Crypto Research
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MACRO DATA POINTS TO A SOFT LANDING The global deleveraging event last week was driven by weakening economic expectations and rising fears of a potential policy error by the Federal Reserve. At the height of this uncertainty, the market priced in a 50 bps cut for September, as recession risks took center stage. However, in just a few days, the narrative has shifted. The market is now leaning back towards...
CRYPTO MARKET UPDATE THE GOLDILOCKS ECONOMIC SCENARIO, WHERE INFLATION RECEDES WHILE THE ECONOMY AVOIDS A RECESSION, IS BACK IN VIEW AFTER STRONG RETAIL SALES DATA AND LIGHTER-THAN-EXPECTED JOBLESS CLAIMS HAVE EASED FEARS OF A FED POLICY ERROR. The SPY 0.26% has gained to $552, and the QQQ 0.07% has surged to $473, erasing all of August’s declines. Crypto assets are also increasing, with BTC -1.75% approaching $60k and ETH 4.50% trading near $2,670. Chainlink...
CRYPTO MARKET UPDATE CPI came in slightly cooler than expected, with core CPI at 0.17% month-over-month, compared to the consensus estimate of 0.19%. In our view, this is the best-case scenario, as it temporarily removes the "Fed policy error" trade from the market. This is evidenced by Fed funds futures, which have priced out cuts for this calendar year following the CPI release. Initially, crypto rallied alongside other risk assets,...
MKR surged, driven by the ETH rally and Grayscale’s MKR trust launch, reinforcing its position as our preferred ETH-adjacent alt ahead of MKR End Game. HNT also performed well, benefiting from its "network of networks" transition and new offloading partnerships. Despite doubling in value, it may be too early to take profits. The market now turns to tomorrow’s CPI print, with Monday’s inflation expectations and Tuesday’s PPI indicating a likely...
CRYPTO MARKET UPDATE This morning's Producer Price Index (PPI) came in cooler than expected at 0.1% month-over-month, compared to the anticipated 0.2%. This data has pushed rates and the DXY lower, fueling optimism ahead of tomorrow's CPI release as hopes for another disinflationary print grow. In response, BTC -1.75% has moved slightly higher, though it has yet to reclaim the $60k level. Meanwhile, ETH 4.50% has pulled back slightly from its quiet...
CRYPTO MARKET UPDATE Prices have whipsawed over the past 24 hours as we enter a pivotal week of macro data releases. BTC -1.75% is moving back toward $60k after dipping lower following the US market open, while ETH 4.50% is trading just below $2,700, and SOL -4.18% is attempting to reclaim the $150 level lost over the weekend. Among the top 100 assets, major outperformers include HNT -0.96% , which continues its recent surge, SUI -4.03% ,...
WEEKLY RECAP Weekly funding fell 19% to $82 million, while the deal count was steady week-over-week at eighteen deals. Two categories were absent of funding this week, with CeFi and Web3 not tallying any deal flow. Of the three categories notching deals, Infrastructure made up 51% of funding and 50% of deal count. Gaming posted a strong week with four deals totaling $23 million in funding. From a deal stage...
CRYPTO MARKET UPDATE CRYPTO ASSETS SAW A LATE-DAY SURGE YESTERDAY, WITH BTC -1.75% REACHING A HIGH OF ALMOST $63K AND ETH 4.50% ECLIPSING $2,720. They have since pared some of those gains with Bitcoin trading near $60k and Ethereum holding at $2,600. Bitcoin ETF flows were strong yesterday, totaling $195 million, whereas Ethereum flows were roughly flat, posting $2.9 million in outflows. Equities are gaining today, with the SPY 0.26% and QQQ 0.07% gaining...
This week, the market benefited from a dovish signal from the BOJ and stronger-than-expected jobless claims data. Sentiment has shifted from recession fears to a more balanced "Goldilocks" scenario. Notable continued strength has been observed in SOL and HNT. TICKERS IN THIS VIDEO: BTC -1.75% , ETH 4.50% , SOL -4.18% , HNT -0.96%
CRYPTO MARKET UPDATE Risk markets are surging this morning, seemingly catalyzed by stronger-than-expected weekly jobless claims, which have alleviated many recession-driven fears, leading to a jump in rates and the dollar. Crypto is rallying in line with broader markets, with BTC -1.75% nearly reaching $60k, SOL -4.18% continuing its outperformance now trading above $160, and ETH 4.50% up 10% to nearly $2600. There is broad participation in this rally, with notable outperformers including...
CRYPTO MARKET UPDATE Risk markets are surging this morning, seemingly catalyzed by stronger-than-expected weekly jobless claims, which have alleviated many recession-driven fears, leading to a jump in rates and the dollar. Crypto is rallying in line with broader markets, with BTC -1.75% nearly reaching $60k, SOL -4.18% continuing its outperformance now trading above $160, and ETH 4.50% up 10% to nearly $2600. There is broad participation in this rally, with notable outperformers including...
CRYPTO MARKET UPDATE EQUITIES HAVE CONTINUED TO FIND RELIEF AFTER THE BOJ'S COMMENTS ASSURED INVESTORS THAT THEY WON'T CONTINUE RAISING RATES IF MARKETS ARE UNSTABLE. The SPY 0.26% and QQQ 0.07% have both gained over 0.6%, while small-caps are underperforming, with the IWM 1.88% roughly flat. Crypto was gaining with equities this morning but has since turned lower. BTC -1.75% is trading slightly below $56k, while ETH 4.50% has decreased to below $2,400 after on-chain...