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

Institutional Crypto Research Written by Experts

November 17, 2023

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ON OUR RADAR

👇 1) $4.5 trillion asset manager Fidelity files for Spot Ethereum ETF, BlackRock files S-1 application for its Spot Ethereum ETF

👇 2) German bank Commerzbank granted a crypto custody license in Germany

👇 3) Bitcoin miner Marathon Digital is shifting towards an international joint venture model for expansion, mainly because of continued energization delays at its US facilities. Company growing in Abu Dhabi and Paraguay

👇 4) Stablecoin issuer Tether is expanding its investments in Bitcoin mining.

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SCORECARD OF OUR 2023 OUTLOOK

In our 2023 outlook report, we were bullish on:

👇 1) Bitcoin +120% year-to-date

👇 2) Grayscale’s Bitcoin Trust (GBTC) +253% year-to-date

👇 3) Solana +482% year-to-date

TO RECEIVE OUR 2024 OUTLOOK VIEW, REFER 3 FRIENDS/COLLEAGUES

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What’s going on here?

Summary: On September 28, we published the report ‘Bitcoin Miners, the Ultimate Bet for 2024?’ with Galaxy Digital being our number one pick based on our Bitcoin valuation model. The stock was trading -48% below our fair value model, and if Bitcoin rallied above 30,000, Galaxy would have a +139% upside – a bet worth taking. While Bitcoin has rallied +38% since we published our report, Galaxy has returned +78%.

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What’s going on here?

Summary: Bitcoin was very close to seeing the high for the year – potentially even positioning itself for a long sideways correction. The key reason for this volatility was that the US government shutdown was averted, as this would have caused any Bitcoin ETF approval to be delayed at least until January 2024, if not longer. Bitcoin will reach 40,000 – if not even 45,000 – by the year’s end. There are several reasons.

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Summary: According to last night’s inflation data, the US CPI declined below expectations from 3.7% to 3.2%, and according to the model, US inflation could fall to 1.6% in 2024. The result would be an ongoing rally in risk-on assets – such as tech stocks and crypto. But despite our bullishness, there was some near-term risk, and we are not surprised that Bitcoin sold off after last night’s bullish inflation number. The US House of Representatives has just passed the stopgap bill – which secures funding for the government into the New Year.

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