained steady from last month at 3.8%, also above the expected 3.7%. This increase was largely attributed to rising costs in auto insurance and shelter. Consequently, interest rates saw a sharp rise, with the 10-year Treasury...
WEEKLY RECAP Crypto funding rose 92% from $213 million to $410 million, one of the highest weekly totals in months. The majority of funding came from two deals: Monad’s $225 million round (DotW) and Auradine’s $80 million Series B round, the first mining deal of 2024. Auradine’s Teraflux family of Bitcoin ASIC miners has set new performance and energy efficiency benchmarks and has shown robust field performance, which has helped...
The subpar consumer sentiment numbers released today likely did not help asset prices, but geopolitics seems to be in the driver's seat today, with rumors of escalation in the Middle East pushing rates lower while driving the DXY and gold higher. Most risk assets, including crypto, have sold off based on these reports. BTC has retreated from nearly $72k in the overnight hours to $69.5k, while ETH has dipped below...
Uniswap Receives Wells Notice, Bitfinex Announces Tokenized Capital Raise in El Salvador
U.S. equities are finding some relief following this morningâs PPI data, showing both MoM and YoY figures coming in under expectations. The SPY has risen 0.14% to $515 and the QQQ has gained 0.66%, exceeding $441. After showing resilience in the face of yesterdayâs equity sell-off, crypto markets are underperforming today. BTC (-0.95%) is trading just under $70k and ETH (-1.03%) is holding around $3,500. Bittensor (TAO) is one of the...
Headline CPI came in at 3.5%, surpassing the anticipated 3.4%, while the core CPI matched last month's figure at 3.8%, also above the expected 3.7%. This surge was largely attributed to increases in auto insurance and shelter prices. Consequently, rates experienced a sharp rise, with the 10-year Treasury yield climbing by 20 basis points, a situation further intensified by a poor auction outcome today. The DXY has risen above 105,...
