Crypto Research
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The crypto market declined overnight, with BTC 6.01% dropping from $63k to $61k, SOL 4.15% from $150 to $145, and ETH 7.53% dipping below the $3k mark once again. The likely cause of the drawdown was upward pressure on the DXY N/A% and a lack of follow-through in flows. Among the few outperformers of the day were RUNE 8.93% , the native token of the cross-chain swapping protocol Thorchain, and Ethereum Classic (ETC 5.41% ), possibly driven by...
As we anticipated in mid-April, May 1st appears to have been a pivotal date for interest rates, which have broadly declined since the QRA and FOMC meetings. The release of soft jobs data on Friday has increased expectations for rate cuts within this calendar year. Flows are gradually beginning to return.
ACROSS OVERVIEW The crypto industry is becoming increasingly fragmented as more rollups and L1 chains launch, siphoning users and liquidity from other ecosystems while creating inefficiencies. To help combat against siloed ecosystems, many interoperability solutions have launched to make cross-chain transacting more intuitive. Many of these solutions are based on cross-chain messaging or multi-chain liquidity pools. Most solutions have struggled to solve for speed, cost, and security, often making tradeoffs...
Rates are broadly lower again on Tuesday, with the US 10Y nearing 4.4%, down from 4.7% just under a week ago. Risk assets are on the rise, with both the ^SPX 0.22% and QQQ -0.18% showing gains today. Crypto performance is mixed so far, with BTC 6.01% retesting the $63k level after US market open, following a rally to just over $64k in the early morning hours. Meanwhile, ETH 7.53% is still hovering just...
U.S. equities are extending Fridayâs rally, with the SPY 0.28% and QQQ -0.18% both gaining about 0.65%. This weekâs macroeconomic data includes consumer credit tomorrow, wholesale inventories on Wednesday, and consumer sentiment on Friday. There are Fed speakers set for every day this week and itâll be interesting to monitor if they take a dovish or hawkish tone after Powellâs dovish speech last week. Crypto markets gained over the weekend, with BTC 6.01% ...
As outlined in this weekâs Core Strategy note, our âBuy in Mayâ thesis was kept intact following the Fedâs announcement of tapering QT and a dovish FOMC meeting, helping yields begin to roll over. This morningâs non-farm payrolls data has helped fuel further yield deterioration with a large downside surprise of 175k payrolls vs. 238k expected, and the unemployment rate ticking up to 3.9% (3.8% exp.). The US10Y (-1.68%) briefly...
WEEKLY RECAP Weekly funding fell from $152 million to $125 million across 23 deals compared to last week’s 31. The largest deal of the week was a $47 million strategic round completed by Securitize, notably led by BlackRock and making CeFi the leading fundraising category this week. As one of the largest asset managers in the world, the investment carries significant weight in legitimizing the tokenization sector. BlackRock used Securitize...
We are finally starting to see some relief in interest rates and the DXY N/A% following yesterday's FOMC meeting and the Treasury's quarterly refunding announcement. BTC 6.01% has rebounded from yesterday's low of $56.5k and is now trading just above $59k, while ETH 7.53% is attempting to break through $3k resistance. SOL 4.15% has outperformed, gaining 10% compared to BTC yesterday and is now trading just below $140. The market is showing decent breadth...
Risk markets were selling off before today's FOMC meeting where it was unanimously voted to keep interest rates steady. The Fed announced it would be reducing the speed of its balance sheet taper from $60 billion per month to $25 billion per month, a larger than expected reduction. Following the announcements and Chair Powellâs comments, yields turned sharply lower with the US10Y falling 9 basis points while equity indices rose....