Insights

The last two weeks have centered around assessing the fallout from the FTX debacle.  There have been varying degrees of damage across the cryptosphere, but the main companies impacted appear to be those with credit risk, such as Genesis, its parent DCG, and BlockFi. 

US nonfarm payrolls released on November 4th were unremarkable, while the subsequent weekend brought increasing noise surrounding the leaked balance sheet of Alameda Research, a crypto prop trading firm founded by Sam Bankman-Fried.  By Tuesday, both Alameda and FTX, the crypto derivatives exchange

Bitcoin increased 5% in October and reversed its two-month downtrend after entering the month around $19,400 and finishing near $20,500.

The last few weeks witnessed a bevy of macro data releases. The first was a higher-than-expected PPI report, followed by somewhat mixed FOMC minutes.

Most markets are relatively unchanged compared to where they were two weeks ago, with the exception perhaps being precious metals tracking a bit higher. Despite this, it was a journey to get here. 

Bitcoin was largely range-bound in September, falling about 3% after entering the month at ~$20,000 and ending around $19,400. Bitcoin moved higher towards the beginning of the month until a worse-than-expected U.S. CPI print on September 13th and increased central bank hawkishness

With The Merge successfully behind us, we expect many Ethereum users to begin participating in consensus by staking ETH for the first time. This report provides a practical guide to Ethereum staking, analyzing the tradeoffs between available approaches and providers.

Bitcoin reversed its strong July performance and fell 14% in August, after entering the month at ~$23,300 and ending around $20,000.

After years of research and development, Ethereum recently completed its final testnet Merge and confirmed the details of its transition to proof-of-stake, which is expected to occur around September 15th.

Bitcoin reversed its three-month downtrend, gaining ~18% during the month after entering around $19,800 and finishing near $23,300. While the macro backdrop continued to be challenging with rising inflation and negative growth in many jurisdictions, risk assets generally performed well.