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Dog Days of Summer
By
Anil Lulla•
The first half of 2024 has been a tale of two seasons for crypto markets. We went from a classic crypto summer to the dog days of summer.
It looks like we’re finally emerging out of our first bull market pullback. The last few months have been difficult, and the chop caused many to question whether the cycle was over. Now, with the ETH ETF and US election on the horizon the market is starting to get bulled up again.
This deep dive aims to cut through the noise and explore:
1) what’s happened YTD across crypto markets
2) the state of play today
3) our thoughts on the future
This piece compliments our macro report — The Dark Night Rises — that dropped earlier this month. We hope you enjoy.

The Dark Night Rises - Part 1
By
Anil Lulla•
This is one of the most challenging macro environments we’ve seen in a long time. The latest soft data seems to illuminate a path to rate cuts and a soft landing, but that rosy outlook could change quickly. As we know, the macro environment influences all risk asset markets, and this year has been no exception. This report outlines where we are today, and explores how the future might play out. We discuss the most important macro drivers — global liquidity, rates, and economic data — that impact everything from the S&P500 to Dogwifhat. With markets chopping and calls for a bear markets rising, it’s time for another macro deep dive.

The End Game
By
Anil Lulla•
Imagine, for a moment, a world where crisis, conflict, and war run rampant. A world of failed institutions, corporate cynicism, and individual greed. A world where the past is brighter than the future. This may just sound like a bad dream, but for many people, and perhaps even for you, it’s no fantasy. It’s reality.

Avoiding the Real Banking Iceberg
By
Anil Lulla•
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.
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