Crypto Research
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It is another wildly consequential week in global markets as the worldwide banking system continues to fend off liquidity concerns, and traders brace for a decision from the Fed on interest rates following their meeting on Wednesday. Bitcoin is coming off one of its best weeks in history, closing the week up 35% and moving north of $28k for the first time since last June. This afternoon, BTC (+0.4%) is...
IT MIGHT NOT “TECHNICALLY” BE QE, BUT QT IS OVER A common refrain among Bitcoin advocates has been “short the banks, long BTC.” Over the past couple of weeks, we have seen the closest manifestation of this trade since the inception of the Bitcoin network. There remain apparent concerns about the health of the US banking system, specifically related to the duration mismatch issues plaguing traditional banking institutions and depositors'...
Markets have largely received news of the Fed's balance sheet expansion to $8.6T earlier this week to be favorable but concerns around the stability of regional banks still loom. ^SPX 0.84% (-1.3%)and QQQ 0.90% (-1.0%) have opened lower today after First Republic Bank received its $30b infusion from other banks. BTC (+6.0%) briefly traded at $27k this morning before retracing to right below it, while ETH (+3.6%) did not break its $17.8k...
Both traditional and crypto markets are rallying today as fears of systemic banking collapses have dissipated slightly. The SPY 0.76% (+1.52%) and QQQ 0.90% (+2.22%) are showing impressive gains, with higher growth names outperforming, as expectations for higher for longer rates are declining in light of recent financial turmoil. BTC (+1.49%) continues to show relative strength, with BTC.D reaching 45.71%, while ETH/BTC is approaching November 2022 lows. Layer-2 network Arbitrum has announced...
FIGURE: WASSIE TAKING NOTES AT ETH DENVER MAIN STAGE We recently attended the main conference and side events spanning throughout ETH Denver and have put together a special edition of DeFi Digest to highlight some of the protocols and themes prevalent in the digital asset space today. The panelists throughout the multi-day event ranged from Layer 1 and 2 networks, venture capital firms, dApp protocols and infrastructure service providers to...
Equities are falling today as trouble in the financial sector continues, with Credit Suisse (CS) announcing it had found âmaterial weaknessesâ in its financial reporting for 2021 and 2022. Banks led US markets lower today as the S&P fell 1.74%. CS shares are down over 96% from their all-time high as its largest investor, Saudi National Bank, stated it would not provide any financial support. Trading was halted for CS...
Crypto continued to rally today after CPI came in in-line today at 6.0% YoY. BTC was up 7.08% today at the time of writing, and ETH was up 5.17%. Traditional markets also rose, with SPX up 2.05% today, and NDQ up 2.45%. One of the more exciting developments we've seen this week is the massive outperformance of bitcoin over the rest of the market. This outperformance is represented in the...
Cryptoassets are surging this Monday afternoon due to continued turmoil in the banking industry and a violent repricing of rates. Despite the government guaranteeing customer deposits of the fallen SVB and Signature Bank, investors are keyed in on the unrealized losses remaining on the balance sheets of regional banks. As we discussed on Friday, we anticipated an orderly wind-down of SVB and that rates rolling over would benefit cryptoassets. BTC...
MOST SIGNIFICANT BANKING FAILURE SINCE THE GFC Our clients know the rationale behind our bullish perspective on crypto this year. Consumer prices are broadly trending lower, peak-tightening occurred last year (on a rate-of-change basis), and global liquidity conditions have been more favorable than many anticipated. We also felt comfortable that most of the “forced selling” from market participants exiting the ecosystem was behind us. Unfortunately, over the past few weeks,...
