Global Macro Themes

and

Pulse Check on Liquidity Trends

and

Avoiding the Real Banking Iceberg

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May 02, 2023

In early February, we wrote about the turnaround in the global liquidity cycle and its influence on the market’s strong start to the year. Since then, the broad crypto market is up ~14%, largely driven by BTC and ETH, which have gained 25% and 15%, respectively. Bitcoin’s outperformance is logical given it’s arguably the “closest to the money” and the purest play on liquidity fluctuations.

Mar 23, 2023

Avoiding the Real Banking Iceberg

and 4 others

Monthly Chartbook - Wishful Thinking

and 4 others

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Mar 23, 2023

We’ve been saying for months that access to funding is the biggest risk to the crypto industry this year. Never has that been more relevant than right now given the events of the last few days.

Mar 13, 2023

Monthly Chartbook - Wishful Thinking

and 5 others

Markets Setup for Rollercoaster Ride in 2023

and 5 others

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Mar 13, 2023

Investors are people, and they, too, underestimate the likelihood (and duration) of bad things happening. So far, 2023 is shaping up to be a case study in this kind of wishful thinking.

Feb 03, 2023

and

Markets Setup for Rollercoaster Ride in 2023

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The Year Ahead for Markets

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Feb 03, 2023

Recent increases in global liquidity have been a driving factor in this year's market rally. There is evidence supporting potential trend continuation in the coming weeks, as there are still multiple headwinds that could drag on markets as we move closer to late Q1/Q2. Funding liquidity will remain a key risk throughout the year, especially for high-growth industries (like crypto). We've noted that the move to a more expansionary global liquidity environment is the most important catalyst for a renewed and sustainable bull run in our view.

Dec 21, 2022

The Year Ahead for Markets

and 3 others

Crypto's Make or Break Moment

and 3 others

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Dec 21, 2022

2022 was The Great Reset for crypto. Overly hyped trends and mass speculation pushed the crypto market far out over its skis by the end of 2021, so this year’s washout was a necessary reset. Sizable corrections are healthy for long-term secular uptrends.

Oct 05, 2022

Crypto's Make or Break Moment

and 2 others

Bull v Bear - Sell in May and Go Away?

and 2 others

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Oct 05, 2022

Crypto markets have been attached at the hip to traditional risk assets for the better part of the last 12 months. For better or for worse, everything has been distilled down into one big macro trade.

View All research

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