Crypto Research
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WEEKLY RECAP Total funding fell 18% week over week to $191 million, while the deal count rose 32% to 33. May saw $883 million in funding across 136 deals, being slightly above the 2024 average of approximately $800 million per month. Infrastructure was the leading category with $106 million in funding, primarily comprised of Babylon’s $70 million undisclosed round led by Paradigm. The Gaming category posted its highest totals in...
CRYPTO MARKET UPDATE YESTERDAY, WE SENT OUT A NOTE DISCUSSING HOW FAVORABLE INFLATION AND JOBS DATA WOULD BE KEY TO INCREASING CRYPTO INVESTOR CONFIDENCE. Today, we are seeing some of that with the Coinbase premium rising in the morning hours following favorable PCE revisions and jobless claims data. Rates are moving lower across the entire curve, and the DXY N/A% is sharply lower, back below 105. Most sectors are in the...
GOX RISK OVERBLOWN In a piece in late April, we noted a high likelihood that Mt. Gox repayments would begin toward the end of May or in early June. On Tuesday, the transfer of nearly 142k BTC, valued at approximately $9 billion, from Mt. Gox wallets to an unknown address generated a bearish market reaction. This transfer, likely part of a plan to repay creditors by October 31st, began in...
MARKET UPDATE U.S. TREASURY YIELDS AND THE DXY N/A% CONTINUE PUSHING UPWARDS, PUTTING DOWNWARD PRESSURE ON RISK ASSETS. THE SPY 0.97% HAS DECLINED 0.53%, BREAKING BELOW $530, AND THE QQQ 1.40% HAS DECREASED 0.42% TO $458. Crypto assets are showing more pronounced losses, with BTC 1.05% (-1.42%) trading in the low $67,000s and ETH 0.41% (-2.29%) hovering near $3,750. Blackrock’s IBIT saw inflows of $102.5 million yesterday, bringing its total AUM to just under $20...
CRYPTO MARKET UPDATE DESPITE THE FAVORABLE ENVIRONMENT FOR RISK ASSETS, CRYPTO IS BROADLY LOWER THUS FAR TODAY DUE TO CONCERNS OVER ACTIVITY FROM MT. GOX WALLETS EARLY TUESDAY MORNING (MORE ON THIS BELOW). BTC 1.05% dropped below $67k after briefly revisiting the $70k level during a Memorial Day crypto rally. ETH 0.41% is also weaker compared to yesterday's price action but is still outperforming BTC on the day, currently trading around $3850....
CRYPTO MARKET UPDATE CRYPTO ASSETS ARE BROADLY MOVING HIGHER AGAIN AFTER SOME POST-ETF APPROVAL CONSOLIDATION. BTC 1.05% is back above $68K, while ETH 0.41% is hovering around the $3.7K level. SOL 4.73% is underperforming today, possibly as a side effect of the last of the FTX auction taking place yesterday. Pantera and Figure led the $2.6 billion auction, purchasing the locked tokens at $102 per SOL 4.73% . We often find that the market can...
WEEKLY RECAP Despite 24% fewer deals this week, total funding rose 38% from $157 million to $217 million, largely due to Farcaster’s $150 million Series A round (DotW). There was only one other Web3 deal besides Farcaster, which was the leading category from a funding perspective. Similarly, Series A rounds were the leader in funding this week, totaling $158 million across just two deals: Farcaster and an $8 million fundraise completed by...
MARKET COMMENTARYCRYPTO INVESTORS ARE ANXIOUSLY WAITING FOR A DECISION ON AN ETHEREUM ETF APPROVAL AHEAD OF TODAY’S FIRST FINAL DEADLINE. Congress wrote a letter to Gary Gensler yesterday urging him to maintain a consistent and equitable approach for the Ethereum application, as well as for “other digital asset-backed ETPs.” ETH 0.41% continues to lead the market, gaining 1.51% to $3,795 while BTC 1.05% has dropped 2.10% to $67.7k. ETHBTC has risen 3.61%...
Some Quick Thoughts on ETH ETF, Regulation, and Updates on Recent Tactical Trade Ideas
ON ETH APPROVAL AND VOLATILITY We expect a decision on the ETH ETFs today and are bullish on the prospect of approval. ETH open interest is well above all-time highs. Whichever way this breaks, expect some potentially whipsawing volatility. Our base case right now is that we are likely to see a bit of a rally and drawdown post-19b-4 approval, then a slow march higher into S-1 approval and listing....
