Crypto Research
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This week is shaping up to be a significant one on the macro front, with the JOLTS report on Tuesday, the FOMC meeting and Treasury Quarterly Refunding Announcement (QRA) on Wednesday, PMIs on Thursday, and jobs data on Friday. Despite a downward trend in rates today, possibly hinting at the Fed's tone this week, DXY is climbing, largely due to a weakening Euro. In the equities market, major indices are...
WEEKLY RECAP Total funding fell 29% week-over-week from $221 million to $158 million, while deal count rose about 14% from 22 to 25. This week marks the third consecutive week with triple-digit total funding and over 20 deals, potentially signaling increasing appetite in the private market. Infrastructure and CeFi were the leading categories, raising $76 million and $50 million, respectively. CeFi deals struggled in 2023 but have been a strong...
In today's Crypto Comments video, we discuss reasons to be optimistic about GBTC outflows, the QRA potentially serving as a bullish catalyst, and the upcoming Jupiter airdrop being a positive near-term tailwind for Solana. Click HERE for our full strategy note. https://vimeo. com/906558716/74b599ebe8? share=copy
THE GBTC PROBLEM We have been watching spot BTC ETF flows closely since their launch two weeks ago, and while overall net flows remain decidedly positive, the market seems hung up on GBTC outflows. As a reminder, the outflows we care the most about are those from entities that are not rotating into other spot BTC ETFs. This is comprised of some speculative capital that played the run-up into ETF...
Telefonica to add Helium Mobile Hotspots in Mexico, Polygon to Launch Aggregation Layer
U.S. equities continue to trade upwards as the economy remains robust while inflation trends lower. Q4 GDP came in at 3.3% vs. 2.0% expected, while weekly jobless claims rose to 214k vs. 200k expected. The SPY and QQQ are both trading approximately 0.2% higher on the day, slightly below all-time highs made yesterday. Crypto markets continue to slide, with BTC (-0.43%) trading near $39.9k and ETH (-0.73%) trading around $2,200...
Stocks are rising following China's decision to lower the reserve requirements for banks, coupled with strong early earnings from technology firms like Netflix and ASML. Meanwhile, the cryptocurrency market has stabilized somewhat, recovering slightly from its recent decline. BTC has reclaimed $40k gaining 2%, while ETH gained 1% to reach $2.2k. Bitcoin's recent drop below the $40k mark appears to have been sparked by news that Mt. Gox is confirming...
U.S. equity indices are flat on the day as the DXY (+0.39%) and U.S. Treasury yields are rising. The next important macroeconomic data point is the PCE Index, which will be released on Friday morning. Crypto markets are continuing to struggle, with BTC (-1.10%) and ETH (-4.71%) extending this weekâs declines. After surging following the Bitcoin ETF approval, ETHBTC (-3.61%) has given back some of its gains, contributing to the...
Equities are advancing again after reaching new all-time highs last week, buoyed by a pullback in interest rates. Despite this positive trend in equities, gold prices have dipped, and the broader crypto market, including BTC, continues to face downward pressure. BTC is steadfastly maintaining the $40,000 level as its support, while ETH has retraced its recent rally to $2,700, now trading at $2,350. This retreat is mirrored in the broader...
