Crypto Research
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WEEKLY RECAP Total funding rose 58% this week from $128 million to $203 million, while total deals ticked up to 29 compared to last week’s 26. Infrastructure was the dominant category, representing 64% of funding and 55% of deal count. There were five CeFi deals this week (including our DotW), one of the higher totals for the category in recent weeks. Seed rounds amassed a staggering $92 million in funding...
MARKET COMMENTARYA PRETTY SIZEABLE MISS IN TODAY'S CONSUMER SENTIMENT SURVEY REVERSED MOST OF THE GAINS EXPERIENCED IN THE CRYPTO MARKET OVER THE PAST 24 HOURS. Consumer sentiment came in at 67.4, well below market expectations of 77.2. 1Y inflation expectations came in at 3.5%, well above the market forecast of 3.2%. We saw the DXY turn sharply higher on the move, and most risk assets sold off. BTC -1.22% fell from...
MACRO SETUP STILL LOOKS GOOD FOR CRYPTO As discussed last week, we achieved the favorable setup we were anticipating. A combination of (1) a dovish Federal Reserve, (2) an accelerated tapering of quantitative tightening (QT), and (3) a Quarterly Refunding Announcement (QRA) that met investors' expectations contributed to a decline in rates during the first week of May, alongside a rebound in crypto assets. However, crypto investors remain cautious, and...
U.S. equity indices are showing modest gains today following weekly jobless claims coming in higher than expected, showing 231k versus 212k estimated, putting downward pressure on the DXY (-0.21%) and rates. The SPY -0.37% has gained 0.36%, approaching the $520 mark, while the QQQ -0.77% has risen 0.14% to the $440. Crypto assets are showing larger gains, with BTC -1.22% (+1.57%) rising above $62k and ETH -1.52% (+1.05%) surpassing $3,000. The Render Networkâs mobile app, OctaneX, was featured in Appleâs keynote presentation earlier...
The crypto market declined overnight, with BTC -1.22% dropping from $63k to $61k, SOL -1.66% from $150 to $145, and ETH -1.52% dipping below the $3k mark once again. The likely cause of the drawdown was upward pressure on the DXY and a lack of follow-through in flows. Among the few outperformers of the day were RUNE, the native token of the cross-chain swapping protocol Thorchain, and Ethereum Classic (ETC), possibly driven by...
As we anticipated in mid-April, May 1st appears to have been a pivotal date for interest rates, which have broadly declined since the QRA and FOMC meetings. The release of soft jobs data on Friday has increased expectations for rate cuts within this calendar year. Flows are gradually beginning to return.
ACROSS OVERVIEW The crypto industry is becoming increasingly fragmented as more rollups and L1 chains launch, siphoning users and liquidity from other ecosystems while creating inefficiencies. To help combat against siloed ecosystems, many interoperability solutions have launched to make cross-chain transacting more intuitive. Many of these solutions are based on cross-chain messaging or multi-chain liquidity pools. Most solutions have struggled to solve for speed, cost, and security, often making tradeoffs...
Rates are broadly lower again on Tuesday, with the US 10Y nearing 4.4%, down from 4.7% just under a week ago. Risk assets are on the rise, with both the ^SPX -0.38% and QQQ -0.77% showing gains today. Crypto performance is mixed so far, with BTC -1.22% retesting the $63k level after US market open, following a rally to just over $64k in the early morning hours. Meanwhile, ETH -1.52% is still hovering just...
U.S. equities are extending Fridayâs rally, with the SPY -0.37% and QQQ -0.77% both gaining about 0.65%. This weekâs macroeconomic data includes consumer credit tomorrow, wholesale inventories on Wednesday, and consumer sentiment on Friday. There are Fed speakers set for every day this week and itâll be interesting to monitor if they take a dovish or hawkish tone after Powellâs dovish speech last week. Crypto markets gained over the weekend, with BTC -1.22% ...
As outlined in this weekâs Core Strategy note, our âBuy in Mayâ thesis was kept intact following the Fedâs announcement of tapering QT and a dovish FOMC meeting, helping yields begin to roll over. This morningâs non-farm payrolls data has helped fuel further yield deterioration with a large downside surprise of 175k payrolls vs. 238k expected, and the unemployment rate ticking up to 3.9% (3.8% exp.). The US10Y (-1.68%) briefly...
WEEKLY RECAP Weekly funding fell from $152 million to $125 million across 23 deals compared to last week’s 31. The largest deal of the week was a $47 million strategic round completed by Securitize, notably led by BlackRock and making CeFi the leading fundraising category this week. As one of the largest asset managers in the world, the investment carries significant weight in legitimizing the tokenization sector. BlackRock used Securitize...