Crypto Research
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In the first trading day of September, equity markets are relatively flat following more economic data releases showing the U.S. unemployment rate rising to 3.8% (3.5% expected), with the labor participation rate increasing to 62.8% (62.6% expected). Crypto is reacting negatively to the SEC delaying a slew of spot Bitcoin ETF applications, including Blackrock and Fidelityâs. BTC (-0.24%) has fallen back below $26k and ETH (-0.47%) is ranging in the...
Today's video discusses implications of Grayscale's landmark victory, the outlook for a Bitcoin spot ETF, DeFi sector regulation, and three major risks that could create tactical headwinds despite all the postitive catalysts. For our latest Crypto Strategy note click here. Tickers in this report: BTC, OP -6.75% , ETH, RPL, ARB, SOL 0.57% , UNI
In July, the core personal consumption expenditures (PCE) index increased by 0.2% month-over-month and 4.2% year-over-year, meeting economists' projections. This led to a significant pullback in rates and a bond market rally. Surprisingly, the Dollar Index (DXY) also surged, likely exerting downward pressure on cryptoasset prices. Amid these market dynamics, major equity indices experienced slight gains. BTC retraced its earlier post-Grayscale rally gains, a trend also seen in Ethereum and...
GRAYSCALE VICTORY As recently discussed, we’ve been awaiting either short-term relief in liquidity conditions—indicated by falling interest rates, a declining DXY, and increasing central bank liquidity—or the realization of crypto-specific catalysts for better price action. This week, we received encouraging news on both fronts. The courts have ruled that the SEC acted in an arbitrary and capricious manner when denying the spot Bitcoin ETF. _Source: Court Decision in Grayscale v...
After lower-than-expected JOLTS numbers yesterday, both Q2 GDP and ADP Employment numbers similarly came in below expectations, causing U.S. Treasury yields and the DXY to fall as the market reprices how much more monetary tightening may be needed. Conversely, equity indices are responding positively to the economic data, with the SPX and QQQ both rising more than 0.30% at the time of writing. After closing yesterday up over 6% following...
GRAYSCALE WINS. It's officialâthe courts have ruled that the SEC acted in an arbitrary and capricious manner when denying the spot Bitcoin ETF. In the wake of this news, cryptoassets, trusts, and crypto equities are experiencing strong rallies. This development will likely pave the way for a Bitcoin ETF to enter the market and could lead to the conversion of existing trusts into ETF products.
After digesting Fed Chair Powellâs speech at Fridayâs Jackson Hole Economic Symposium over the weekend, traditional indices are rising, with both the SPY 0.72% and QQQ 0.90% gaining approximately 0.40% at the time of writing. In a busy week for economic data, investors will be eyeing the release of JOLTS, ADP employment, the PCE index, and non-farm payrolls to form an outlook on the labor market and inflation. Crypto markets are relatively...
Base and Optimism Share Revenue and Governance, Mastercard Terminates Binance Partnership
All eyes turned to Jackson Hole this morning as Jerome Powell says the Fed will âproceed carefullyâ on any further rate rises this year. Futures pricing imply that investors see a near-50% chance of another hike by year end. Ahead of Powell's much-awaited speech, markets opened higher before retracing to flat relative to yesterday's close after the speech. ^SPX 0.72% and QQQ 0.90% are both down by 0.1%, while yields on the US10Y...
Today's video discusses liquidity conditions, two potentially pivotal events, Optimism's outperformance, and what DXY is saying about where the market is headed next. For our latest Crypto Strategy note click here. Tickers in this report: BTC, OP -6.75% , ETH, RPL, ARB, SOL 0.57%
