Crypto Research
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After another evening of crypto price weakness, the market is showing some near-term resilience, bouncing in tandem with equity and bond markets. BTC has rebounded to above $26k after a momentary dip to $25.5k, and ETH -2.73% is seeking stability above $1,650 following a drop to $1,580 last night. Altcoins are at the forefront of the recovery, with standout performers including SUI 1.81% , up over 10% after numerous short positions were liquidated,...
Amidst record-high bond yields, large tech stocks led market indexes higher on the week's open. The US30Y is at its highest levels since 2011, yielding 4.46%, while the US10Y is at its highest levels since 2007, yielding 4.34%. ^SPX -1.93% (+0.15%) and QQQ -2.41% (+0.71%) opened higher before retracing to nearly flat at time of writing, with tech stocks leading the majority of the open's gains. BTC (+0.0%) and ETH -2.73% (+0.1%) have also...
Despite yield reversal on bonds, equities market continue their retracement. Yields on the US10Y retraced 0.11% to 4.23% after peaking midday yesterday at decade-plus highs. Equities markets followed suit to reflect surging borrowing costs on future earnings, with the ^SPX -1.93% and QQQ -2.41% retracing 0.4% and 0.5%, respectively. Yesterday's bloodbath in crypto markets also continued, with BTC and ETH -2.73% slipping by 7.4% and 6.1% in the past day. This move down has...
In todays video we discuss the sudden rise in bitcoins realized volatility and the SEC's groundbreaking decision to approve an ETH Futures ETF. We also touch upon the upcoming Grayscale decision and the implication for related trust products like GBTC -0.73% and ETHE -3.36% . For our latest Crypto Strategy note click here. https://vimeo. com/855593072/012923cbe0? share=copy
MACRO HAS BEEN WINNING THE BATTLE Last week, we advanced the idea that the recent decline in volatility might be traced to two competing forces: (1) positive industry-specific tailwinds and (2) negative macro headwinds. Additionally, the recent dip in macro correlations could be attributed to unique catalysts, notably the BlackRock ETF application. Our thinking was that without further industry-specific catalysts, traditional macro correlations would likely return. As evidenced by the...
BTC has broken sharply to the downside, exiting its tightly restricted multi-week range. The leading cryptocurrency has dropped as low as $27,700 as of writing, marking consistently lower near-term troughs. The slide began earlier in the week and mirrored the risk-averse sentiment in Equities. Stocks and bonds show little change today, while the total cryptocurrency market has slipped by around 3.3%. The decline coincides with a sharp rise in US...
WHAT IS LYBRA FINANCE? Lybra Finance is a lending protocol built on Ethereum that utilizes liquid staking derivatives to allow users to borrow against their staked ETH. When depositors supply staked ETH, they can mint eUSD, Lybra’s interest bearing stablecoin, at zero cost, improving capital efficiency and providing interest income. INVESTMENT THESIS The investment thesis of Lybra is predicated on two main points:Lybra's Product-Market FitGrowth of Ethereum Staking _LYBRA PRODUCT-MARKET...
