Crypto Research and Data, Delphi Digital

Delphi Digital

Crypto Research and Data

Institutional-Grade Crypto Research & Data

Delphi Digital seeks to produce unbiased, actionable content for our clients on critical themes affecting digital assets and distributed ledger technology. Our team is committed to providing investors and institutions with key insights through a diverse suite of products including individual project analysis, bespoke research, and tailored consulting services.

Crypto

<ul>
<li>
 Halving Dynamics: Bitcoin's imminent halving reduces issuance, influencing short-term price movements amidst evolving market narratives.</li>
<li>
 Liquidity Catalyst: Bitcoin thrives in liquidity upcycles, offering a hedge against currency debasement and driving sustained market growth. </li>
<li>
Bitcoin's Resilience: Engineered precision and apolitical nature underline Bitcoin's strength as a censorship-resistant alternative amid global economic uncertainties.</li>
</ul>



 Halving Dynamics: Bitcoin's imminent halving reduces issuance, influencing short-term price movements amidst evolving market narratives.

 Liquidity Catalyst: Bitcoin thrives in liquidity upcycles, offering a hedge against currency debasement and driving sustained market growth. 

Bitcoin's Resilience: Engineered precision and apolitical nature underline Bitcoin's strength as a censorship-resistant alternative amid global economic uncertainties.


Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul><li>The cryptocurrency industry is still buzzing with excitement after the recent approval of 11 Bitcoin spot ETFs last week.</li><li>As these ETFs have been trading for a week now, their current performance and net inflows are now available for our consumption.</li><li>This analysis will focus more on visual charts and less on text, a departure from my usual style, as the market seems to have had its fill of lengthy discussions on ETFs, which now feels akin to listening to a repetitive story from a friend or, even more tiresome, your mother-in-law.</li></ul>

The cryptocurrency industry is still buzzing with excitement after the recent approval of 11 Bitcoin spot ETFs last week.As these ETFs have been trading for a week now, their current performance and net inflows are now available for our consumption.This analysis will focus more on visual charts and less on text, a departure from my usual style, as the market seems to have had its fill of lengthy discussions on ETFs, which now feels akin to listening to a repetitive story from a friend or, even more tiresome, your mother-in-law.

Crypto Moves #11 – One Week Into the ETFs

<ul>
<li>BTC is up ~140% since its bottom 1yr ago. Prior instances imply BTC is in the early innings of a new bull cycle with most of its expected gains ahead.</li>
<li>Market breadth is expanding as we are seeing industry wide participation in recent weeks.</li>
<li>Onchain borrowing activity is picking up, as are average lending rates and utilization rates on stablecoins, which are some of the most popular assets to borrow during market uptrends.</li>
</ul>


BTC is up ~140% since its bottom 1yr ago. Prior instances imply BTC is in the early innings of a new bull cycle with most of its expected gains ahead.
Market breadth is expanding as we are seeing industry wide participation in recent weeks.
Onchain borrowing activity is picking up, as are average lending rates and utilization rates on stablecoins, which are some of the most popular assets to borrow during market uptrends.


<ul>
<li>Crypto prices are still tracking our expected cycle trend, and the next big test is whether we see another period of consolidation — or if the breakout is finally near.</li>
<li>We outline a few notable risks in the near term that may stand in the way of the next crypto uptrend: stagnant liquidity, buyer exhaustion, further tightening in financial conditions</li>
<li>We don’t see these risks as long-term trends and view any downside volatility as an opportunity to increase exposure to the best assets at even better entry prices.</li>
</ul>


Crypto prices are still tracking our expected cycle trend, and the next big test is whether we see another period of consolidation — or if the breakout is finally near.
We outline a few notable risks in the near term that may stand in the way of the next crypto uptrend: stagnant liquidity, buyer exhaustion, further tightening in financial conditions
We don’t see these risks as long-term trends and view any downside volatility as an opportunity to increase exposure to the best assets at even better entry prices.


Through the Fire - Will the Rubber Meet the Road?

Equity Bottom-Up

<ul>
<li>Coinbase sees the looming opportunity in the global crypto futures &amp; derivatives market. It's positioning itself to capitalize on a market that’s been hollowed out over last 12-18 months.</li>
<li>We explore 3 key areas of Coinbase’s business that we believe Wall Street is overlooking. These include: Coinbase International, ETF Spot approvals, and Base Chain</li>
<li>We estimate Coinbase has the potential to realize additional top-line revenue in the range of 15-20% on the low-end to +150% increase on the high-end over the next few years.</li>
</ul>


Coinbase sees the looming opportunity in the global crypto futures &amp; derivatives market. It's positioning itself to capitalize on a market that’s been hollowed out over last 12-18 months.
We explore 3 key areas of Coinbase’s business that we believe Wall Street is overlooking. These include: Coinbase International, ETF Spot approvals, and Base Chain
We estimate Coinbase has the potential to realize additional top-line revenue in the range of 15-20% on the low-end to +150% increase on the high-end over the next few years.


Coinbase: From Sleeping Giant To Industry Leader

United States

Bitcoin Pro is a powerful trading system based on artificial intelligence (AI) technologies. The robot trades bitcoin volatility by betting on BTC prices relative to other currencies.

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Bitcoin Pro (BTCP CURNCY)

High off the Bitcoin Halving

Bitcoin's upcoming halving impacts price, liquidity drives growth, and resilience as a censorship-resistant alternative in uncertain times.

Delphi Digital

Crypto Moves #11 – One Week Into the ETFs

The cryptocurrency industry is still buzzing with excitement after the recent approval of 11 Bitcoin spot ETFs last week. As these ETFs have been...

Steno Research

Crypto Markets Take Center Stage

BTC is on the rise, signaling the start of a new bull cycle with potential for significant gains. Market participation is increasing, and...

Delphi Digital

Through the Fire - Will the Rubber Meet the Road?

Crypto prices are following expected trends, but face short-term risks like stagnant liquidity and further financial tightening. We view downside...

Delphi Digital

Coinbase: From Sleeping Giant To Industry Leader

Coinbase plans to seize the opportunity in the crypto futures market, with potential for significant revenue growth in the coming years. Wall...

Delphi Digital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

High off the Bitcoin Halving

​Bitcoin's upcoming halving impacts price, liquidity drives growth, and resilience as a censorship-resistant alternative in uncertain times.

Delphi Digital

Crypto Moves #11 – One Week Into the ETFs

The cryptocurrency industry is still buzzing with excitement after the recent approval of 11 Bitcoin spot ETFs last week. As these ETFs have been...

Steno Research

Crypto Markets Take Center Stage

​BTC is on the rise, signaling the start of a new bull cycle with potential for significant gains. Market participation is increasing, and...

Delphi Digital

Through the Fire - Will the Rubber Meet the Road?

​Crypto prices are following expected trends, but face short-term risks like stagnant liquidity and further financial tightening. We view downside...

Delphi Digital

Coinbase: From Sleeping Giant To Industry Leader

​Coinbase plans to seize the opportunity in the crypto futures market, with potential for significant revenue growth in the coming years. Wall...

Delphi Digital

Bitcoin's upcoming halving impacts price, liquidity drives growth, and resilience as a censorship-resistant alternative in uncertain times.

BTC is on the rise, signaling the start of a new bull cycle with potential for significant gains. Market participation is increasing, and...

Crypto prices are following expected trends, but face short-term risks like stagnant liquidity and further financial tightening. We view downside...

Coinbase plans to seize the opportunity in the crypto futures market, with potential for significant revenue growth in the coming years. Wall...