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

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

<ul><li>Nobody enjoys reading lengthy analyses during the holidays between Christmas and New Year’s Eve, and frankly, I am not inclined to write much either.</li><li>Therefore, this edition of Crypto Moves is a concise one, focusing solely on our boldest predictions for the coming year—specifically for 2025.</li><li>These forecasts are straightforward and easy to verify a year from now, whether we turn out to be right or wrong.</li></ul>

Nobody enjoys reading lengthy analyses during the holidays between Christmas and New Year’s Eve, and frankly, I am not inclined to write much either.Therefore, this edition of Crypto Moves is a concise one, focusing solely on our boldest predictions for the coming year—specifically for 2025.These forecasts are straightforward and easy to verify a year from now, whether we turn out to be right or wrong.

Crypto Moves #58 – Our Predictions for the Crypto Market in 2025

<ul><li>The past week was notably eventful, marked by the U.S. Federal Reserve (Fed) cutting interest rates for the U.S. Dollar by 25 basis points.</li><li>However, the Fed struck a hawkish tone for the coming year, signaling fewer interest rate cuts than the market had anticipated.</li><li>This shift unsettled investors, with the crypto market bearing the brunt of the reaction.</li></ul>

The past week was notably eventful, marked by the U.S. Federal Reserve (Fed) cutting interest rates for the U.S. Dollar by 25 basis points.However, the Fed struck a hawkish tone for the coming year, signaling fewer interest rate cuts than the market had anticipated.This shift unsettled investors, with the crypto market bearing the brunt of the reaction.

Crypto Crisp: What’s with the U.S. Fed?

<ul><li>I have mentioned this before, and I am happy to emphasize it once again: the supply of block space far exceeds demand.</li><li>There is simply not enough activity, use cases, or applications to fill the available block space across all smart contract-capable blockchains.</li><li>This imbalance is why I firmly believe that adoption and network activity are the most critical factors for any blockchain seeking to compete with Ethereum, Solana, or the few other networks that have gained significant traction.</li></ul>

I have mentioned this before, and I am happy to emphasize it once again: the supply of block space far exceeds demand.There is simply not enough activity, use cases, or applications to fill the available block space across all smart contract-capable blockchains.This imbalance is why I firmly believe that adoption and network activity are the most critical factors for any blockchain seeking to compete with Ethereum, Solana, or the few other networks that have gained significant traction.

Crypto Moves #57 – The Most Vital Onchain Metrics for Adoption

Equity Bottom-Up

Strategy Inc operates a bitcoin treasury company. The Company offers an equity and fixed income instruments to provide investors varying degrees of economic exposure to bitcoin, as well as develops enterprise analytics software to explore improvement in bitcoin applications. Strategy serves customers worldwide.

<ul>
<li>Bitcoin has reached a new all-time high, surpassing $107,000 and steadily moving toward $110,000, as we predicted in Crypto Moves #55.</li>
<li>That note remains highly relevant.</li>
<li>Among the three most notable developments of the past week, MicroStrategy has been “QQQ’d.” Find out what that entails below, along with the other two standout pieces of news and the key charts shaping the market as we head into one of the last weeks of 2024.</li>
</ul>


Bitcoin has reached a new all-time high, surpassing $107,000 and steadily moving toward $110,000, as we predicted in Crypto Moves #55.
That note remains highly relevant.
Among the three most notable developments of the past week, MicroStrategy has been “QQQ’d.” Find out what that entails below, along with the other two standout pieces of news and the key charts shaping the market as we head into one of the last weeks of 2024.


<ul><li>It should come as no surprise that inflation dominated headlines throughout 2022 and 2023.</li><li>This was largely because central banks around the world, including the U.S. Federal Reserve (Fed) and the European Central Bank (ECB), had to respond to rising inflation by aggressively increasing interest rates.</li><li>The chart below highlights these interest rate changes.</li></ul>

It should come as no surprise that inflation dominated headlines throughout 2022 and 2023.This was largely because central banks around the world, including the U.S. Federal Reserve (Fed) and the European Central Bank (ECB), had to respond to rising inflation by aggressively increasing interest rates.The chart below highlights these interest rate changes.

Crypto Moves #56 – Suddenly We Are Once Again Discussing Inflation

Mads is Senior Cryptocurrency Analyst at Steno Research. With about eight years of experience in the cryptocurrency market, many of those years spent in a professional capacity, Mads has gained extensive insight into the crypto market, covering both trading and technical facets. He previously founded one of the largest Danish crypto-brokers, which was later acquired. Afterward, he worked as a trader at Bitcoin Suisse and, most recently, served as a Cryptocurrency Analyst at Saxo Bank.