Crypto Research

WEEKLY RECAP Funding totals were low in a short week following the Labor Day holiday. Total funding fell by 66% from $193 million to $67 million, while total deal count fell 47% from 30 to 16. Only three categories tallied disclosed funding this week, with Gaming being the leader at $39 million. Infrastructure was the leader from a deal count perspective, with five deals comprising 31% of the total. There...

MARKET UPDATE Risk assets are selling off following the release of Non-Farm Payrolls data this morning, showing 142k payrolls added in August compared to 165k expected, along with June and July numbers being revised sharply lower. The data has fueled recession fears while also sparking uncertainty over the Fed’s policy path and whether they will cut rates by 50bps or 25bps this month. Markets are currently leaning towards 25bps, assigning...

THIS WEEK’S ECONOMIC DATA SKEWS TOWARD HARD-LANDING For this week’s note, we will begin by revisiting our market map for the near-term outlook on crypto. Over the past few months, the market has oscillated between expectations of a hard landing, soft landing, and no landing. However, since Powells’s speech at Jackson Hole, market outcomes have narrowed, leaving only the two scenarios furthest to the left—hard landing and soft landing. Both...

CRYPTO MARKET UPDATE Jobless claims came in consistent with recent trends, while the ADP report fell well below market expectations, posting 99k jobs versus the 145k expected. Meanwhile, the ISM Services PMI showed another expansionary figure this month, continuing its divergence from ISM Manufacturing PMI. This initially provided a bounce in yields and risk assets, but over the past few hours, yields have started to roll over again while major...

CRYPTO MARKET UPDATE September is off to a bumpy start for markets. The ISM manufacturing PMI came in at a contractionary 47.2, below the expected 47.9, pushing treasuries higher while equities and crypto dipped. Defensive sectors are leading equities as the price action clearly signals a shift to risk-off sentiment. This week is pivotal, with key data releases including JOLTs job openings on Wednesday and the Non-Farm Payrolls (NFP) and...

WEEKLY RECAP Weekly totals in fundraising and deal count showed slight decreases week over week. Total funding fell 7% from $199 million to $185 million, and deal count dropped 11% from 27 to 24. Infrastructure has dominated the month of August, making up 65% of the month’s funding and comprising 70% of this week’s total. Gaming and DeFi made up the majority of the remaining funding, representing 14% and 11%...