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ONTO NEXT YEAR Our last weekly strategy note of the year is going to be a brief one. I want to thank everyone for turning to us for timely and actionable research on crypto throughout this year. It was undoubtedly a trying time for the industry. We witnessed a period of reckoning that will leave the space better off over the long term. We will be back in the new...
The modest 0.1% rise of Personal Consumption Expenditure (PCE) price index and 0.4% increase in personal income spending in November buoyed markets this morning, with ^SPX (+0.4%) and QQQ -0.50% (+0.2%) trading higher from open. Given PCE is the Fed's preferred gauge of inflation, the data further supports the Fed's winning battle against rising prices amidst a tight labor market. Digital asset markets are exhibiting lower correlations of late, with BTC...
FIGURE: GMX BLUEBERRY CLUB MEMBER TRADING USING GNS NFTS WHILE DYDX HEDGIES WATCH INTRODUCTION AND OPPORTUNITY In the last issue of DeFi Digest, we dove into decentralized options, a ‘Zero-to-One’ primitive that can onboard the next wave of DeFi users. Perhaps long overdue, this week we dive into decentralized perpetual futures, an instrument native to the digital asset space. A regular futures contract is simply a contractual legal agreement to...
Stocks are in the red again after temporarily bouncing yesterday. The S&P 500 dropped 1.91%, while the Nasdaq fell 3.31%. Markets have shifted their attention from yesterday's strong December consumer sentiment data to the new regime of increasingly tighter financial conditions from central banks worldwide. BTC is currently trading near $16,600 while ETH trades at $1,186, down 1.45% and 2.21%, respectively. Crypto exchange Huobi Global's HT token is one of...
Traditional markets are finding some footing today, with the ^SPX and NDQ both rallying over 1.70%, as many are still holding their breath for the âSanta rallyâ after consumer confidence jumped to an 8-month high. Crypto markets are lagging, with BTC trading at $16,863 (-0.21%) and ETH changing hands at $1,215 (-0.11%). BTC.D has climbed over 6% since the start of December, displaying the continued risk-averse attitude of crypto investors....
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 (-1.6%) and QQQ -0.50% (-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....