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.

Crypto

<ul><li>It was only a matter of time. Today, Mt. Gox confirmed that it will begin distributing its Bitcoin and Bitcoin Cash holdings to creditors, primarily former clients, starting in July.</li><li>The announcement did not specify the exact date or the timeline for the repayments.</li><li>The crypto market reacted poorly to this news, with Bitcoin dropping nearly 4% since the announcement this morning. </li></ul>

It was only a matter of time. Today, Mt. Gox confirmed that it will begin distributing its Bitcoin and Bitcoin Cash holdings to creditors, primarily former clients, starting in July.The announcement did not specify the exact date or the timeline for the repayments.The crypto market reacted poorly to this news, with Bitcoin dropping nearly 4% since the announcement this morning. 

Crypto Crisp: There it was, the height of Mt. Gox fear

<ul><li>Today’s edition of Crypto Moves builds on this week’s Crypto Crisp, where we advocated a bullish outlook on the crypto market. </li><li>I have examined all of our charts to find every reason to maintain a long position in the current crypto market. Let us dive in.</li><li>From this week onwards, we anticipate a significant increase in liquidity over the next few months. This liquidity forecast model has been highly accurate in recent months.</li></ul>

Today’s edition of Crypto Moves builds on this week’s Crypto Crisp, where we advocated a bullish outlook on the crypto market. I have examined all of our charts to find every reason to maintain a long position in the current crypto market. Let us dive in.From this week onwards, we anticipate a significant increase in liquidity over the next few months. This liquidity forecast model has been highly accurate in recent months.

Crypto Moves #33 – Dazzling Positivity on the Horizon

<ul><li>Last Wednesday, the U.S. Consumer Price Index (CPI) for May was released, showing soft inflation.</li><li>However, during the U.S. Federal Reserve’s (FED) subsequent FOMC meeting on the same day, the Fed was more hawkish than expected, indicating only a 25 basis points interest rate cut this year.</li><li>This led to declines across the crypto market.</li></ul>

Last Wednesday, the U.S. Consumer Price Index (CPI) for May was released, showing soft inflation.However, during the U.S. Federal Reserve’s (FED) subsequent FOMC meeting on the same day, the Fed was more hawkish than expected, indicating only a 25 basis points interest rate cut this year.This led to declines across the crypto market.

Crypto Crisp: Imminent Surge in Liquidity

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>The European investment case has suffered a significant blow with the reintroduction of fragmentation risks due to the political turmoil in France.</li><li>While we do not ultimately buy into the notion that it is a doomsday scenario for Europe if, for example, Le Pen comes into power, we have to face the reality that the market, especially in Asia, is moving in the opposite direction in terms of investment flow.</li><li>We are familiar with this scenario from the Le Pen scares #1 and #2 and the Meloni scare in 2022.</li></ul>

The European investment case has suffered a significant blow with the reintroduction of fragmentation risks due to the political turmoil in France.While we do not ultimately buy into the notion that it is a doomsday scenario for Europe if, for example, Le Pen comes into power, we have to face the reality that the market, especially in Asia, is moving in the opposite direction in terms of investment flow.We are familiar with this scenario from the Le Pen scares #1 and #2 and the Meloni scare in 2022.

Portfolio Watch: Short metals and Europe but long (US) liquidity sensitive assets

<ul><li>On Monday’s Crypto Crisp, we briefly discussed the Bitcoin basis trade, a strategy in futures markets that exploits the difference between an asset’s spot price and its futures price, known as the ‘basis.’</li><li>Since this strategy involves taking both long and short positions of similar size, it is considered market-neutral, meaning it does not by default impact the asset’s price.</li><li>Given its market-neutral nature, one might wonder why the Bitcoin basis trade is worth discussing.</li></ul>

On Monday’s Crypto Crisp, we briefly discussed the Bitcoin basis trade, a strategy in futures markets that exploits the difference between an asset’s spot price and its futures price, known as the ‘basis.’Since this strategy involves taking both long and short positions of similar size, it is considered market-neutral, meaning it does not by default impact the asset’s price.Given its market-neutral nature, one might wonder why the Bitcoin basis trade is worth discussing.

Crypto Moves #32 – Exploring the U.S.-based Bitcoin ETFs Basis Trade

United States

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

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Crypto Crisp: There it was, the height of Mt. Gox fear

It was only a matter of time. Today, Mt. Gox confirmed that it will begin distributing its Bitcoin and Bitcoin Cash holdings to creditors,...

Steno Research

Crypto Moves #33 – Dazzling Positivity on the Horizon

Welcome to the 33rd edition of Crypto Moves. We are now nearly one-third of the way to our hundredth edition. On another note, Denmark faces...

Steno Research

Crypto Crisp: Imminent Surge in Liquidity

Last Wednesday, the U.S. Consumer Price Index (CPI) for May was released, showing soft inflation. However, during the U.S. Federal Reserve’s (FED)...

Steno Research

Portfolio Watch: Short metals and Europe but long (US) liquidity sensitive assets

The European investment case has suffered a significant blow with the reintroduction of fragmentation risks due to the political turmoil in...

Steno Research

Crypto Moves #32 – Exploring the U.S.-based Bitcoin ETFs Basis Trade

On Monday’s Crypto Crisp, we briefly discussed the Bitcoin basis trade, a strategy in futures markets that exploits the difference between an...

Steno Research

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52-week Range

Market Cap (USDm)

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