Crypto Research
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BTC Breaking Out of Range, Coinbase Premium Suggests a Strong Bid from ETFs to Start the Week
Leading cryptoassets are experiencing a significant breakout this morning, with BTC finally surpassing the $53k mark after roughly two weeks of consolidation between $50k and $52.5k. Despite a pullback in ETHBTC this morning, ETH has continued its upward trajectory, reaching new YTD highs above $3.1k. STX 4.58% is also witnessing a notable rise, climbing nearly 10% today, aligning with its pattern of performing as high beta relative to BTC. Among other...
Nvidia Propels Global Stock Indices to New Records, Shows Rally Still Has Firepower
Good evening, This week, Nvidia (NVDA -0.07% ) released quarterly results that arguably blew away everyone’s expectations. Fundstrat Head of Research Tom Lee has been a vocal advocate for the company’s potential and importance since 2019, when he put the stock on our Granny Shots stock list. He remains enthused about the stock, but it was Nvidia’s impact on the rest of the market that had his attention this week. The euphoria...
WEEKLY RECAP Crypto funding surged 72% to $234 million from $136 million, while deal count rose 14% to 25 deals. Infrastructure was the clear winner this week, largely due to Eigen Labs' $100 million fundraising round led by Andreessen Horowitz (DotW). The $100 million round is tied for the largest deal in 2024. For three consecutive weeks, funding and deal counts have primarily been concentrated in Infrastructure and DeFi deals,...
Equities are relatively flat in Fridayâs trading after yesterdayâs sharp surge. The SPY has gained 0.16%, while the QQQ is down 0.09%. Crypto assets are underperforming compared to equities with BTC (-0.47%) briefly dropping below $50.7k and ETH (-1.20%) retreating to the low $2,900âs. Reddit filed for its S-1 yesterday, indicating that it had invested some of its excess treasury funds into Bitcoin, Ether, and Polygon. Following the disclosure, MATIC...
ETH GAINING RELATIVE MOMENTUM Given the success of Solana and Bitcoin's persistent dominance in this bull market, many have been quick to write off ETH. There is no doubt that ETH faces its own set of challenges, including a complex modular stack and potential cannibalization by Layer 2 solutions, which, while crucial to ETH's scaling roadmap, can sometimes fragment liquidity and users. Despite these issues, ETH continues to advance along...
EXECUTIVE SUMMARY Solana is a high throughput smart contract platform (SCP) engineered for user friendly and efficient decentralized applications (dApps). The platform's primary objective is to establish a unified global state chain via its unique architecture enabling the parallel processing and rapid confirmation of transactions. Osprey Funds is a digital asset manager aiming to build low-cost digital asset investment products that are simple, secure, and transparent. Osprey's Solana Trust (OSOL)...
Following NVDA's substantial earnings beat announced after yesterday's market close, equities have experienced a significant surge, with the QQQ climbing 2.4% and the SPX advancing 1.6%. The DXY remains unchanged for the day, while gold is experiencing a slight decline, and the yield curve is flattening, marked by a notable increase in short-term rates but a decrease in the 20-year and 30-year rates. In the crypto market, Bitcoin has not...
U.S. equities are under further pressure in Wednesdayâs trading, with the SPY (-0.31%) and QQQ (-0.88%) trading lower as investors anxiously await Nvidiaâs earnings later today. Crypto markets are showing more pronounced losses, with BTC and ETH falling 2.37% and 3.57%, respectively. Despite the declines, Bitcoin and Ethereum remain above their respective levels of $51k and $2.9k. AI-related tokens are cooling off after an impressive few weeks, as TAO and...
Equity markets are under pressure this morning, with the QQQ and SPX indices dropping over 1% and approximately 0.70%, respectively. This downturn occurs amidst a backdrop of a declining DXY and lower rates, underscoring a continued decoupling between risk assets and the bond market since early January. The crypto market is also experiencing a pullback, following Bitcoin's premarket attempt to surpass the $53k mark and Ethereum's notable weekend achievement of...
BREAKING AWAY While we maintain that macro conditions are still the most critical factor in assessing the medium/long-term trajectory of BTC prices, daily returns of the leading cryptoasset continue to exhibit a lack of defined correlation with any major macro asset. To us, the biggest reason for this sustained lack of correlation is the advent of the spot BTC ETF. A prime example of how ETFs are influencing BTC's performance...