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.

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>Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.</li><li>However, this trend actually started in mid-July, with $100mn net selling on Uniswap from July 15 to July 22.</li><li>While the net selling eased in the last few weeks of July, it picked up again on July 31, the day after the Curve exploit (these two events seem to be unrelated).</li></ul>

Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.However, this trend actually started in mid-July, with $100mn net selling on Uniswap from July 15 to July 22.While the net selling eased in the last few weeks of July, it picked up again on July 31, the day after the Curve exploit (these two events seem to be unrelated).

Tether Imbalance on Curve Raises Questions

<ul><li>Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny.</li><li>This time, however, the inciting incident was an exploit.</li><li>Rekt<span style="font-size: var(--content-font-size);"> and </span>Llama Risk<span style="font-size: var(--content-font-size);"> have done a nice job breaking down the technical aspects of the exploit. </span></li></ul>

Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny.This time, however, the inciting incident was an exploit.Rekt and Llama Risk have done a nice job breaking down the technical aspects of the exploit. 

Loans, Buy Walls, and OTC Deals: The Curve Finance Exploit

<ul>
<li>About a year ago, right as crypto trade volumes started to slump in the aftermath of the Celsius and Terra collapses, Binance vastly expanded its zero-fee trading promotions to 13 BTC pairs.</li>
<li>This practice, though not new, had never been implemented on such a large scale.</li>
<li>However, just nine months later the exchange decided to reverse this strategy and adopt a more selective approach.</li>
</ul>


About a year ago, right as crypto trade volumes started to slump in the aftermath of the Celsius and Terra collapses, Binance vastly expanded its zero-fee trading promotions to 13 BTC pairs.
This practice, though not new, had never been implemented on such a large scale.
However, just nine months later the exchange decided to reverse this strategy and adopt a more selective approach.


Analysis: The Impact of Binance's Zero-Fee Markets

<ul><li>Last week, there was a possible attempt to depeg Tether (USDT), the world's largest stablecoin.</li><li>The company has since claimed the destabilization was caused by manipulation ahead of a big documents release, which shed new light on the firm's banking relationships and commercial paper exposure. </li><li>While the facts remain blurry, the selling started a few days before USDT dipped to as low as $.995 on both centralized and decentralized exchanges, suggesting some holders may have had advanced warning of the release. </li></ul>

Last week, there was a possible attempt to depeg Tether (USDT), the world's largest stablecoin.The company has since claimed the destabilization was caused by manipulation ahead of a big documents release, which shed new light on the firm's banking relationships and commercial paper exposure. While the facts remain blurry, the selling started a few days before USDT dipped to as low as $.995 on both centralized and decentralized exchanges, suggesting some holders may have had advanced warning of the release. 

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Uniswap (UNI 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

Tether Imbalance on Curve Raises Questions

Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.

Kaiko

Loans, Buy Walls, and OTC Deals: The Curve Finance Exploit

Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny.

Kaiko

Analysis: The Impact of Binance's Zero-Fee Markets

About a year ago, right as crypto trade volumes started to slump in the aftermath of the Celsius and Terra collapses, Binance vastly expanded its...

Kaiko

The Data Behind Tether's Depeg

The company has since claimed the destabilization was caused by manipulation ahead of a big documents release, which shed new light on the firm's...

Kaiko

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