Lido DAO
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Prices slid lower this morning ahead of the Fed's FOMC meeting at 2 pm ET before bouncing back after the Fed's interest rate decision of 25bps was released. Bitcoin and Ethereum are up 0.23% and 0.82%, respectively, while most altcoins are down. ARB -7.19% is down 1.69%, SOL -6.28% is down 2.13%, and LDO is down 3.72%. An exception to this is Bitcoin layer 2 blockchain, STX -7.73% , which is up 5.28% as...
Crypto markets declined sharply late last night before finding some footing this morning. At the time of writing, BTC -2.20% is down 3.11%, and ETH -0.92% is down 4.93%. It's thought that this sell-off was triggered by a spot sale of 19.9k BTC (~$600M) on Binance over a span of 45 minutes. This is an unusually large sale to happen in such a short period of time. Altcoins have seen more significant...
ETH MOVING SHANGHIGHER As we mentioned last week, the market was overly pessimistic regarding the supply-side effects of the upcoming Ethereum staking withdrawals. Factors such as existing liquidity for most stakers, withdrawal queue limitations, and a market that de-risked in anticipation of the Shapella upgrade all helped to reduce the likelihood of a sudden supply overhang. With this in mind, it seemed reasonable to expect an ETHBTC rally in the...
Investors are bracing for a week of critical economic data, including CPI and PPI data for March, which will be released on Wednesday and Thursday, respectively. Investor concerns about the possibility of another rate hike rose following Friday's robust employment data. Nonfarm payrolls saw an increase of 236,000, close to the Dow Jones estimate of 238,000, while the unemployment rate dropped to 3.5%. In addition to economic data, major banks,...
SHAPELLA ARRIVES We are now less than a week away from staking withdrawals being enabled on the Ethereum network. We have been discussing this topic frequently throughout our research, but to reiterate, we maintain that the market is overly pessimistic about the supply-side effects of this event. To reiterate the key points behind our rationale:LIQUIDITY ACCESS FOR MOST STAKERS: Approximately 60% of the staked ETH is through liquid staking providers...
Arbitrum Backtracks on Governance Proposal and Bittrex winds down U.S. Operations
After a choppy weekend, BTC -2.20% and ETH -0.92% are flat on the day, down 0.68% and up 0.06%, respectively. SPX is down 0.02% at the time of writing, and NDQ is down 0.92%. Most altcoins have underperformed BTC and ETHâSOL -6.28% is down 1.32%, OP -3.65% is down 1.82%, and ATOM -5.92% is down 1.12%. Ethereum Layer 2, Arbitrum, was hit the hardest this weekend after the team backtracked on a governance proposal (which...
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...
Crypto and Equities are rising, with the S&P up 1.07% while BTC -2.20% 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 -2.20% down just 0.40% today at time of writing and ETH -0.92% 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...
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...
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'...
