Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

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>After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.</li><li>Risk assets seem to be stabilizing, with crypto leading a new bull wave, while metals are selling off right, left, and center alongside a turning tide in the USD versus Asian FX and Lat-Am FX overall.</li><li>Over the week, our biggest concern, given our current tilt in industrial metals, is that manufacturing rebounds faster than anticipated by many.</li></ul>

After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.Risk assets seem to be stabilizing, with crypto leading a new bull wave, while metals are selling off right, left, and center alongside a turning tide in the USD versus Asian FX and Lat-Am FX overall.Over the week, our biggest concern, given our current tilt in industrial metals, is that manufacturing rebounds faster than anticipated by many.

Portfolio Watch: Here Comes the Metals Meltdown...

Financial sector veteran, KT Capital Group

Fern Wang

Financial sector veteran

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Crypto

<ul>
<li>JPEX may be the biggest financial fraud in Hong Kong's history, impacting government's ambition to become a global centre for virtual assets</li>
<li>SFC appeared to have no direct jurisdiction and powerless in the protection of investors in the JPEX case</li>
<li>Web 3.0 and Virtual Assets are rapidly evolving, regulators may need to take a more dynamic approach in regulating such activities</li>
</ul>


JPEX may be the biggest financial fraud in Hong Kong's history, impacting government's ambition to become a global centre for virtual assets
SFC appeared to have no direct jurisdiction and powerless in the protection of investors in the JPEX case
Web 3.0 and Virtual Assets are rapidly evolving, regulators may need to take a more dynamic approach in regulating such activities


The JPEX Debacle Placed Hong Kong’s Ambition to Become a Global Virtual Assets Centre in Doubt

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

<ul><li>The recent 7% drop in Bitcoin's value coincided with SpaceX's announcement of selling off its entire $375 million worth of holdings.</li><li>This event highlighted two crucial factors: the lack of liquidity in the market and the end of the bear flag counter-trend rally.</li><li>Additionally, Binance Coin was already showing signs of breaking down, which could decrease the overall crypto market cap.</li></ul>

The recent 7% drop in Bitcoin's value coincided with SpaceX's announcement of selling off its entire $375 million worth of holdings.This event highlighted two crucial factors: the lack of liquidity in the market and the end of the bear flag counter-trend rally.Additionally, Binance Coin was already showing signs of breaking down, which could decrease the overall crypto market cap.

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.

<ul><li>BTC volume dominance has slipped 8% since the start of July following the Ripple ruling, which instantly caused altcoin markets to rally.</li><li>BTC dominance across the top 25 centralized exchanges is currently at its lowest level since April, at 27%.</li><li>Offshore exchanges have experienced a more extreme drop in BTC trading activity, partially due to a spike in South Korean altcoin volume.</li></ul>

BTC volume dominance has slipped 8% since the start of July following the Ripple ruling, which instantly caused altcoin markets to rally.BTC dominance across the top 25 centralized exchanges is currently at its lowest level since April, at 27%.Offshore exchanges have experienced a more extreme drop in BTC trading activity, partially due to a spike in South Korean altcoin volume.

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Macroeconomics

<ul>
<li>The Fed stuck with its intention to cut rates three times this year while penciling in one rate cut less for 2025 and 2026.</li>
<li>The key takeaway was that Powell is really keen on maintaining ample liquidity instead of what he calls abundant liquidity now. </li>
<li>Stocks, Gold, and Bitcoin love ample liquidity, especially when it becomes abundant again when the economy heads south.</li>
</ul>


The Fed stuck with its intention to cut rates three times this year while penciling in one rate cut less for 2025 and 2026.
The key takeaway was that Powell is really keen on maintaining ample liquidity instead of what he calls abundant liquidity now. 
Stocks, Gold, and Bitcoin love ample liquidity, especially when it becomes abundant again when the economy heads south.


March FOMC Meeting Conclusion: Powell Likes His Balance Sheet ‘BIG!

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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Bitcoin (XBTUSD CURNCY)

Portfolio Watch: Here Comes the Metals Meltdown...

After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.

Steno Research

The JPEX Debacle Placed Hong Kong’s Ambition to Become a Global Virtual Assets Centre in Doubt

The JPEX debacle threatens Hong Kong’s push to become a global virtual assets centre. Things are moving fast in the Web 3.0 and virtual assets...

Fern Wang

Crypto Selloff: What now?

The recent 7% drop in Bitcoin's value coincided with SpaceX's announcement of selling off its entire $375 million worth of holdings.

Untying The Gordian Knot

Altcoin Dominance Hits 4-Month High

BTC volume dominance has slipped 8% since the start of July following the Ripple ruling, which instantly caused altcoin markets to rally.

Kaiko

March FOMC Meeting Conclusion: Powell Likes His Balance Sheet ‘BIG!

Even though the new Federal Reserve 'Dot Plot' looks marginally hawkish, Powell's strong emphasis on ample liquidity made markets cheer!

Jeroen Blokland

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