Special Projects Analyst at Delphi Digital, Delphi Digital

Gerryl Pay

Special Projects Analyst at Delphi Digital

Institutional-Grade Crypto Research & Data

Delphi Digital

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>Surprising a pessimistic market, global liquidity rebounded, prompting expectations of increased buying pressure in the new year, as the Fed appears to remain on hold.</li>
<li>The crypto market is expected to benefit from a structural shift, with Bitcoin (BTC) emerging as a frontrunner after breaking out of a prolonged bear market consolidation.</li>
<li>Solana is anticipated to outperform in the coming year, driven by mean reversion, market share normalization, and narrative developments.</li>
</ul>


Surprising a pessimistic market, global liquidity rebounded, prompting expectations of increased buying pressure in the new year, as the Fed appears to remain on hold.
The crypto market is expected to benefit from a structural shift, with Bitcoin (BTC) emerging as a frontrunner after breaking out of a prolonged bear market consolidation.
Solana is anticipated to outperform in the coming year, driven by mean reversion, market share normalization, and narrative developments.


<ul>
<li>Blockchain gaming peaks industry interest with unprecedented content quality. With the combined market cap of almost 200 leading projects being less than DOGE, there is ample room for future growth.</li>
<li>In 2023, 133 deals closed, securing $1.1B in funding, marking a 66% drop from 2022. Anticipating a reversal in the next ~6 months due to increased attention and capital.</li>
<li>High Web3 project costs drive competition for &lt;1M gaming-inclined wallets. A battle for player liquidity will favor projects with versatile user bases, efficiently funneling between games for market dominance.</li>
</ul>


Blockchain gaming peaks industry interest with unprecedented content quality. With the combined market cap of almost 200 leading projects being less than DOGE, there is ample room for future growth.
In 2023, 133 deals closed, securing $1.1B in funding, marking a 66% drop from 2022. Anticipating a reversal in the next ~6 months due to increased attention and capital.
High Web3 project costs drive competition for &lt;1M gaming-inclined wallets. A battle for player liquidity will favor projects with versatile user bases, efficiently funneling between games for market dominance.


The Year Ahead For Gaming 2024 (Executive Summary)

<ul>
<li>The stage is set for a potential resurgence of NFTs in 2024. As crypto wealth increases, spending on NFTs for “flexing”, identity, and entertainment will rise.</li>
<li>A few NFT Character Brands could explode into mainstream consciousness and grow exponentially. Others will remain as niche communities.</li>
<li>Ethereum will lose market share in NFTs, and Solana could catch up.</li>
</ul>


The stage is set for a potential resurgence of NFTs in 2024. As crypto wealth increases, spending on NFTs for “flexing”, identity, and entertainment will rise.
A few NFT Character Brands could explode into mainstream consciousness and grow exponentially. Others will remain as niche communities.
Ethereum will lose market share in NFTs, and Solana could catch up.


Year Ahead For NFTs 2024 (Executive Summary)

Crypto Research and Data, Delphi Digital

Crypto Research and Data

<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.


Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

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.

Macroeconomics

<ul>
<li>US equities were on a tear last week. Asian equities were buoyant but less muted. </li>
<li>Commodity majors were on a retreat. Gold, Silver, Oil, and Copper retreated on geopolitical conflicts that appears to be contained.</li>
<li>SLOOS reported tighter standards and weaker demand for commercial and industrial  loans to firms of all sizes over the third quarter.</li>
</ul>


US equities were on a tear last week. Asian equities were buoyant but less muted. 
Commodity majors were on a retreat. Gold, Silver, Oil, and Copper retreated on geopolitical conflicts that appears to be contained.
SLOOS reported tighter standards and weaker demand for commercial and industrial  loans to firms of all sizes over the third quarter.


[TW2] The Week That Was in Markets in 11 Charts (W/E 11th Nov 2023)

United States

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

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Ethereum (XETUSD CURNCY)

Year Ahead for Markets 2024

Global liquidity rebounds, boosting buying pressure; Bitcoin emerges as a frontrunner in crypto market; Solana expected to outperform with mean...

Delphi Digital

The Year Ahead For Gaming 2024 (Executive Summary)

Blockchain gaming piques industry interest with quality content, but low market cap. Funding fell in 2023, expecting a rebound. Competition for...

Delphi Digital

Year Ahead For NFTs 2024 (Executive Summary)

Crypto wealth is expected to drive a resurgence of NFTs in 2024, with potential for certain brands to gain mainstream popularity while Ethereum's...

Delphi Digital

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

[TW2] The Week That Was in Markets in 11 Charts (W/E 11th Nov 2023)

Each Monday, we take stock of key news in markets across major economies & firms. US equity markets rallied strongly while commodity majors...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Year Ahead for Markets 2024

​Global liquidity rebounds, boosting buying pressure; Bitcoin emerges as a frontrunner in crypto market; Solana expected to outperform with mean...

Delphi Digital

The Year Ahead For Gaming 2024 (Executive Summary)

Blockchain gaming piques industry interest with quality content, but low market cap. Funding fell in 2023, expecting a rebound. Competition for...

Delphi Digital

Year Ahead For NFTs 2024 (Executive Summary)

​Crypto wealth is expected to drive a resurgence of NFTs in 2024, with potential for certain brands to gain mainstream popularity while Ethereum's...

Delphi Digital

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

[TW2] The Week That Was in Markets in 11 Charts (W/E 11th Nov 2023)

Each Monday, we take stock of key news in markets across major economies & firms. US equity markets rallied strongly while commodity majors...

Mint Finance

Global liquidity rebounds, boosting buying pressure; Bitcoin emerges as a frontrunner in crypto market; Solana expected to outperform with mean...

Crypto wealth is expected to drive a resurgence of NFTs in 2024, with potential for certain brands to gain mainstream popularity while Ethereum's...

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