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>Here is to another week in crypto, following an exceptionally strong performance for U.S.-based Bitcoin spot ETFs last week.</li><li>Over the five trading sessions, these Bitcoin spot ETFs saw total net inflows of $1.829 billion.</li><li>Last Tuesday was particularly notable, with the ETFs experiencing their second-best day since their launch on January 11, bringing in a net inflow of $887 million.</li></ul>

Here is to another week in crypto, following an exceptionally strong performance for U.S.-based Bitcoin spot ETFs last week.Over the five trading sessions, these Bitcoin spot ETFs saw total net inflows of $1.829 billion.Last Tuesday was particularly notable, with the ETFs experiencing their second-best day since their launch on January 11, bringing in a net inflow of $887 million.

Crypto Crisp: How Much of the Bitcoin ETF Inflow Comes from Basis Trading?

<ul><li>It should come as no surprise that 2022 was rife with contagion in the crypto industry.</li><li>Numerous crypto companies went bankrupt, many due to fraud.</li><li>Now, the majority of these bankruptcy cases are nearing their conclusion, and some have already been completed, allowing creditors – primarily clients with assets stuck in these firms – to receive the remaining assets.</li></ul>

It should come as no surprise that 2022 was rife with contagion in the crypto industry.Numerous crypto companies went bankrupt, many due to fraud.Now, the majority of these bankruptcy cases are nearing their conclusion, and some have already been completed, allowing creditors – primarily clients with assets stuck in these firms – to receive the remaining assets.

Crypto Moves #31 – Do Not Fear Mt. Gox Repayments

<ul>
<li>In the past one and a half months, exchange-traded crypto funds have been launched in two countries.</li>
<li>Hong Kong introduced both Bitcoin and Ethereum exchange-traded products in late April, followed by the UK doing the same last week.</li>
<li>Tomorrow, Australia will launch its Bitcoin spot ETF, but like the recent launches in Hong Kong and the UK, we do not expect it to be a major success.</li>
</ul>


In the past one and a half months, exchange-traded crypto funds have been launched in two countries.
Hong Kong introduced both Bitcoin and Ethereum exchange-traded products in late April, followed by the UK doing the same last week.
Tomorrow, Australia will launch its Bitcoin spot ETF, but like the recent launches in Hong Kong and the UK, we do not expect it to be a major success.


Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>The SEC's approval of 19b-4 forms marks a critical step towards spot Ethereum ETFs, signaling a potential near-term final approval that could drive significant ETH spot buying.</li>
<li>Despite recent gains following ETF approval news, Ethereum remains a laggard in the crypto rally, underperforming relative to Bitcoin and smaller cryptocurrencies like Solana, BNB, and Dogecoin.</li>
<li>Bitcoin faces headwinds from an expected influx of supply due to Mt. Gox repayments and losses from the DMM hack, which could pressure BTC prices in the short term.</li>
</ul>


The SEC's approval of 19b-4 forms marks a critical step towards spot Ethereum ETFs, signaling a potential near-term final approval that could drive significant ETH spot buying.
Despite recent gains following ETF approval news, Ethereum remains a laggard in the crypto rally, underperforming relative to Bitcoin and smaller cryptocurrencies like Solana, BNB, and Dogecoin.
Bitcoin faces headwinds from an expected influx of supply due to Mt. Gox repayments and losses from the DMM hack, which could pressure BTC prices in the short term.


Long ETH, Short BTC on Expected ETH ETF Approval

<ul><li>Do we even need to mention the most significant news from last week? Probably not.</li><li>However, here is a brief summary: the U.S. Securities and Exchange Commission (SEC) approved an Ethereum spot ETF on Thursday.</li><li><span style="font-weight: 400;">Almost as significant as the approval itself is the shift in the U.S. regulatory environment’s tone toward crypto.</span></li></ul>

Do we even need to mention the most significant news from last week? Probably not.However, here is a brief summary: the U.S. Securities and Exchange Commission (SEC) approved an Ethereum spot ETF on Thursday.Almost as significant as the approval itself is the shift in the U.S. regulatory environment’s tone toward crypto.

Crypto Crisp: “There Is No Second Place”

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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Bitcoin (XBTUSD CURNCY)

Crypto Crisp: How Much of the Bitcoin ETF Inflow Comes from Basis Trading?

Here is to another week in crypto, following an exceptionally strong performance for U.S.-based Bitcoin spot ETFs last week. Over the five trading...

Steno Research

Crypto Moves #31 – Do Not Fear Mt. Gox Repayments

It should come as no surprise that 2022 was rife with contagion in the crypto industry. Numerous crypto companies went bankrupt, many due to...

Steno Research

Crypto Crisp: Three In A Row

In the past one and a half months, exchange-traded crypto funds have been launched in two countries. Hong Kong introduced both Bitcoin and...

Steno Research

Long ETH, Short BTC on Expected ETH ETF Approval

SEC approval of 19b-4 forms paves way for spot Ethereum ETFs, while ETH lags behind in crypto rally. ETHBTC ratio may have present further upside.

Mint Finance

Crypto Crisp: “There Is No Second Place”

Do we even need to mention the most significant news from last week? Probably not. However, here is a brief summary: the U.S. Securities and...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Crypto Crisp: How Much of the Bitcoin ETF Inflow Comes from Basis Trading?

Here is to another week in crypto, following an exceptionally strong performance for U.S.-based Bitcoin spot ETFs last week. Over the five trading...

Steno Research

Crypto Moves #31 – Do Not Fear Mt. Gox Repayments

It should come as no surprise that 2022 was rife with contagion in the crypto industry. Numerous crypto companies went bankrupt, many due to...

Steno Research

Crypto Crisp: Three In A Row

In the past one and a half months, exchange-traded crypto funds have been launched in two countries. Hong Kong introduced both Bitcoin and...

Steno Research

Long ETH, Short BTC on Expected ETH ETF Approval

​SEC approval of 19b-4 forms paves way for spot Ethereum ETFs, while ETH lags behind in crypto rally. ETHBTC ratio may have present further upside.

Mint Finance

Crypto Crisp: “There Is No Second Place”

Do we even need to mention the most significant news from last week? Probably not. However, here is a brief summary: the U.S. Securities and...

Steno Research

SEC approval of 19b-4 forms paves way for spot Ethereum ETFs, while ETH lags behind in crypto rally. ETHBTC ratio may have present further upside.