"Alice: Would you tell me, please, which way I ought to go from here? The Cheshire Cat: That depends a good deal on where you want to get to."

Lewis Carroll, Alice in Wonderland

In this Research Weekly, you can expect: an anatomy of the crypto sell-off by token, a macro scenario analysis, an analysis of on-chain fees by blockchain, and more.

Towards lower growth and rates, scenarios for crypto

Last week, we identified that markets were oscillating between two opposite scenarios for the US economy “higher growth and sticky inflation” on the one hand, and “weaker growth and disinflation” on the other.

The last few data points we received from the US confirmed that the pendulum will probably be reverting to the latter scenario...