In this newsletter, we analyse the recent sell-off in Tech stocks and what it signals for crypto prices. We review our Quant and Technical Signals and also follow the behavior, cross-chain, of wallets, according to ETH and ETH derivative balances.

Macro and Markets

The adjustment higher in US rates seems largely baked in asset prices for now, at least in government bond future and swap prices (the jury is still out on equities and crypto in our view). US rate futures are now pricing that only one Fed rate cut is likely by December 2024. The assessment of this repricing's "damages" on risk assets, peak-to-trough, is -14.2% for BTC, 34bps spread-widening for US...