Crypto Research

MARCH RECAP March showed declines in private funding activity and represented the lowest monthly total for the first quarter. Total funding fell 16% from February’s $1 billion to $840 million, while total deal count dropped 9% from 116 to 106. Infrastructure was the leading category, representing 50% of funding and 42% of all deals. There have been more CeFi deals to start 2025, with 25 through the first quarter compared...

Despite improving liquidity conditions and favorable seasonality offering reasons for optimism, the ongoing trade war remains the dominant driver of crypto’s next move. As such, we believe it’s prudent to stay patient. We’re increasing our Core Strategy allocation to USDC to 50%, keeping altcoin exposure minimal as we assess the potential fallout from the Liberation Day tariff announcements. While this may seem discouraging, the roadmap has become more straightforward: we...

In today’s video, we break down the evolving crypto setup heading into Q2—including the impact of end-of-quarter flows, MicroStrategy’s recent BTC purchase, and why the April 2nd tariff announcement remains the most important near-term driver of crypto prices. We also cover Circle’s IPO plans, BlackRock’s latest Bitcoin commentary, ETHBTC hitting post-COVID lows, and option market signals pointing to an imminent move. Lastly, we preview the key macro data releases on...

While some of the risks that prompted our cautious stance in early February have been partially mitigated, most remain—with the ongoing trade war still the most pertinent. Therefore, we believe it remains prudent to exercise patience. That said, improving liquidity conditions, favorable seasonality, and the possibility of a budget-neutral BTC acquisition strategy offer reasons for optimism. Regardless of the direction, depressed implied volatility (BVIV < 50) suggests that a significant...