Crypto Research
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Fundstrat’s recently launched Crypto Core Strategy offers subscribers a digestible tool to manage their crypto portfolio, with the goal of outperforming bitcoin. For those looking to amplify the returns of their long positions, this complementary issue of DeFi Digest strives to cast light on some of the best risk-adjusted yields. We first describe our methodology to filter for yield opportunities, then dive into the protocols offering the yields, and describe...
Crypto and traditional markets whipsawed this morning as Jerome Powell spoke and stated that the Federal Reserve would likely need to raise interest rates more than expected in response to recent strong data. Powell's comments led to a quick repricing in the bond markets. The probability that the Fed would approve a 50bps increase at its upcoming March meeting increased from 31% to 51%. BTC and ETH are down 0.71%...
Equities opened higher this Monday morning on the back of easing bond yields. The ^SPX -0.30% and NDQ are trading 0.6% and 1.0% higher, respectively. However, the U.S. 02Y has turned higher since this morning, now pushing back towards 4.9%. The DXY has moved lower, assisted by increased hawkish rhetoric from the ECB. The crypto market rallied slightly in concert with equities but is stalling in the face of rate strength....
ANOTHER RINSE Last week, we talked about the futures market getting ahead of its skis, trading with increased leverage despite a continued lack of follow-through in spot market demand. Well, rates and the dollar have remained stubbornly high on the back of continued hawkish rhetoric from central bankers, and as we will discuss below, global liquidity has pulled back in recent weeks. Thus, bulls received another blow on Thursday evening...
Digital asset markets have retraced following Silvergate's insolvency concerns detailed below. BTC and ETH have declined 3.7% and 3.2% in the past day, while ^SPX -0.30% and QQQ -0.81% are 1.1% and 1.4% higher than yesterday's close. US10Y (-2.0%) yields have dipped back below 4.0%, with the DXY (-0.3%) following suit. Despite retracements across large caps, MKR is trading 26% higher over the past week. The CDP protocol announced more favorable terms for its...
Traditional indices have continued their slide this week on fears of stickier inflation and higher for longer monetary policy. The SPY -0.30% is down 0.27%, and the QQQ -0.81% has fallen 0.56%, while the DXY (+0.60%) hovers around $105, and US Treasury yields continue to rise. Crypto markets are following suit, with BTC and ETH dropping 1.43% and 2.47%, respectively. Binanceâs custodial arm, Ceffu, is resuming its pursuit of a license in...
Cumberland Labs helps launch Hashnote and Deloitte looks to launch Sports Metaverse Experience
Markets moved slightly higher this morning, with BTC and ETH up 0.08% and 0.49% and SPX and NDQ up 0.01% and 0.12% today. This move comes as the dollar (DXY) reverses, down 0.20% today. While most altcoins are flat or slightly down today, there are a couple of standouts. ImmutableX (IMX) is up 9.79% after the Ethereum gaming platform teased an announcement last night on Twitter, and LTC -0.54% has also...
Equities are rising this Monday afternoon following their worst week of the year. The ^SPX -0.30% and NDQ are trading 0.4% and 0.7% higher, respectively. Interestingly, the US 2Y yield pushed higher in the early morning hours to reach its highest level in over 15 years but has since retreated to below 4.8%. The crypto market rallied following the local peak in rates this morning but has since retraced some of those...
BULLS OUT OVER THEIR SKIS IN THE SHORT TERM This was obviously a disappointing week for the bulls. We have yet to see the rollover in yields that we were anticipating in the near term, and as a result, crypto is starting to catch up with global equities. We can see below that an apparently overzealous derivatives market exacerbated the lack of follow-through in the spot market. Below we map...