Crypto Research
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BTC is currently trading near $17,400 while ETH 4.75% trades at $1,270, down 2.22% and 2.82%, respectively. Stocks have dropped significantly through mid-day following a negative retail sales report which indicated sales fell 0.6% in November, a larger drop than the Dow Jones estimate of 0.3%. The S&P 500 dropped 2.67%, while the Nasdaq fell 3.08%. Markets are also digesting yesterdayâs rate hike by the Fed, which saw them decrease the pace of...
Crypto and traditional markets rallied today after a softer-than-expected CPI print of 7.1% (the forecasted CPI was 7.3%). BTC and ETH 4.75% are up 2.77% and 3.06%, respectively, and SPX and NDQ are up 0.59% and 0.83%. The US dollar (DXY) is down 0.88%. BNB, the native coin of Binance Smart Chain and the Binance exchange, fell sharply last night amid concerns over the exchange's proof of reserves (which we discuss...
This is a big week for both legacy and crypto markets, as we are scheduled to get the last CPI print of the year tomorrow, followed by an expected 50 bps increase in rates following the FOMC meeting on Wednesday. Equity markets have inched higher, with the ^SPX 1.11% up 0.5% and the QQQ 1.08% up 0.3% at the time of writing. Meanwhile, the DXY and US 10Y are both about 15...
REALIZED CAP HIGHLIGHTS CONTINUED OUTFLOWS Realized capitalization is an important metric we have frequently referenced in prior notes. It values the network based on the price at which each bitcoin was last exchanged. It is a way to calculate the overall cost basis of all BTC holders and, consequently, is a useful measure of flows into and out of the bitcoin network. As one might expect, this year has witnessed...
Markets have opened higher amidst a hotter-than-expected Producer Price Index (PPI) print. PPI rose 0.3% for a third consecutive month and 7.4% YoY (vs 7.2% consensus), reflecting softer supply conditions in the economy from a peak of 11.7% in March. SPX and QQQ are trading 0.2% and 0.4% higher than yesterday's close, with NDAQ lagging at -1.0%. Digital asset markets have rebounded similarly, with BTC and ETH 4.75% trading 1.4% and...
Crypto and traditional markets each turned higher today. BTC and ETH 4.75% are up 0.79% and 1.91%, while SPX and NDQ are up 0.75% and 1.16%. This comes as the dollar (DXY) continues to fall - down 0.31%. Most altcoins have lagged today compared to bitcoin and ethereum. For example, alt-layer ones NEAR 0.08% and AVAX are down 0.15% and 0.89%, and SOL -1.73% is up just 0.59%. An exception to this is...
Despite the US Dollar and US Treasury yields declining, US equity indices continue their slide this week, with the ^SPX 1.11% and QQQ 1.08% down 0.12% and 0.47%, respectively. Crypto markets are also negative today as BTC (-1.56%) continues to trade in the upper 16,000s and ETH 4.75% (-3.27%) in the mid 1,200s. Alt layer-1 tokens are taking a larger hit today, with ATOM -0.29% , FTM, and SOL -1.73% down -5.57%, -6.01%, and -4.69%, respectively....
Crypto markets remain choppy this morning. BTC is up 0.30% and ETH 4.75% is down 0.26%. Traditional markets are down - SPX has fallen 0.75%, and NDQ has fallen 1.24%. Sushiswap (SUSHI) has been particularly volatile and is down 7.39%. Sushi is reaching its maximum token supply, meaning there are fewer incentives for Sushiswap to give to protocol users. Because of this, CEO Jared Grey has called for 100% of the protocol's...
FIGURE: QUANT PEPES TAKING TURNS PREACHING DECENTRALIZED OPTIONS INTRODUCTION AND OPPORTUNITY Options are one of the most popular derivatives in traditional markets among institutional and retail investors. Due to their versatility, traders use options to hedge existing positions, speculate on a security's directional moves, or generate income. In 2021 alone, 33.3b options contracts were traded, up 35% from 2020. Much of this growth can be attributed to retail traders, who...
