Rocket Pool
$RPL
66 Results
Despite U-Mich sentiment data showing higher forward inflation expectations and reduced consumer confidence, equity indices are rising sharply today. The SPY has risen 1.33%, while the QQQ has gained over 2%. Crypto markets are somewhat mixed today following the confirmation of Blackrockâs spot Ether ETF application. ETH -0.08% (-1.34%) is trading firmly above $2k, while BTC -1.54% (+1.51%) is holding the $37k level. Ethereum-adjacent tokens are seeing renewed interest from investors amid...
RATES SURGE ON HIGHER FOR LONGER As expected, Fed Chair Powell took to the podium yesterday and kept interest rates unchanged. Concurrently, he unveiled the Fed’s new dot plot, which forecasts one more rate hike for this year but two fewer cuts for the next year. This was perceived as more hawkish than anticipated by both traditional and crypto markets. The dot plot and Powell's rhetoric collectively signal a 'higher...
TACTICAL CAUTION Throughout this year, we've been navigating a complex interplay between overarching macro influences and crypto-specific events. Milestones such as BlackRock's ETF application, Ripple's legal win over the SEC, and Grayscale's similar success have been promising, yet they've occurred amidst a peak in global liquidity. This timing has effectively curtailed any long-lasting bullish momentum in the crypto markets. While we've been vocal proponents of maintaining risk exposure, the convergence...
THE US DOLLAR WRECKING BALL CONTINUES Last week, our near-term outlook remained uncertain, though we leaned toward the possibility that a positive catalyst, such as a victory for Grayscale, could coincide with easing liquidity conditions. This would mark a significant departure from the tightening conditions—indicated by the DXY—that followed the last two crypto-specific catalysts this year. The likelihood of interest rates reaching a peak, the dollar beginning to decline, and...
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. https://vimeo. com/859942814/328e8c2424? share=copy Tickers in this report: BTC -1.54% , OP -1.27% , ETH -0.08% , RPL -4.69% , ARB -6.65% , SOL -5.60% , UNI -1.55%
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...
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. https://vimeo. com/857730786/38b7b306bc? share=copy Tickers in this report: BTC -1.54% , OP -1.27% , ETH -0.08% , RPL -4.69% , ARB -6.65% , SOL -5.60%
MACRO HAS BEEN WINNING THE BATTLE Last week, we advanced the idea that the recent decline in volatility might be traced to two competing forces: (1) positive industry-specific tailwinds and (2) negative macro headwinds. Additionally, the recent dip in macro correlations could be attributed to unique catalysts, notably the BlackRock ETF application. Our thinking was that without further industry-specific catalysts, traditional macro correlations would likely return. As evidenced by the...
Equity indices are declining today on higher-than-expected PPI data for July. The SPY 0.00% and QQQ have fallen 0.24% and 0.88%, respectively, while U.S. Treasury yields have risen across the board. Crypto markets are faring better, with BTC -1.54% (+0.17%) trading near $29.5k and ETH -0.08% (+0.12%) hovering around $1,850. Rocket Pool (RPL -4.69% ) has been a strong performer over the last three trading days, rising 11.30% after Coinbase announced a strategic investment in...
Inflation ticked up in July but modest price increases likely deter Fed from raising rates in September. CPI rose 3.2% YoY (vs. 3% in June), while core CPI rose by 4.7% (vs. 4.8% in June). Monthly figures painted a rosier picture, with both core CPI and CPI rising a mild 0.2% in both months. Markets reacted positively on the news at open, with SPX and QQQ both opening higher before retracing...
MACRO HEADWINDS VS. IDIOSYNCRATIC TAILWINDS In our prior notes, we highlighted the market's prevailing sideways trend. Over much of the past month, both BTC and ETH have exhibited remarkable stability, moving within a narrow range. Their realized and implied volatilities are nearing all-time lows. _Sources: Glassnode, Fundstrat_ We've also emphasized the waning correlation between Bitcoin's daily returns and macro assets such as tech stocks and the US dollar index. These...
