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DeFiGaming & MetaverseInfrastructureMarketsNFTs
Research Weekly July 22, 2024
Aurelie Barthere
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Key Takeaways
3 min read

Animal Spirits are back

  • Our tactical signals are all flashing green: BTC call-put spread and the BTC Momentum have edged higher above the “buy” threshold
  • BTC ETF inflows are accelerating, and so is on-chain fee growth, led by Ethereum (maybe in anticipation of tomorrow’s ETF launch)
  • Narratives are also positive crypto: from the “soft landing” and Fed rate cut pricing, to the domination of Trump in the polls
  • One word of caution: Watch equities and the Q2 earnings reporting season. So far, traders have not rewarded “beats”, which might mean a reluctance to chase an already expensive market

Tactically Risk-On

Let’s start this newsletter with our tactical signals, which are all flashing green: The BTC call-put spread and the BTC Momentum have edged higher above the “buy” threshold.

Flow-wise, we are also witnessing an acceleration of our Stablecoin Market Cap’s growth, suggesting more on-chain net inflows. BTC ETH ETF net inflows had a great week too, with over 400m USD net inflows.

Interestingly, Crypto’s implied volatility also picked up last week, to reach its highest level since May as we write. So far this seems to suggest that calls...