Crypto Research
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INVESTMENT THESIS While Level initially gained prominence by becoming the _first GMX fork on BNB Smart Chain_, it has since grown to differentiate itself from other perpetual decentralized exchanges, or ‘perp DEXes,’ via multiple proprietary improvements from TradFi and DeFi. For a recap on, perp DEXes, check out our piece here. The first improvement implemented by Level Finance is tranched risk management for liquidity providers. Drawing inspiration from Mortgaged-Backed Securities...
The crypto market is experiencing a post-Independence Day dip, with BTC and ETH -2.72% retesting levels of $30,000 and $1,900, respectively. Most popular altcoins are also trending lower, exhibiting a 2-3% decrease compared to 24 hours prior. This downward slide can be attributed to a combination of macro and idiosyncratic factors. The DXY is trading higher, bolstered by disappointing economic data emanating from China and today's rally in long-term rates. Concurrently,...
BTC is up 1.7% today, retesting above $31K as crypto markets shrug off last week's negative ETF-related headlines. Most ETF applicants have now refiled to address the SEC's concerns that applications were inadequate without naming exchanges tasked with market surveillance. Equities with high beta to BTC have seen significant gains today. Publicly traded BTC miners Marathon Digital (MARA -5.18% ) are up 10.53%, CleanSpark (CLSK -9.68% ) is up 13.29%, and Terawulf (WULF) gained...
BTC is flat since yesterday at $30.5k as investors were whipsawed from initial gains to a sharp headline-driven sell-off, which has now been retraced. According to CryptoSlateâs data, BTC suddenly crashed by 3.53% on the 1-hour candle to $29,946. This sudden collapse coincided with a Wall Street Journal article that reported shortcomings in the spot Bitcoin ETF applications recently filed by BlackRock and Fidelity. ETH -2.72% is up 4.9% today, reversing...
EARLY PROOF OF “CATCH-UP” TRADE Last week witnessed a significant development as traditional market participants, most notably BlackRock, entered the cryptocurrency space with a spot-based ETF application. This move not only carried implications for market structure but also sparked a noteworthy narrative shift. Despite Bitcoin's relative resilience to regulatory pressures compared to other cryptoassets, it still faced some performance drag. However, the entry of BlackRock, Citadel, and other prominent players...
Traditional indices are mixed today following stronger than expected economic data. The SPY -1.92% and QQQ -2.38% are trading +0.26% and -0.35%, respectively. The US Dollar and US Treasury yields have rallied today as the strong economic data reinforces the higher-for-longer mantra regarding US interest rates. All eyes will be on the May PCE data release tomorrow, which should give investors a better view into the ongoing inflation fight. After dipping yesterday,...
Michael Saylorâs MicroStrategy has purchased another 12,333 Bitcoin at an average price of $28,136. The additional purchase brings the firmâs Bitcoin holdings to over 152,000 BTC at an average price of approximately $29.6k. BTC (-1.09%) has declined slightly in light of the announcement, and ETH -2.72% (-1.48%) continues to underperform Bitcoin. Injective (INJ) is outperforming today (+1.72%) while also being one of the strongest coins on the week, rising 10.90% compared...
Bitcoin continues to hover above $30k, gaining 2% over the last day. ETH -2.72% has bucked its trend of underperforming BTC, with ETHBTC up 0.72% today, although its medium-term downtrend remains intact. The crypto market turned higher after news broke that Fidelity had potentially joined other large asset management companies in filing for a spot BTC ETF. While Fidelity previously filed for a similar ETF in 2021, the SEC rejected that...
INTRODUCTION Ethereum’s shift from proof-of-work to proof-of-stake enabled ETH holders to stake their tokens and help secure the blockchain network. As compensation for securing the network, stakers are rewarded with additional ETH tokens. At first, stakers were required to post 32 ETH (the minimum amount to run a node), and the user’s ETH tokens were to be locked until the Shapella upgrade was completed (successfully completed in March). Due to...
Japan Implements Crypto Friendly Tax Policy and HSBC Hong Kong Lets Customers Trade Crypto ETFs
Crypto markets pulled back today, BTC is down 1.44% and ETH -2.72% is down 2.81%. Altcoins took a bigger hit, especially those that Robinhood is delisting and expected to sell later this week amid the SEC's crackdown (Cardano, Solana, and Matic). ADA, SOL -3.73% , and MATIC are down 4.01%, 4,13%, and 3.62%, respectively. Interestingly, many of the "DeFi 1.0" tokens (DeFi protocols launched in 2019 and 2020) saw large gains over the weekend. AAVE,...
