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.

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

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.

Cross Asset Strategy

<ul>
<li>The SEC's approval of 19b-4 forms marks a critical step towards spot Ethereum ETFs, signaling a potential near-term final approval that could drive significant ETH spot buying.</li>
<li>Despite recent gains following ETF approval news, Ethereum remains a laggard in the crypto rally, underperforming relative to Bitcoin and smaller cryptocurrencies like Solana, BNB, and Dogecoin.</li>
<li>Bitcoin faces headwinds from an expected influx of supply due to Mt. Gox repayments and losses from the DMM hack, which could pressure BTC prices in the short term.</li>
</ul>


The SEC's approval of 19b-4 forms marks a critical step towards spot Ethereum ETFs, signaling a potential near-term final approval that could drive significant ETH spot buying.
Despite recent gains following ETF approval news, Ethereum remains a laggard in the crypto rally, underperforming relative to Bitcoin and smaller cryptocurrencies like Solana, BNB, and Dogecoin.
Bitcoin faces headwinds from an expected influx of supply due to Mt. Gox repayments and losses from the DMM hack, which could pressure BTC prices in the short term.


Long ETH, Short BTC on Expected ETH ETF Approval

<ul><li>It’s been a break-through week for Crypto bros in many ways.</li><li>First, the SEC made a massive u-turn and approved the spot ETH ETF and then Donald Trump fully endorsed the crypto space in his speech at the Libertarian Party forum over the weekend.</li><li>Crypto has broken through to K-street and on top of the obvious positive side-effects, a BTC or an ETH is now becoming a politicized asset.</li></ul>

It’s been a break-through week for Crypto bros in many ways.First, the SEC made a massive u-turn and approved the spot ETH ETF and then Donald Trump fully endorsed the crypto space in his speech at the Libertarian Party forum over the weekend.Crypto has broken through to K-street and on top of the obvious positive side-effects, a BTC or an ETH is now becoming a politicized asset.

Steno Signals #101 – Introducing the Washington DC Crypto Put!

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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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

Long ETH, Short BTC on Expected ETH ETF Approval

SEC approval of 19b-4 forms paves way for spot Ethereum ETFs, while ETH lags behind in crypto rally. ETHBTC ratio may have present further upside.

Mint Finance

Steno Signals #101 – Introducing the Washington DC Crypto Put!

It’s been a break-through week for Crypto bros in many ways. First, the SEC made a massive u-turn and approved the spot ETH ETF and then Donald...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Long ETH, Short BTC on Expected ETH ETF Approval

​SEC approval of 19b-4 forms paves way for spot Ethereum ETFs, while ETH lags behind in crypto rally. ETHBTC ratio may have present further upside.

Mint Finance

Steno Signals #101 – Introducing the Washington DC Crypto Put!

It’s been a break-through week for Crypto bros in many ways. First, the SEC made a massive u-turn and approved the spot ETH ETF and then Donald...

Steno Research

SEC approval of 19b-4 forms paves way for spot Ethereum ETFs, while ETH lags behind in crypto rally. ETHBTC ratio may have present further upside.