Crypto Research
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A lot happened this week. Bitcoin hit new ATH’s and crypto is showing signs of market rotations. Our current views on the crypto market are the following:Crypto bull market cycle intactBitcoin valuations haven’t peakedMacro picture mixed but favorableCrypto cooling off would be heathyInstitutions more cautious on cryptoSigns of retail money entering pictureStill favor buying GBTC over spot BitcoinStill see Ethereum outperforming BitcoinSize leadership shifting to retail midcapsExchange tokens to DeFi...
Looking through yesterday’s trading picture, I came away with several thoughts:Although a direct listing appears to be a more complicated process – at least due to the order matching on opening day – I truly believe this is the future of public listings. It maintains greater control over the valuation with the company during the final funding rounds and eliminates the risk that of a sale at a more conservative price...
Ahead of the direct listing Coinbase provided an update regarding the total number of shares to be listed (130.7 million) and that the 68.5 million shares of Class B common stock would be “convertible, at any time, at the option of the holder, into one share of Class A common stock.” Nasdaq released notice that the reference price for Coinbase’s direct listing (COIN) is $250. As the notice states “the reference price is NOT...
Crypto Quarterly Portfolio Strategy Q1 2021: Bull market intact as stocks, high yield and capital flows signal further risk-on ahead of landmark Coinbase IPO
In this crypto weekly note, we’re giving a more comprehensive Q1 end update covering prior recommendations and current market views.Bitcoin and crypto had a strong March quarterStocks and high yield are signaling risk-on for cryptoLong GBTC NAV discount is the new BTC premium arb tradeBitcoin dominance falling as crypto capital flows push altcoins higherSmaller to mid-cap cyclicals offering high-risk high-reward crypto market betaCoinbase IPO is landmark moment for the crypto...