Cross-Asset Liquidity Strategist, CrossBorder Capital

Michael J. Howell

Cross-Asset Liquidity Strategist

Implementing Research Using Alt Data & AI

CrossBorder Capital

CrossBorder Capital is a London-based independent investment advisory firm. Founded in 1996, it exploits a gap in the investment arena by focusing on Central bank liquidity. 

It specialises in the monitoring and analysis of global liquidity flows - an important determinant of asset prices, from currencies through to bonds, equities and real estate.

CrossBorder Capital implements its investment strategy and currently manages over US$ 350m.


Cross Asset Strategy

<ul>
<li>
 Global Liquidity is projected to rise in 2023 after last year’s tumble, but after its recent surge are we seeing a material pull-back?</li>
<li>UK gilt crisis in September was a wake-up call. In the 23 following weeks, US Fed liquidity has flat-lined not fallen. US monetary policy is bifurcating 
</li>
<li>Deteriorating US fiscal position will place huge demands for more QE. Between now and 2023 the Fed balance sheet could double in size. QT is dead in America
</li>
</ul>



 Global Liquidity is projected to rise in 2023 after last year’s tumble, but after its recent surge are we seeing a material pull-back?
UK gilt crisis in September was a wake-up call. In the 23 following weeks, US Fed liquidity has flat-lined not fallen. US monetary policy is bifurcating 

Deteriorating US fiscal position will place huge demands for more QE. Between now and 2023 the Fed balance sheet could double in size. QT is dead in America



Global Liquidity Update – Is US Fed QT Dead?

Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

Crypto

<ul><li>On Monday, Hong Kong made its intentions clear to open the door to crypto trading for retail. </li><li>Reports claim that China is quietly encouraging the move, using Hong Kong as a testing ground for what safe crypto trading might look like.</li><li>The Hong Kong Securities and Futures Commission (SFC) outlined various caveats for retail investing in crypto, namely hinting at only having a small subset of the largest tokens available to trade.</li></ul>

On Monday, Hong Kong made its intentions clear to open the door to crypto trading for retail. Reports claim that China is quietly encouraging the move, using Hong Kong as a testing ground for what safe crypto trading might look like.The Hong Kong Securities and Futures Commission (SFC) outlined various caveats for retail investing in crypto, namely hinting at only having a small subset of the largest tokens available to trade.

A Crypto Friendly Asia: What It Will Mean For Markets

<ul><li>Price Movements: Huobi listed a token representing a claim on FTX's debt, which briefly surged to as high as $100 before crashing to $13. </li><li>Market Liquidity: Coinbase trade volume is increasingly outpacing Uniswap's, suggesting traders still prefer CEXs.</li><li>Derivatives: BTC open interest remains flat despite heavy volatility. </li></ul>

Price Movements: Huobi listed a token representing a claim on FTX's debt, which briefly surged to as high as $100 before crashing to $13. Market Liquidity: Coinbase trade volume is increasingly outpacing Uniswap's, suggesting traders still prefer CEXs.Derivatives: BTC open interest remains flat despite heavy volatility. 

<ul><li>Wash trading was at one point a pervasive problem in cryptocurrency markets.</li><li>Today, most major exchanges have strict anti-wash trading measures, which has drastically reduced the problem since the ICO-led trading boom of 2017-18.</li><li>Yet, due to the relatively low barriers to entry for launching an exchange, this type of market manipulation is far from eradicated on lesser-known, unregulated venues. </li></ul>

Wash trading was at one point a pervasive problem in cryptocurrency markets.Today, most major exchanges have strict anti-wash trading measures, which has drastically reduced the problem since the ICO-led trading boom of 2017-18.Yet, due to the relatively low barriers to entry for launching an exchange, this type of market manipulation is far from eradicated on lesser-known, unregulated venues. 

<ul>
<li>
 Global Liquidity Cycle bottomed last October. Noticeable acceleration, particularly in US dollar terms at near 30% annualized clip</li>
<li>
 China and Japan are the key Central Banks leading the charge. Yet, even the US Fed is stirring, with net liquidity injections seeming targeting stable bank reserve levels</li>
<li>Financial markets have already felt this liquidity boost, particularly liquidity-sensitive instruments like tech shares, gold and Bitcoin. The World economy too is stirring 
</li>
</ul>



 Global Liquidity Cycle bottomed last October. Noticeable acceleration, particularly in US dollar terms at near 30% annualized clip

 China and Japan are the key Central Banks leading the charge. Yet, even the US Fed is stirring, with net liquidity injections seeming targeting stable bank reserve levels
Financial markets have already felt this liquidity boost, particularly liquidity-sensitive instruments like tech shares, gold and Bitcoin. The World economy too is stirring 



United States

Bitcoin Pro is a powerful trading system based on artificial intelligence (AI) technologies. The robot trades bitcoin volatility by betting on BTC prices relative to other currencies.

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Global Liquidity Update – Is US Fed QT Dead?

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Liquidity, Liquidity, Liquidity ….

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