Crypto Research

We see Bitcoin’s recent price action coupled with a lack of substantially leveraged positions as an encouraging sign.Hash rate has surged since Friday’s washout, pointing toward a network of miners that feel optimistic about the near-term trajectory of the BTC price.SOPR indicates that the majority of selling pressure is coming from short-term investors who lack conviction in Bitcoin’s current price trend.MVRV has decreased, implying a higher network cost basis, which...

Will McEvoy, Digital Asset Strategy Senior Associate, provides insight on the recent increase in virtual land purchases in the metaverse. RESEARCH: METAVERSE AND CYBERSECURITY LEAD THE WAY

New Venture Capital funds raised an aggregate $1.9 billion this week with a metaverse and decentralized finance (DeFi) focus. Metaverse projects raised $213 million in capital, while cybersecurity firm Certik raised $80 million and Coinbase acquired cybersecurity firm Unbound for an undisclosed amount.Active investors this week include Alameda Research, Solana Ventures, Softbank and Coatue.DEAL OF THE WEEK: 1inch Network raises $175 million in a strategic Series B funding round led...

Bitcoin and wider crypto market stalls on macro uncertainty. We provide insights on why we think the party continues through year-end.Bitcoin volatility is still relatively muted compared to historical measures. The Bitcoin “VIX” is approaching a historically bullish range.Seasonal trends point to a favorable environment for BTC and other strong performing cryptoassets in December.Ethereum is trading at a relatively modest multiple of annualized fees. We focus on a pair of...

Sean Farrell, Head of Digital Asset Strategy, provides an update on crypto and the bullish or bearish outlook as we head into December. RESEARCH: HEALTHY PULLBACK & TAPROOT UPGRADE

Horizen is a blockchain platform structured as a cross-chain network that provides infrastructure and tools to support the creation of third-party decentralized applications ("dApps") with elective privacy features. At the beginning of Q4 2020, we released our primer report Horizen: Web 3.0 Platform Targeting Big Tech Super App Disruption, followed by an update note at the end of Q4 2020 Horizen Update: ZEN Moving Higher As Halving Approaches. Since our last note's...

Founded in 2013, Modernity Financial Holdings Ltd. (“MaiCoin,” or the “Company”) is a leading cryptocurrency exchange in Taiwan. The Company offers brokerage services through MaiCoin, wallet and exchange services via MaiCoin Max, and merchant services to retail and institutional clients through AMIS Technologies. MaiCoin also owns a minority stake in MaiCapital, a regulated cryptocurrency investment vehicle.ADOPTION TAILWINDS. The global digital assets market has transformed from a monetary thought experiment to...

New Venture Capital funds raised an aggregate $2.76 billion this week. Gaming projects raised $13.5 million in capital, while Ethereum-based building companies raised $250 million this week. Bitcoin mining company Bitdeer will go public via a SPAC valued at around $4 billion. Iris Energy is a Bitcoin mining company that went public via an IPO and upsized its offering to be valued at roughly $1.5 billion at the time of...

After Bitcoin reached a new all-time high of $69,000, we have seen a reset in futures funding markets, and spot demand start to waiver.These pullbacks are not uncommon in bull markets. Since June 2020, there have been 34 daily drawdowns (open to close) of over 5%, largest of which were 14% in May and 13% in January.On chain data further supports our view. As we noted last week, long-term holders...

Gaming projects raised $825 million in capital this week, compliance projects raised over $25 million in aggregate funds, decentralized protocols brough in $37.2 million this week.DEAL OF THE WEEK: Forte. io has raised a $725 million Series B funding round. The Company had raised a $185 million round at a $1 billion valuation in May.Argo Blockchain, a cryptocurrency miner, will sell up to $57.5 million in bonds maturing in 2026.Active...

Wave Financial (“Wave” or the “Company”) is an SEC registered digital asset wealth manager and fund provider for individual investors and crypto protocols with over $1 billion in assets under management (AUM). Since its launch in 2018, Wave’s capabilities have expanded to include a full-service wealth management platform and a suite of in-house crypto investment funds. The Company is leveraging traditional investing and risk management strategies in innovative ways to...