Crypto Research
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Crypto Chat: As the Liquidity Unwind of 3AC Creates a Domino Effect, Is DeFi to Blame?
Walter Teng, CFA outlines the difference between CeFi and DeFi, along with the contributions to the recent unwind of 3AC and the subsequent domino effect. CRYPTO DEFI DIGEST: CEFI, DEFI, AND EVERYTHING IN BETWEEN
GOOD PRICE ON BAD NEWS IS GOOD NEWS Last week, we discussed the piping-hot inflation print and expected additional volatility around this data point. On the contrary, markets behaved resiliently, with legacy markets and crypto rallying hard from last Thursday to today. The market had what seemed to be its first winning week since March as BTC surged 18%, while ETH left the rest of the market in the dust...
Tuesday produced nearly a textbook breakout which not only exceeded late June and early July highs in ^SPX 1.89% , but also successfully exceeded 3-4 month downtrends for ^SPX 1.89% and DJIA 1.07% . Seven of the 11 S&P Select SPDR ETF’s were higher by more than 3%, and volume was nearly 10/1 bullish on NYSE and NASDAQ, producing a “90% Up day” in volume. Hourly charts show this breakout above the two former peaks...
CPI STILL HOT Despite oil prices falling and inventories growing, lagging CPI data came in hot this week. It was expected to be an eye-popping 8.8% but still managed to surprise to the upside. The CPI print of 9.1% was the highest in four decades as gas prices soared 11% month-over-month. _Source: BLS_ Due to the perceived lack of inflation relief, markets immediately reacted to the news, upping the consensus...
UPDATE ON THE MERGE Despite one of our potential catalysts for the year being struck down this week (the GBTC conversion to spot ETF), the prospects for a 2022 Ethereum remain intact. This weekend, ETH developers will attempt the second of three testnet merges on the path to mainnet Merge. Testnet merges are essentially dress rehearsals for the main event – the Merge of the Ethereum mainnet. The first testnet...