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

Institutional Crypto Research Written by Experts

November 24, 2023

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ON OUR RADAR

👇 1) South Korea’s central bank is set to launch a pilot program to test a digital currency with 100,000 citizens in 2024; Santander offers Bitcoin, ETH trading for Swiss account holders

👇 2) Kyber network exploited across multiple chains for over $47m

👇 3) DoJ announces cryptocurrency enforcement action: Binance to pay $4.3bn in fines, CZ its CEO stop down; SEC filed case against Kraken (Payward, Inc.)

👇 4) Tether freezes $225m in USDT linked to human trafficking group

“Bitcoin is the most important invention in the history of the world since the Internet.”—Roger Ver, Bitcoin angel investor, and evangelist

SCORECARD OF OUR 2023 OUTLOOK

In our 2023 outlook report, we were bullish on:

👇 1) Bitcoin +125% year-to-date

👇 2) Grayscale’s Bitcoin Trust (GBTC) +280% year-to-date

👇 3) Solana +458% year-to-date

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

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What’s going on here?

Summary: Since September 2023, Tether’s USDT market capitalization has increased by $5bn, signaling a growing trend among institutional investors to shift fiat (dollars) into stablecoins, potentially converting them into other cryptocurrencies, such as Bitcoin. Bitcoin Surging above $40,000 is Inevitable. Bitcoin’s dominance peaked at 53.4% on October 26. With BlackRock filing for an Ethereum ETF, traders have increasingly allocated risk capital towards Ethereum as a higher beta-trade.

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What’s going on here?

Summary: Binance CEO CZ pleads guilty and agrees to pay $50m fine while Binance will pay $4.3bn. With CZ stepping down and the fine less than the $10b feared, Binance will likely remain a top-three exchange over the next 2-3 years. With this plea deal, the expectations for a spot Bitcoin ETF might have increased to 100% as the industry will be forced to follow the rules that TradeFi firms must follow. As the macro-environment continues to be a tailwind with the demand from institutions, 2024 will likely be another rocking year for Bitcoin – CZ might come back during the next bear market in 2026.

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Summary: We spiced up our bullish Bitcoin idea (YTD +126%) with GBTC (+263%) and Solana (+510%) among our top picks for 2023. On October 26, we suggested that Bitdeer could offer outside upside potential as the stock was down -69% since its SPAC IPO date while the price of Bitcoin was up by +12% during the same time frame (since April 14). Occasionally, we identify opportunities that can return 2-3x, which could be worth our risk.

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