HarmoniQ Insights

William Mann

Independent Insight Provider

At HarmoniQ Insights, we empower investors to enhance their investment strategies by integrating cutting-edge quantitative research processes and technologies. Our solutions provide access to leading quantitative data providers and services, tailored to align with each client’s unique goals. By bridging the gap between traditional investment approaches and advanced data-driven methods, we help clients gain a competitive edge through innovation in both process and technology.

Crypto

<ul>
<li>Market inefficiencies persist in crypto markets, particularly in cross-exchange arbitrage and futures basis trading</li>
<li>Traditional factor models can be adapted for cryptocurrency markets with size, momentum, and liquidity factors showing statistical significance</li>
<li>On-Chain metrics provide unique alpha signals unavailable in traditional markets</li>
</ul>


Market inefficiencies persist in crypto markets, particularly in cross-exchange arbitrage and futures basis trading
Traditional factor models can be adapted for cryptocurrency markets with size, momentum, and liquidity factors showing statistical significance
On-Chain metrics provide unique alpha signals unavailable in traditional markets


New Research: Unlocking Quantitative Alpha in Cryptocurrency Markets

Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

<ul><li>Towards the end of last year, I published the first liquidity ranking system for crypto assets, comparing each asset’s liquidity ranking to its market cap and investigating which token’s market cap is the most misleading from a liquidity standpoint.</li><li>In Q1 of this year I provided an update to the ranking system as overall market liquidity hit 10 month lows. </li><li>The good news is that global liquidity has been more or less flat over Q2, with no further drops apart from  the tokens featured in the SEC lawsuits and a handful of exchange-specific drops in liquidity, such as Binance.US.</li></ul>

Towards the end of last year, I published the first liquidity ranking system for crypto assets, comparing each asset’s liquidity ranking to its market cap and investigating which token’s market cap is the most misleading from a liquidity standpoint.In Q1 of this year I provided an update to the ranking system as overall market liquidity hit 10 month lows. The good news is that global liquidity has been more or less flat over Q2, with no further drops apart from  the tokens featured in the SEC lawsuits and a handful of exchange-specific drops in liquidity, such as Binance.US.

<ul><li>Last quarter I published the first liquidity ranking system for crypto assets, comparing each asset’s liquidity ranking to its market cap and investigating which token’s market cap is the most misleading from a liquidity standpoint.</li><li>Liquidity has arguably never been at more of a premium than right now in crypto, with USD payment rails being shut down and market makers pulling orders from exchanges.</li><li>With market depth at 10 month lows, price volatility has picked up and so it is essential investors can accurately evaluate the liquidity of each individual asset to gain an understanding of how much short term volatility to expect.</li></ul>

Last quarter I published the first liquidity ranking system for crypto assets, comparing each asset’s liquidity ranking to its market cap and investigating which token’s market cap is the most misleading from a liquidity standpoint.Liquidity has arguably never been at more of a premium than right now in crypto, with USD payment rails being shut down and market makers pulling orders from exchanges.With market depth at 10 month lows, price volatility has picked up and so it is essential investors can accurately evaluate the liquidity of each individual asset to gain an understanding of how much short term volatility to expect.

<ul><li>Market capitalization is one of the most commonly used metrics to legitimize the value of a cryptocurrency.</li><li>We often hear of a token breaking into the top 10 ranking by market cap, with tokens like BNB making headlines after a move into the top 5, cementing it as a pillar in the crypto ecosystem.</li><li>However, all it takes is a quick run through the top 20 or 30 tokens to realize not all market caps are created equal.</li></ul>

Market capitalization is one of the most commonly used metrics to legitimize the value of a cryptocurrency.We often hear of a token breaking into the top 10 ranking by market cap, with tokens like BNB making headlines after a move into the top 5, cementing it as a pillar in the crypto ecosystem.However, all it takes is a quick run through the top 20 or 30 tokens to realize not all market caps are created equal.

A New Model for Assessing Crypto Asset Liquidity

Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

<ul>
<li>We use a simple framework to analyse 3 exchange tokens’ value and we find FTT and LEO tokens are decent bear market plays.</li>
<li>For crypto exchanges, buying the token is the only way for non-VC investors to gain exposure to the growth. Private valuations could differ greatly from the publicly traded valuations. </li>
<li>While exchange tokens are the easiest to understand and most equity-like in the traditional finance sense, we can also further apply the framework to tokens on other protocols.</li>
</ul>


We use a simple framework to analyse 3 exchange tokens’ value and we find FTT and LEO tokens are decent bear market plays.
For crypto exchanges, buying the token is the only way for non-VC investors to gain exposure to the growth. Private valuations could differ greatly from the publicly traded valuations. 
While exchange tokens are the easiest to understand and most equity-like in the traditional finance sense, we can also further apply the framework to tokens on other protocols.


Bear Market Plays - Crypto Exchange Tokens

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LEO Token (LEO CURNCY)

New Research: Unlocking Quantitative Alpha in Cryptocurrency Markets

AI Agent Deep Dive! Not enough time to READ 👀? Check out the AI Agent Deep Dive Discussion of this Paper on Youtube: https://youtu.be...

William Mann

Q2 Liquidity Ranking for Crypto Assets

In Q1 of this year I provided an update to the ranking system as overall market liquidity hit 10 month lows. The good news is that global liquidity...

Kaiko

Q1 Liquidity Ranking for Crypto Assets

Liquidity has arguably never been at more of a premium than right now in crypto, with USD payment rails being shut down and market makers pulling...

Kaiko

A New Model for Assessing Crypto Asset Liquidity

We often hear of a token breaking into the top 10 ranking by market cap, with tokens like BNB making headlines after a move into the top 5,...

Kaiko

Bear Market Plays - Crypto Exchange Tokens

We use a simple framework to analyse 3 exchange tokens’ value and we find FTT and LEO tokens are decent bear market plays. We can also further...

Rose Choy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)