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Stocks: The Great Decoupling
I know, I know....Historically, BTC and stocks have maintained a fluid relationship; sometimes they move inversely to one...Meanwhile, the correlation between BTC and stocks has been strong in recent weeks as expectations for...On the flip side, if stocks are able to maintain their current uptrend and continue to push towards new...
Report
4 Min
DeFi
Jul 2020
Infrastructure
Jul 2019
Centralized cryptocurrency exchange (“CEX”) tokens have seen a stellar run up year to date, with BNB...In this report, we will be studying the utility of exchange tokens across a number of centralized (CEX...) and decentralized (DEX) exchanges, as well as the cashflow accrual mechanism to token holders.
Report
6 Min
Data
Apr 2021
Every attempt to build a decentralized exchange has been focused on a single market type....On centralized exchanges, either the exchange or a project actively solicits market making firms to provide...As a decentralized exchange, Vega will not engage in this....It’s an obvious problem for decentralized exchanges.
Report
21 Min
Perpetual Futures
Feb 2022
Weekly Market Commentary - April 15th, 2020
Stocks Begin to Stall as Gold Starts to Glimmer
Bitcoin...The recovery in stocks has been more technical than fundamental
as the S&P 500 completed a 50% retracement...Airline Stocks (30-Day % Change)
Data as of April 15th, 2020
Source: TradingView
7
Stocks' Technical...
Report
Layer 1 / L1
Apr 2020
Quick Background
Curve is an exchange liquidity pool built on Ethereum to handle extremely efficient...While Curve is directly targeting this market between stablecoin exchanges, the total volume number of...$12.6T is misleading as while this amounts to total stablecoin exchange volumes, only a fraction would...
Report
6 Min
DeFi
Jul 2020
31% of USDT Supply Is Sitting on Exchanges
Risk assets fell during Asian hours weighed down by rising...USDT supply on exchanges is at a 1-year high, indicating that investors have become risk-averse and sold...About 31% of the total USDT supply are sitting idle on exchanges, suggesting traders are turning risk-off...supply on exchanges respectively.
Report
3 Min
Algorithmic Stablecoins
Dec 2021
BTC and ETH Leaving Exchanges
Exchange balances of BTC and ETH have been on a consistent decline since...BTC balance on exchanges is currently at a three-year low, and ETH balance on exchanges is at a two-year...rise of DeFi has allowed users to seek yields on their assets rather than keeping them dormant on an exchange...on centralized exchanges.
Report
4 Min
Infrastructure
Dec 2021
Amid the speculation, let’s revisit the current exchange token landscape, many of which have seen remarkable...The rise in exchange tokens has been driven in large part by Binance’s BNB token, which recently reached...There’s little doubt the approaching Coinbase IPO has shed light on other centralized exchanges and positively...
Report
4 Min
Spot Exchange
Apr 2021
ETH outflows from exchanges outweigh inflows, blockchain gaming continues to attract investors, and Binance...📊 ETH Exchange Outflows Continue to Outweigh Inflows
Large amounts of ETH have continued to leave...exchange wallets, despite the declining ETH price....On August 29th, exchanges saw an outflow of over 476k ETH.
Report
5 Min
Layer 1 / L1
Sep 2022
...delphidigital.io | (585) 269-0786
Total Public Market Value (ex-BTC)
12-Month Performance (Normalized)
Exchange...Exchange tokens have
performed well as exchange
volume has been on the rise, with
150%
60-Day Returns...recently, boasting some of the
Exchange Native Token Performance (Rolling 60-Day Returns)
BNB
BNB...Exchange Native Token Correlations w.
Report
Infrastructure
Mar 2019
Exchange Exodus; Bullish for DEXes?...Yesterday marked the single largest daily outflow of BTC from exchanges since mid 2016....Binance and Coinbase were the top two exchanges in terms of absolute outflow....The million dollar question right now is whether this will benefit decentralized exchanges.
Report
4 Min
NFTs & Gaming
Jul 2021
Chart of The Day: BTC Exchange Balance Trends Down
The BTC balance on exchanges recently hit its multi-year...As the adoption of Bitcoin increases, we see that more users are willing to take bitcoin off exchanges...Previously, the BTC balance peaked on March 2020’s Black Thursday when investors rushed into exchanges...
Report
5 Min
Infrastructure
Mar 2022
1 Min
Macro & Markets
Aug 2025
...this morning: https://x.com/krakenfx/status/1911770230163898541
Kraken is now offering over 11,000 stocks...and ETFs: https://www.kraken.com/stocks
Signals a shift for Kraken, differentiating themselves greatly...and ETFs: https://www.kraken.com/stocks
Signals a shift for Kraken, differentiating...
Alpha Insight
1 Min
Asset Management
Apr 2025
Instead, it’s circulated from daily markets for different tokens and stocks.
Alpha Insight
3 Min
DeFi
Sep 2024
But stocks don’t trade on past results; they trade on future expectations, and stock prices are determined...Notably, major securities exchange stocks like Nasdaq or ICE or the London Stock Exchange tend to trade...Similarly, the major exchange stocks tend to trade between 16-24x forward EV/EBITDA, so assuming total...
Report
7 Min
Spot Exchange
Apr 2021
Vertex Protocol is a hybrid orderbook/AMM DEX that launched on Arbitrum in April. It’s key differentiators are its low fees (0/3 bps) and unified cross-margin. The race for cross-margin is an emergi...
Alpha Insight
2 Min
Perpetual Futures
Jun 2023
So, uh, you know, we talk about stocks....title of my article was supposed to be like the short case, um, for Nvidia stock....It’s like, it’s like exchanging, you know, one employee with a new employee who knows everything the...Now, I wouldn’t buy a Palantir stock. I wouldn’t short it....Like gold relative to Google
[01:01:21] Pondering Durian: stock, right?
Media
83 Min
DeFi
Jan 2025
...bring back Teddy Vallee, Founder & CIO of Pervalle Global, to discuss his latest outlook on US tech stocks...
Media
Macro & Markets
Nov 2020


















