Crypto Research
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Despite the VIX reaching its lowest point since January 2022 and the DXY moving lower, the NDQ and SPX traded flat on the day, reflecting a market on unsure footing following a morning of resilient earnings reports. In contrast, the overall crypto market is trading up 1.8% as both BTC and ETH strongly rebound from yesterday's pullback. Arbitrum (ARB -0.05% ) continues its impressive run, climbing another 5% today. GALA is outperforming...
Traditional indices are trading lower today, with the ^SPX -1.81% (-0.20%) and NDQ (-0.62%) declining as market focus is shifting to the upcoming earnings season. Crypto markets are underperforming today as BTC (-3.14%) and ETH -4.55% (-2.20%) are cooling off after rallying over the last week. As mentioned in last weekâs Crypto Weekly, supply overhang projections following the Ethereum Shapella upgrade were too pessimistic. As of this morning, total withdrawals since the...
ETH MOVING SHANGHIGHER As we mentioned last week, the market was overly pessimistic regarding the supply-side effects of the upcoming Ethereum staking withdrawals. Factors such as existing liquidity for most stakers, withdrawal queue limitations, and a market that de-risked in anticipation of the Shapella upgrade all helped to reduce the likelihood of a sudden supply overhang. With this in mind, it seemed reasonable to expect an ETHBTC rally in the...
Digital asset markets continue their run-up from Ethereum's successful Shapella upgrade midweek, while traditional markets stall. BTC (-1%) is holding the 30k level since breaching it on Monday, while ETH -4.55% (+2.5%) breached $2.1k last evening before dipping right below it at the time of writing. ETHBTC is trading back above the 0.066 level at 0.068 after failing to break down from 0.062. ^SPX -1.81% (-0.4%) and QQQ -2.96% (-0.6%) opened higher before retracing...
March's Producer Price Index (PPI) data showed a downside surprise this morning, coming in at -0.5% MoM versus 0.0% expected and Core PPI at -0.1% MoM versus +0.2% expected. Traditional markets are rallying as the combination of CPI and PPI data has helped ease fears of inflation reaccelerating. The SPY -1.81% and QQQ -2.96% have risen 0.83% and 1.49%, respectively, while the DXY (-0.61%) is approaching its 2023 lows. Crypto markets are...
FIGURE: PEPE UNSHETH-ING ITS ETH TO SOLVE MULTIPLE DEFI PAINPOINTS Since the Beacon Chain launch in Dec 2020, Ethereum users could stake bundles of 32 ETH to secure the network in exchange for priority fee rewards. While these staked ETH[1] are ‘productive,’ many have opted against staking given its operational complexity and illiquidity. Liquid staking projects solve for this by managing validator uptime and offering liquid staking derivatives (LSDs) to...
Crypto markets rallied last night and this morning as BTC broke above $30,000 for the first time since June last year. At the time of writing, BTC is up 1.57%, ETH -4.55% is up 0.09%, and SPX and NDQ are down 0.04% and 0.71%, respectively. Bitcoin continues to outperform relative to most of the crypto market - the Bitcoin Dominance ratio is up 0.45% today and has reached its highest level...
Investors are bracing for a week of critical economic data, including CPI and PPI data for March, which will be released on Wednesday and Thursday, respectively. Investor concerns about the possibility of another rate hike rose following Friday's robust employment data. Nonfarm payrolls saw an increase of 236,000, close to the Dow Jones estimate of 238,000, while the unemployment rate dropped to 3.5%. In addition to economic data, major banks,...
SHAPELLA ARRIVES We are now less than a week away from staking withdrawals being enabled on the Ethereum network. We have been discussing this topic frequently throughout our research, but to reiterate, we maintain that the market is overly pessimistic about the supply-side effects of this event. To reiterate the key points behind our rationale:LIQUIDITY ACCESS FOR MOST STAKERS: Approximately 60% of the staked ETH is through liquid staking providers...
