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>Ethereum has surged past the 3,000 ETH/USD mark, now trading at 3,050 ETH/USD.</li><li>This increase is mainly driven by the intensifying anticipation over the potential launch of an Ethereum spot ETF, along with Ethereum’s recent breakout from a months-long period of underperformance compared to Bitcoin.</li><li>Over the last week, Ethereum has seen an 8% increase relative to Bitcoin, with the latter seeing less net inflow into exchange-traded products than the week prior.</li></ul>

Ethereum has surged past the 3,000 ETH/USD mark, now trading at 3,050 ETH/USD.This increase is mainly driven by the intensifying anticipation over the potential launch of an Ethereum spot ETF, along with Ethereum’s recent breakout from a months-long period of underperformance compared to Bitcoin.Over the last week, Ethereum has seen an 8% increase relative to Bitcoin, with the latter seeing less net inflow into exchange-traded products than the week prior.

<ul><li>In the short to medium term, Ethereum is mainly depending on what is known as off-chain scaling to significantly expand its blockchain’s capacity beyond its current limit of roughly 15 transactions per second.</li><li>This strategy sets Ethereum apart from other blockchains like Solana, which primarily concentrate on scaling directly on the blockchain itself, also known as on-chain scaling.</li><li>Ethereum’s method involves using something called Layer 2s, or rollups.</li></ul>

In the short to medium term, Ethereum is mainly depending on what is known as off-chain scaling to significantly expand its blockchain’s capacity beyond its current limit of roughly 15 transactions per second.This strategy sets Ethereum apart from other blockchains like Solana, which primarily concentrate on scaling directly on the blockchain itself, also known as on-chain scaling.Ethereum’s method involves using something called Layer 2s, or rollups.

Crypto Moves #16 – Why We Are Long Ethereum Layer 2s

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>SEC narrowly approves listing of spot Bitcoin ETF citing high correlation between CME futures and spot bitcoin price and adequacy of CME surveillance sharing.</li>
<li>New ETFs offer highly competitive expense ratios. ETFs also offer discount to expense ratio during a discount period.</li>
<li>ETFs see strong trading activity on day 1 but much of it likely came from outflows from GBTC to lower cost ETFs.</li>
</ul>


SEC narrowly approves listing of spot Bitcoin ETF citing high correlation between CME futures and spot bitcoin price and adequacy of CME surveillance sharing.
New ETFs offer highly competitive expense ratios. ETFs also offer discount to expense ratio during a discount period.
ETFs see strong trading activity on day 1 but much of it likely came from outflows from GBTC to lower cost ETFs.


Spot BTC ETFs Attract $4.3 Billion on Day 1 Paving the Way for Institutional Adoption

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.

<ul>
<li>EigenLayer emerges as a protocol reshaping the staking paradigm. Going beyond Ethereum's security, EigenLayer greatly extends the utility of staked ETH.</li>
<li>UniswapX and other intent based apps will break DEXs out of their growth plateau. </li>
<li>Scalability advancements through rollapps and UX improvements from next-gen wallets will make DeFi more viable for end users. </li>
</ul>


EigenLayer emerges as a protocol reshaping the staking paradigm. Going beyond Ethereum's security, EigenLayer greatly extends the utility of staked ETH.
UniswapX and other intent based apps will break DEXs out of their growth plateau. 
Scalability advancements through rollapps and UX improvements from next-gen wallets will make DeFi more viable for end users. 


Year Ahead for DeFi 2024 (Executive Summary)

<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.


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Solana (SOL CURNCY)

Crypto Crisp: Finally, Uniswap

Ethereum has surged past the 3,000 ETH/USD mark, now trading at 3,050 ETH/USD. This increase is mainly driven by the intensifying anticipation...

Steno Research

Crypto Moves #16 – Why We Are Long Ethereum Layer 2s

In the short to medium term, Ethereum is mainly depending on what is known as off-chain scaling to significantly expand its blockchain’s capacity...

Steno Research

Spot BTC ETFs Attract $4.3 Billion on Day 1 Paving the Way for Institutional Adoption

Bitcoin avoided a sell-the-news event following SEC approval but also failed to sustain a rally. The paper discusses details of approval, details...

Mint Finance

Year Ahead for DeFi 2024 (Executive Summary)

EigenLayer protocol reshapes staking paradigm, enhancing utility of staked ETH. Intent-based apps like UniswapX will boost DEX growth, while...

Delphi Digital

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Crypto Crisp: Finally, Uniswap

Ethereum has surged past the 3,000 ETH/USD mark, now trading at 3,050 ETH/USD. This increase is mainly driven by the intensifying anticipation...

Steno Research

Crypto Moves #16 – Why We Are Long Ethereum Layer 2s

In the short to medium term, Ethereum is mainly depending on what is known as off-chain scaling to significantly expand its blockchain’s capacity...

Steno Research

Spot BTC ETFs Attract $4.3 Billion on Day 1 Paving the Way for Institutional Adoption

Bitcoin avoided a sell-the-news event following SEC approval but also failed to sustain a rally. The paper discusses details of approval, details...

Mint Finance

Year Ahead for DeFi 2024 (Executive Summary)

​EigenLayer protocol reshapes staking paradigm, enhancing utility of staked ETH. Intent-based apps like UniswapX will boost DEX growth, while...

Delphi Digital

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

EigenLayer protocol reshapes staking paradigm, enhancing utility of staked ETH. Intent-based apps like UniswapX will boost DEX growth, while...

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