Crypto Research
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WEEKLY RECAP Crypto funding cooled to $85 million this week, the first sub-$100 million week since the start of 2024. Funding was relatively evenly distributed across the DeFi, CeFi, and Infrastructure categories, totaling approximately 85% of the fundraising, while Web3 and Gaming only comprised about 15%. Deal count fell 28% from 29 to 21. DeFi was the most popular category from a deal count perspective, tallying eight deals and representing...
WEATHERING THE STORM Heading into Q1, the key risks identified were: (1) A potential QRA supply shock, as long-term interest rates could surge due to a possible shift in bond issuance towards longer-duration securities, (2) the repricing of interest rate cuts, as the Federal Reserve downplayed expectations regarding the timing and frequency of such cuts, and (3) concerns regarding the dynamics between the expiration of the Reverse Repurchase Agreement (RRP)...
Bitcoin surged to a four-week peak, trading at ~$45,400 in tandem with the U.S. stock indexes reaching all-time highs. After dipping to a low of $42,700 on Wednesday, Bitcoin's value increased by nearly 5%, marking its highest point since January 11. ETH is also moving higher, topping $2.4k with a 3% increase. Ethereum's two-week peak follows an amendment of the joint spot ETH ETF application by asset managers Ark Invest and 21Shares....
Equity indices continue to march higher, with the QQQ registering a near 1% gain on the day and the SPX following closely behind, up approximately 75 bps. It's a broad rally with all sectors in the green for the day, but technology is outperforming, up over 1%. Rates started the day lower, but the longer end of the curve is now marching higher, likely due to a major 10-year auction...
Crypto markets are rising today, with BTC (+1.45%) trading above $43k and ETH (+2.33%) surpassing $2,350. Dymension, a new layer-1 network focused on providing rollups-as-a-service, processed its first block, marking its mainnet launch. The first phase of the protocol is focused on enhancing economic security, after which the focus will shift to launching RollApps, a way for developers to deploy consensus-free blockchains easily. DYM, Dymensionâs native token, has gained 15.3% in early...
The SPY (-0.44%) and QQQ (-0.40%) are moving lower to start the week following ISM Services data coming in at 53.4 vs. 52.0 expected, marking the highest level since October. The prices paid component surged to 64.0 vs 56.4 expected, causing rates and the DXY (+0.52%) to move higher. BTC and ETH pared early morning gains and are roughly flat on the day, trading at $42.5k and $2.3k respectively. Chainlink (LINK 3.87% )...
BTC remained above $43k in morning trading, holding a 0.5% increase over the last day. LINK 3.87% surged to a 22-month peak, surpassing $18 and recording a nearly 30% gain over the week, outperforming most large-cap cryptos. This surge is indicative of a bullish departure from its previous three-month trading range of $13 to $17, continuing its recovery from lows near $5 in June 2023. AI-related crypto tokens surged following Meta's...
QRA IN LINE WITH MARKET EXPECTATIONS _THE RESULTS_ The Treasury’s quarterly refunding announcement (QRA) was the first of two major macro events to transpire on Wednesday. Leading up to this, on Monday, there was an indication that the net borrowing for the current quarter would be $760 billion, which is $55 billion lower than the initial $815 billion estimate, and the total funding needs for Q2 would be just over...
Crypto markets are mixed as BTC climbs 0.4% higher to reach $43.6k, while the aggregate crypto market cap is lower. ETH is underperforming, falling 1.3% to $2.3k. As we close the month, the top performers among the top 100 over the last 30 days have been new L1 SUI -0.19% (+95%), AI-focused network TAO (+68.6%), and gaming token RON (+21.4%). In the same period, BTC has gained ~3% from its yearly...