Crypto Research

EARNINGS REVISITED Below is a chart that is both slightly jarring and fairly intuitive at the same time. The jarring aspect is obviously the rapid ascent of the expected terminal fed funds rate over the past six months. The intuitive part is that bitcoin does not like tightening monetary conditions and has steadily declined in direct opposition to the expected terminal rate. Note that we are using the futures market...

Funding pulled back this week, declining from $659M to $191M, with the number of deals declining from 24 to 18. Once again, infrastructure was the most heavily funded segment of the week – receiving nearly 75% of all funding at $142M. One of the most notable trends this year has been how, although crypto prices have declined, VCs are not slowing down on their crypto infrastructure investments. The segment typically...

Could Bitcoin get to 13K? Is Polygon looking more favorable than Ethereum? Get the full crypto technical analysis, including key resistance levels, from our Head of Technical Strategy in this week’s crypto chat. GET THE LATEST CRYPTO DAILY REPORT _*Recorded October 17, 2022_

Funding was the highest it’s been in months, shooting up from $160M last week to $659M this week. Not surprisingly, the bulk of this funding ($416M) came from infrastructure, which has been the strongest segment for most of 2022. Nine of this week’s 24 deals were infrastructure, the two standouts being Homa and Copper Technologies, which raised $100M and $196M, respectively. Interestingly, DeFi accounted for $216M of funding this week,...

CPI STILL HOT For the second consecutive month, inflation was much hotter than analysts had anticipated. Despite headline CPI easing for the third consecutive month, the headline figure of 8.2% came in above the market consensus of 8.1%, and Core CPI accelerated to 6.6%, the highest in 40 years. Despite some relief in goods inflation, the numbers were not highly constructive for risk markets (or so it would seem). _Source:...