Crypto Research
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Crypto markets found some footing today after yesterday's sell-off. BTC is up 2.44% and ETH is up 3.62%. This comes as the dollar (DXY) continues to move lower, down 0.70% today. Equity markets are slightly higher - SPX is up 0.29% and NDQ is up 0.12%. Last night, the Bank of Japan surprised markets by changing its yield curve control policy to allow the 10-year Japanese government bond yield to move 50...
Markets continue to slide as we enter a comparatively quiet period for economic data releases. Rates are broadly increasing following more resolute commentary from the Fed last week, with the US 2Y up 1.5% and the US 10Y up 3%. Despite this, the DXY Is relatively flat thus far on the day, likely due to a renewed sense of hawkishness in Europe. Ignoring the clear signs that inflation has peaked,...
DCG UPDATE _LEVERAGE UNWIND RECAP_ Clearly, the most challenging part of analyzing cryptoassets this year has been the opaque parts – the lending, borrowing, trading, and siphoning of assets that have occurred off-chain. This year, we have seen a deleveraging event throughout the global crypto market spurred on by the centralized elements of crypto. First, we saw the de-pegging of UST and the incineration of $50 billion in market value...
Markets continue their decline as recession concerns mount on the back of the 50bps hike from midweek and the European Central Bank's unprecedented hawkishness. Gains from slowing inflation data were mostly reversed by the Fed's revised forecast and slowing retail sales yesterday. ^SPX 0.59% (-1.6%) and QQQ 0.75% (-1.3%) are both posting their fourth down day, while digital asset markets have shed 4% of its market cap in the past 24 hours....
BTC is currently trading near $17,400 while ETH 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 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 0.59% up 0.5% and the QQQ 0.75% 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 trading 1.4% and...