🚀 DeFi Research - Round Up: Bitcoin, Ethereum & more

Institutional Crypto Research Written by Experts

November 10, 2023

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ON OUR RADAR

👇 1) Bank of England proposes allowing stablecoins as a payment option for goods and services

👇 2) US Treasury Official says President Biden’s admin wants new powers from Congress to crack down on crypto

👇 3) HSBC, one of the largest banks in the world, to launch a digital-asset custody service for institutional clients

👇 4) SEC Chair Gensler says FTX crypto exchange could be rebooted under new leadership

👇 5) US SEC said to open talks with Grayscale on Spot Bitcoin ETF Push

👇 6) $9 trillion asset manager BlackRock registers Ethereum Trust in Delaware and files for Spot Ethereum ETF with Nasdaq

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What’s going on here?

On September 28, Ethereum was priced at $1,788, and our trading model projected a +39.8% upside over the next two months – targeting $2,500. On Monday, November 6, we identified the bullish breakout in Ethereum as revenue was improving, which signaled a ‘tactical position in play’ for us. Our own Greed & Fear Index of the Ethereum / Bitcoin ratio signaled that crypto was moving away from ‘beta’ where everything is just about one specific topic to ‘alpha’ when altcoins outperform. BlackRock registered an Ethereum Trust in Delaware, signaling their intention to launch a BlackRock Ethereum ETF.

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What’s going on here?

Since November 2022, the decline in inflation has been a massive tailwind for macro-liquidity and a key reason why Bitcoin prices rallied more than +113% this year. Last week, there were three ‘macro bullish’ data points. Next week’s U.S. CPI data could set off another rally in Bitcoin if inflation declines again. A break above $36,000 could cause Bitcoin to rally to our next technical resistance level at $40,000 and potentially rise to $45,000 by the end of 2023.

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What’s going on here?

Revenues for the Ethereum ecosystem are bottoming out from depressed levels. While ETH briefly pierced this 1,550 on two occasions, it turned out to be the key support level from which a new uptrend regained strength. Bitcoin’s dominance appears to have peaked at 53.4%, and the decline to 51.8% signals that traders are adding more risk through ETH or other altcoins. The perpetual futures funding rate for Bitcoin and Ethereum is also trading at elevated levels, supporting a more aggressive view on beaten-down altcoins.

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