Crypto Research
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BOND VOLATILITY MOVING LOWER IS GOOD FOR LIQUIDITY Over the past few weeks, we have discussed how the ongoing banking crisis, the Fed's language shift and easing monetary policies from major central banks have led to increased net liquidity in the U.S. and higher global USD liquidity. _Source: Bloomberg, Fundstrat_ One risk that these absolute liquidity levels face is a negation by the Fed’s reverse repo facility. The Reverse Repo...
Markets continue pushing higher on slowing PCE data, pointing to signs of slowing economic momentum ahead of the banking crisis. Consumer PCE increased 0.2% in February (vs. January's 2%). After adjusting for inflation, however, spending actually fell 0.1% MoM in February. ^SPX 0.67% and QQQ 0.58% have opened higher on the news before trading 1.0% and 1.1% higher at the time of writing. Digital asset markets have followed suit, with BTC and...
Hong-Kong Continues Crypto Hub Agenda, OKX to Return $157 Million to FTX Bankruptcy Estate
Traditional markets are rallying today amid easing bank concerns and speculation that the Fed may be done raising interest rates. The ^SPX 0.67% has risen 0.25%, while the NDQ is up 0.52% at the time of writing. The Fedâs preferred inflation metric, the PCE index, will be released tomorrow morning and should fuel further speculation on whether or not any further rate hikes remain in 2023. Crypto markets are trailing equities,...
FIGURE: PEPE LEARNING ABOUT GHO AFTER BEING RUGGED BY UST Source: Fundstrat INTRODUCTION Founded by Stani Kuchelov, Aave (formerly LEND) is the largest DeFi lending market by TVL (~$8b across v2 and v3) and the fifth largest dApp overall. The protocol is currently live across five networks and 11 markets, hosting more than 30 assets across its platform. In July ‘22, Aave announced that they are launching their native stablecoin,...
Crypto and Equities are rising, with the S&P up 1.07% while BTC gained 3.82% over the last day. No news is good news as investors regain comfort that the financial sector has stabilized each day that passes without another crisis. Core PCE inflation is scheduled to be released this Friday. Known as the Fedâs preferred measure of inflation, it could either strengthen or weaken the marketâs conviction that the Fed...
Crypto markets seem to be taking yesterday's Binance news in stride, with BTC down just 0.40% today at time of writing and ETH 3.08% up 1.88%. SPX and NDQ were down 0.10% and 0.63%, respectively. Interestingly, the ETH/BTC ratio appears to be stabilizing ahead of the Shanghai withdrawals on April 12th. ETH/BTC was up 2.33% today and nearly 4% from last week's low. Today's outperformers include liquid staking derivatives LDO and...
Major equity indices opened higher on Monday morning, initially responding well to the announced acquisition of SVB by First Citizens Bank, which brought some life to bank stocks. However, the indices have since retraced their gains, with the S&P 500 trading 20 basis points higher and the Nasdaq turning negative, down 70 basis points since market open. The market continues to face rate volatility, with the U.S. 2Y and U.S....
DOVISH FED STATEMENT On Wednesday, the Federal Reserve raised the target Fed Funds rate range by 25 basis points (BPS), marking the ninth increase in just over a year. The FOMC statement hinted at a nearing end to rate hikes by removing the reference to "ongoing increases." According to the FOMC's updated forecast, there will be one more rate increase this year, and officials expect slower economic growth in 2023...
