Crypto Research
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In anticipation of Fed Chair Powellâs speech today at 1:30 pm EST, traditional markets are relatively muted. The S&P 500 is trading just under $3,950 (-0.30%), and the Nasdaq 100 is trading around $11,500 (+0.08%). Investors will be paying attention to Powellâs speech for insight into how high interest rates will need to rise. In contrast, crypto markets are rallying today, with BTC and ETH rising 2.12% and 4.13%, respectively,...
Crypto markets rallied today, recovering from yesterday's pullback - BTC is up 1.08%, and ETH is up 3.49%. Interestingly, this rally came during Asian market hours (the same time the sell-off occurred yesterday in crypto assets and Asian equities). Markets appear to be moving higher on hopes that the public unrest in China couldlead to a loosening of Beijing's zero-COVID-19 restrictions. SPX and NDQ are down 0.23% and 0.12%, respectively,...
FIGURE: PEPE SIMPSON REMINDING HIMSELF THAT FDV IS NO LONGER A MEME In light of recent events, it’s safe to assume that crypto winter has come to an end and that we have officially entered crypto’s ice age. SBF et al not only defrauded investors of Alameda Research and customers of FTX, their actions also destroyed ~600m in TVL from the Solana ecosystem. FIGURE: SOLANA PROJECTS BY TVL Source: DeFiLlama,...
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...
