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.

Macro and Geopolitical Research House

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Crypto

<ul><li>The crypto market has recently diverged not only from the rapidly improving liquidity conditions in the broader economy but also from various positive crypto-specific factors such as declining exchange balances, regulatory clarity, reduced Bitcoin miners’ reserves, the historically positive post-Halving period, and the imminent launch of Ethereum spot ETFs.</li><li>This decoupling has been driven by the German government selling nearly 50,000 bitcoins over the past few weeks, most of which were sold last week, along with the start of repayments to Mt. Gox creditors.</li><li>The substantial rebound in crypto assets this weekend, as the German Bitcoin selling ended on Friday, highlights that the tumbling prices in recent weeks were merely due to the German government, Mt. Gox, and, not least, the unjustified fear of substantial selling pressure, as we argued in last week’s Crypto Crisp titled ‘Buy the Dip’.</li></ul>

The crypto market has recently diverged not only from the rapidly improving liquidity conditions in the broader economy but also from various positive crypto-specific factors such as declining exchange balances, regulatory clarity, reduced Bitcoin miners’ reserves, the historically positive post-Halving period, and the imminent launch of Ethereum spot ETFs.This decoupling has been driven by the German government selling nearly 50,000 bitcoins over the past few weeks, most of which were sold last week, along with the start of repayments to Mt. Gox creditors.The substantial rebound in crypto assets this weekend, as the German Bitcoin selling ended on Friday, highlights that the tumbling prices in recent weeks were merely due to the German government, Mt. Gox, and, not least, the unjustified fear of substantial selling pressure, as we argued in last week’s Crypto Crisp titled ‘Buy the Dip’.

Bitcoin

Crypto Crisp: No Fear, Prices Soar