Crypto Research
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Crypto markets had a volatile morning, initially rallying off a cooler-than-expected CPI print of 0.2% (est. 0.295%) and Core CPI of 0.2% (est: 0.3%). According to data from the Bureau of Labor Statistics, this is the slowest rate in more than two years. Shortly after the CPI release, an on-chain wallet of the US Government containing bitcoin from the Silk Road Hack was seen transferring 9,000 Bitcoin, potentially to sell it....
BTC is once again testing the $31k mark, while ETH inches towards $1.9k, reflecting a general rise in most large cap assets today. SOL 6.59% continues to show relative strength, moving above $22 on the day, a rise potentially attributable to improving DeFi user data. DeFi 1.0 coins, such as COMP 0.42% and AAVE, are outperforming the majors, suggesting continued momentum within the DeFi sector. Today's standout performer in the broader crypto...
THE PROBABILITY OF ETF APPROVAL As emphasized in previous notes, we view BlackRock's application for a spot ETF as substantial. Regardless of whether an actual spot ETF garners approval in the near term, its “narrative” significance is undeniable. _YET, OUR FUNDAMENTAL ASSUMPTION IS THAT THIS APPLICATION INDICATES NEW UNDISCLOSED INSIGHTS THAT LARRY FINK AND HIS COLLEAGUES ARE PRIVY TO, WHICH THE PUBLIC MAY NOT BE, AND THEIR APPLICATION WILL ULTIMATELY...
Equity indices are relatively flat to start this weekâs trading, with the SPY -0.37% gaining 0.11% and QQQ -0.77% declining 0.21%. Small-cap technology stocks are outperforming today as the Nasdaq 100 has announced a âspecial rebalanceâ effective July 24th due to an overconcentration in the index. The rebalance will not add or remove any securities from the index and will redistribute the weightings. Crypto markets are showing minor gains, with both BTC...
After a sharp downward move in equity indices following a blowout ADP report, the SPY -0.37% (+0.64%) and QQQ -0.77% (+0.74%) have stabilized in Fridayâs trading, as the US nonfarm payrolls report showed 209k jobs added in June versus 230k expected. Crypto markets have shaken off negative headlines regarding key Binance executives exiting the firm amid claims they did not support Changpeng Zhaoâs (CZ) response to an ongoing DOJ investigation. CZ addressed...
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 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 7.65% ) are up 10.53%, CleanSpark (CLSK 6.52% ) 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 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...