Crypto Research

The weekend saw choppy price action, following the significant leverage washout in the perps market on Thursday evening. $BTC revisited the $65k level, marking a roughly 12% decrease from the previous week's high of $74k. Since then, its price has partially recovered, currently trading just above $67k. $ETH experienced a steeper decline and a less vigorous recovery, dropping from last week's high of $4100 to $3400, and is now trading...

The crypto market suffered from a sharp decline early this morning, which saw $BTC (-4.48%) fall over 8% to the mid $65,000s before paring losses to $68k. $ETH (-5.07%) and altcoins saw similar price action, fueling over $727 million in liquidations over the last 24 hours. Funding rates have been getting frothy, and the drop helped to bring rates to more neutral levels across the board (see below). $SOL (+3.18%)...

A deluge of economic data was released this morning, including higher-than-expected PPI data, sparking a move higher in the DXY (+0.47%) and Treasury Rates. U.S. equities are showing modest declines, with the SPY decreasing 0.15% and the QQQ declining 0.07%. Crypto assets are faring worse, with $BTC (-1.60%) falling below $72k and $ETH (-2.79%) dropping to $3,900 despite yesterday’s successful Dencun upgrade. Although the majors are showing losses, there are still...

$BTC surged in the overnight hours, nearing $74k, following a day of record inflows into spot ETF products. It's now trading around $72.5k. $ETH is showing relative weakness this morning, dipping just below $4k. This may be due to capital rotating into Layer 2 solutions and other Ethereum-related assets following the successful Denunc upgrade. Ethereum-adjacent assets such as $AAVE, $SYN, $MATIC, $MKR, and $ARB, are outperforming thus far today. $SOL...

The highly anticipated February CPI report was released this morning, showing slightly higher than expected readings. Core CPI came in at 3.8% YoY vs. 3.7% expected and 0.4% MoM vs. 0.3% expected. Over 60% of the total monthly increase can be attributed to shelter and energy prices. Investors were prepared for worse, as the odds of a June rate cut increased slightly following the data release, helping to spur a...

Bitcoin broke out above $70k during the overnight hours, now floating above $72k, marking another new ATH. This price action was closely mirrored by $ETH's resurgence above $4k, currently trading around $4050. $AVAX is outperforming on the day, following the announcement that South Korean game publisher Nexon Group will transition its popular MMO RPG, MapleStory, onto the Avalanche network as MapleStory Universe. Meanwhile, $NEAR also continues to outperform, likely fueled...

The day commenced with a flurry of activity, beginning with an NFP figure that exceeded expectations, juxtaposed with an unemployment rate that also surpassed forecasts. This combination pushed short rates lower and led the fed funds futures market to anticipate a full rate cut by the June FOMC meeting. The DXY dropped to a low of 102.4 before making a comeback. In crypto, the day started with significant momentum as...

In a volatile day, $BTC (-4.51%) has made a new all-time high, briefly surpassing $69k before retracing to the low $65k range. $ETH (+1.55%) is showing strength, trading around $3.7k as attention may shift towards Ethereum and related names ahead of the Dencun upgrade next week. Layer-2 tokens support that notion, as $OP and $ARB are outperforming today, gaining 13.46% and 4.44%, respectively. Some of the meme-mania has subsided, with...

$BTC has soared to a new all-time high market cap, and is currently hovering just above $67k, with its sights set on $69k. Meanwhile, $ETH is slightly behind, inching up to just under $3600. The market appears to be adopting a barbell strategy, with Bitcoin maintaining its strength, yet beyond meme coins, few assets are significantly outperforming. The sustained rallies in $DOGE, $BONK, $PEPE, and $SHIB unmistakably signals the resurgence...

Bitcoin experienced an uptick in premarket trading, approaching $63k, and is now stabilizing just above $61k. As we will expand on below, yesterday's price action was special in light of the GBTC outflows that were experienced. The $BTC premium on Coinbase has decreased since the market opened, suggesting possible additional redemptions in GBTC today. However, the decrease isn't as pronounced as yesterday. $ETH is currently hovering just below $3400, generally...

The January PCE report this morning was largely in line with expectations, alleviating fears of a reacceleration of inflation. U.S. equities responded positively to the data, with SPY gaining 0.17% and the QQQ rising 0.42%. Crypto markets are mixed, with $BTC declining 0.78% to $62k and $ETH rising 1.45%. Yesterday marked the largest day of net inflows into Bitcoin ETFs since the launch, totaling $673 million and bringing cumulative AUM...