Crypto Research
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THE GBTC PROBLEM We have been watching spot BTC ETF flows closely since their launch two weeks ago, and while overall net flows remain decidedly positive, the market seems hung up on GBTC outflows. As a reminder, the outflows we care the most about are those from entities that are not rotating into other spot BTC ETFs. This is comprised of some speculative capital that played the run-up into ETF...
Telefonica to add Helium Mobile Hotspots in Mexico, Polygon to Launch Aggregation Layer
U.S. equities continue to trade upwards as the economy remains robust while inflation trends lower. Q4 GDP came in at 3.3% vs. 2.0% expected, while weekly jobless claims rose to 214k vs. 200k expected. The SPY and QQQ are both trading approximately 0.2% higher on the day, slightly below all-time highs made yesterday. Crypto markets continue to slide, with BTC (-0.43%) trading near $39.9k and ETH (-0.73%) trading around $2,200...
Stocks are rising following China's decision to lower the reserve requirements for banks, coupled with strong early earnings from technology firms like Netflix and ASML. Meanwhile, the cryptocurrency market has stabilized somewhat, recovering slightly from its recent decline. BTC has reclaimed $40k gaining 2%, while ETH gained 1% to reach $2.2k. Bitcoin's recent drop below the $40k mark appears to have been sparked by news that Mt. Gox is confirming...
U.S. equity indices are flat on the day as the DXY (+0.39%) and U.S. Treasury yields are rising. The next important macroeconomic data point is the PCE Index, which will be released on Friday morning. Crypto markets are continuing to struggle, with BTC (-1.10%) and ETH (-4.71%) extending this weekâs declines. After surging following the Bitcoin ETF approval, ETHBTC (-3.61%) has given back some of its gains, contributing to the...
Equities are advancing again after reaching new all-time highs last week, buoyed by a pullback in interest rates. Despite this positive trend in equities, gold prices have dipped, and the broader crypto market, including BTC, continues to face downward pressure. BTC is steadfastly maintaining the $40,000 level as its support, while ETH has retraced its recent rally to $2,700, now trading at $2,350. This retreat is mirrored in the broader...
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SEC Delays Fidelity's Ether ETF Decision, Solana Mobile's Chapter 2 Exceeds Preorder Expectations
U.S. equities are ending the week on a strong note, with the SPY and QQQ both rallying more than 0.75% on the back of encouraging UMich Consumer Confidence Data, showing the highest mark since 2021 amid expectations of inflation easing and rates declining. Crypto markets are not sharing the confidence as the market continues to absorb large amounts of Bitcoin sales due to GBTC outflows ($2.2 billion). Total flows remain...
In this week's Crypto Comments video, we discuss our 2024 outlook anticipating an accelerating crypto cycle with new all-time highs for the majors, potential short-term market challenges, and strong year-end performance for crypto equities in relation to Bitcoin. Click HERE for our full Crypto Strategy note.
OUTLOOK OVERVIEW Thank you to everyone who joined our annual outlook call this week. We were fortunate to have a lot of success last year in helping our clients and subscribers navigate the crypto market and we look forward to leveling up again this year. For those who missed the outlook, the replay is now available, along with the deck, but a quick summary of our outlook is below.Big Takeaway:...