Crypto Research

MAPPING POSSIBLE CONTAGION Recently, we have discussed the risk of further drawdowns from the fallout from FTX as the reason for not being too aggressive at these admittedly favorable long-term entry levels. In this week’s note, we wanted to further unpack a few areas of the market where contagion could be lurking. Below is a fascinating graphic compiled by Bloomberg that maps SBF’s exposure throughout the crypto and traditional financial...

Funding saw an uptick this week, with the total amount rising to $280 million from $242 million last week. Infrastructure had a dominant week, comprising nearly 87% of all dollars raised. Most funding came from a $200 million Series C round by Matter Labs (this week’s deal of the week). The next largest deal was a $28 million deal by Arkon Energy. Arkon Energy is a data center infrastructure and...

Funding was on par with last week’s levels, with the total amount rising modestly to $224 million from $222 million. Infrastructure deals claimed the lion’s share of deals and amount raised, representing 36% of deals and 71% of total funds raised. The majority was raised via two $70 million deals from Ramp and TRM Labs. Ramp Network is a crypto payments solution looking to make purchasing cryptocurrencies easily available via...

A FLOCK OF BLACK SWANS Unless you have been off the grid for the past week, you likely are familiar with the shockingly abrupt implosion of FTX. For those just entering the fold, to make a long story short – Sam Bankman Fried (SBF) allegedly stole an estimated $4 billion of customer deposits for Alameda, the fund in which he has a significant ownership stake. Alameda subsequently lost these funds,...