Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.</li><li>As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.</li><li>We are updating the baskets regularly based on the political proposals of the two candidates.</li></ul>

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.We are updating the baskets regularly based on the political proposals of the two candidates.

Equity Watch: The Trump versus Biden Basket

Energy Transition | AI | Shifting World Order, Mint Finance

Pranay Yadav

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Bitcoin's 11% drop was influenced by the German government's BTC liquidations, large long position liquidations, and the start of Mt. Gox repayments, increasing market supply.</li>
<li>Bitcoin's downturn is countered by significant ETF inflows, indicating investor optimism. Concurrently, the fear and greed index's low levels point to potential buying opportunities.</li>
<li>Ethereum is poised for growth with upcoming ETF approvals likely to drive substantial spot buying, positioning ETH for relative outperformance against Bitcoin.</li>
</ul>


Bitcoin's 11% drop was influenced by the German government's BTC liquidations, large long position liquidations, and the start of Mt. Gox repayments, increasing market supply.
Bitcoin's downturn is countered by significant ETF inflows, indicating investor optimism. Concurrently, the fear and greed index's low levels point to potential buying opportunities.
Ethereum is poised for growth with upcoming ETF approvals likely to drive substantial spot buying, positioning ETH for relative outperformance against Bitcoin.


BTC Is Down >10%; Is This a Buy-The-Dip Moment?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Our bet on the US consumer is off to a flying start.</li><li>We have generally assumed that we can write off much of the weakness in May data due to severe weather incidents, which reached a 13-year high in May.</li><li>The weather has been much more benign in June, and we will likely see the first signs of this next week in the non-farm payroll report.</li></ul>

Our bet on the US consumer is off to a flying start.We have generally assumed that we can write off much of the weakness in May data due to severe weather incidents, which reached a 13-year high in May.The weather has been much more benign in June, and we will likely see the first signs of this next week in the non-farm payroll report.

Portfolio Watch: Don’t underestimate the US consumer

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Crypto

<ul><li>Just over a month ago, on May 23, the U.S. Securities and Exchange Commission (SEC) approved U.S.-based Ethereum spot ETFs.</li><li>However, these ETFs have not yet launched because the SEC still needs to approve the necessary S-1 filings, in addition to the already approved 19b-4 filings from May 23.</li><li>This final approval is largely a formality, suggesting that a launch is imminent.</li></ul>

Just over a month ago, on May 23, the U.S. Securities and Exchange Commission (SEC) approved U.S.-based Ethereum spot ETFs.However, these ETFs have not yet launched because the SEC still needs to approve the necessary S-1 filings, in addition to the already approved 19b-4 filings from May 23.This final approval is largely a formality, suggesting that a launch is imminent.

Crypto Moves #34 – The U.S. Ethereum Spot ETFs Are Not Priced In

<ul><li>The European investment case has suffered a significant blow with the reintroduction of fragmentation risks due to the political turmoil in France.</li><li>While we do not ultimately buy into the notion that it is a doomsday scenario for Europe if, for example, Le Pen comes into power, we have to face the reality that the market, especially in Asia, is moving in the opposite direction in terms of investment flow.</li><li>We are familiar with this scenario from the Le Pen scares #1 and #2 and the Meloni scare in 2022.</li></ul>

The European investment case has suffered a significant blow with the reintroduction of fragmentation risks due to the political turmoil in France.While we do not ultimately buy into the notion that it is a doomsday scenario for Europe if, for example, Le Pen comes into power, we have to face the reality that the market, especially in Asia, is moving in the opposite direction in terms of investment flow.We are familiar with this scenario from the Le Pen scares #1 and #2 and the Meloni scare in 2022.

Portfolio Watch: Short metals and Europe but long (US) liquidity sensitive assets

United States

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

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Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

BTC Is Down >10%; Is This a Buy-The-Dip Moment?

Analyzing factors driving BTC's sharp correction including large government sales, Mt. Gox repayments, and large liquidations. Read more to...

Mint Finance

Portfolio Watch: Don’t underestimate the US consumer

Welcome to our weekly Portfolio Watch, where we walk you through the most relevant trading topics for our portfolio and yours. Our bet on the US...

Steno Research

Crypto Moves #34 – The U.S. Ethereum Spot ETFs Are Not Priced In

Just over a month ago, on May 23, the U.S. Securities and Exchange Commission (SEC) approved U.S.-based Ethereum spot ETFs. However, these ETFs...

Steno Research

Portfolio Watch: Short metals and Europe but long (US) liquidity sensitive assets

The European investment case has suffered a significant blow with the reintroduction of fragmentation risks due to the political turmoil in...

Steno Research

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52-week Range

Market Cap (USDm)

P/E

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