Crypto Research

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:...

MACRO UPDATE The narrative in macro-land skewed negative this week until a strong jobs report on Friday morning.JOLTs data showed a big surprise to the downside, as job openings declined 10% in August. A job opening total of 10 million was materially lower than the 11 million consensus estimate and was the most significant 1-month decline since the start of COVID. Fewer job openings suggested a softening labor market.ISM Manufacturing...

Funding for this week has seen a dramatic decrease compared to last week. Total funding fell 53% to $154 million compared to $328 million last week. Web3 was the winning category of funding deals representing 75% of all capital raised, breaking the pattern of infrastructure being the dominant category over the prior two weeks. Horizon Blockchain Games tied for the largest deal this week, raising $40 million in a Series-A deal....