Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency 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.

Crypto

<ul><li>In recent weeks, the crypto market has responded markedly negatively to geopolitical tensions before rebounding almost fully, as seen again this past weekend.</li><li>We believe the tensions between Israel and Iran are calming down, and we anticipate the market will soon agree.</li><li>As the market adjusts, we simultaneously expect an end to tax season effects, improving USD liquidity, while other technicalities such as the repo market will arguably likewise improve liquidity.</li></ul>

In recent weeks, the crypto market has responded markedly negatively to geopolitical tensions before rebounding almost fully, as seen again this past weekend.We believe the tensions between Israel and Iran are calming down, and we anticipate the market will soon agree.As the market adjusts, we simultaneously expect an end to tax season effects, improving USD liquidity, while other technicalities such as the repo market will arguably likewise improve liquidity.

<ul><li>In issue #17 of Crypto Moves, we described MicroStrategy’s co-founder and Chairman, Michael Saylor, as today’s Satoshi Nakamoto when it comes to Bitcoin narratives.</li><li>While Satoshi Nakamoto was the creator of Bitcoin and the miner of its genesis block, Michael Saylor has emerged as a key leader in the last few years, promoting and supporting the current narratives that have driven Bitcoin to new peaks.</li><li>These narratives have primarily centered on Bitcoin being a store of value, especially as an inflation hedge and a safe haven during economic crises and geopolitical instability.</li></ul>

In issue #17 of Crypto Moves, we described MicroStrategy’s co-founder and Chairman, Michael Saylor, as today’s Satoshi Nakamoto when it comes to Bitcoin narratives.While Satoshi Nakamoto was the creator of Bitcoin and the miner of its genesis block, Michael Saylor has emerged as a key leader in the last few years, promoting and supporting the current narratives that have driven Bitcoin to new peaks.These narratives have primarily centered on Bitcoin being a store of value, especially as an inflation hedge and a safe haven during economic crises and geopolitical instability.

Crypto Moves #24 – Bitcoin Is A Safe Haven When There’s Nothing to Worry About

<ul><li>The weekend did not go as expected.</li><li>The attack on Israel by Iran, which occurred overnight between Saturday and Sunday, had a noticeable impact on the crypto market.</li><li>This led to Bitcoin and Ethereum dropping by 8% and 12% respectively by Sunday.</li></ul>

The weekend did not go as expected.The attack on Israel by Iran, which occurred overnight between Saturday and Sunday, had a noticeable impact on the crypto market.This led to Bitcoin and Ethereum dropping by 8% and 12% respectively by Sunday.

Crypto Crisp: Hong Kong Rhymes With Bitcoin and Ethereum ETFs

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

<ul><li>Today, I am going to address three main topics of concern for investors given the current conflicting signals from the US economy.</li><li>These are the key questions I will address, and I will summarize both the pros and cons of each viewpoint, including my own bottom line: Is liquidity no longer improving, but rather at risk of weakening in the coming months? Is the economy accelerating rather than slowing? Is the commodity complex heavily undervalued or overvalued?</li><li>The equity rotation paired with the sharp sell-off in Tech has had me thinking, and we therefore need to litmus-test every corner of our current thesis. Follow along below.</li></ul>

Today, I am going to address three main topics of concern for investors given the current conflicting signals from the US economy.These are the key questions I will address, and I will summarize both the pros and cons of each viewpoint, including my own bottom line: Is liquidity no longer improving, but rather at risk of weakening in the coming months? Is the economy accelerating rather than slowing? Is the commodity complex heavily undervalued or overvalued?The equity rotation paired with the sharp sell-off in Tech has had me thinking, and we therefore need to litmus-test every corner of our current thesis. Follow along below.

Steno Signals #109 – What if We Are All Wrong on Liquidity, Rates and Commodities?

<ul><li>2024 stands out as the landmark year for exchange-traded crypto products, especially those related to Bitcoin.</li><li>After years of existing somewhat separately from traditional finance, the crypto market is finally being recognized as a legitimate part of the broader financial landscape.</li><li>The United States set the stage in January by securing approval from the US Securities and Exchange Commission (SEC) for the first US-based Bitcoin spot ETFs. To any observer, it is unmistakably clear that the United States has triggered a wave of global approvals for exchange-traded crypto products.</li></ul>

2024 stands out as the landmark year for exchange-traded crypto products, especially those related to Bitcoin.After years of existing somewhat separately from traditional finance, the crypto market is finally being recognized as a legitimate part of the broader financial landscape.The United States set the stage in January by securing approval from the US Securities and Exchange Commission (SEC) for the first US-based Bitcoin spot ETFs. To any observer, it is unmistakably clear that the United States has triggered a wave of global approvals for exchange-traded crypto products.

Crypto Moves #23 – The Bitcoin ETFs Run the World

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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Crypto Crisp: Up, Not Down

In recent weeks, the crypto market has responded markedly negatively to geopolitical tensions before rebounding almost fully, as seen again this...

Steno Research

Crypto Moves #24 – Bitcoin Is A Safe Haven When There’s Nothing to Worry About

In issue #17 of Crypto Moves, we described MicroStrategy’s co-founder and Chairman, Michael Saylor, as today’s Satoshi Nakamoto when it comes to...

Steno Research

Crypto Crisp: Hong Kong Rhymes With Bitcoin and Ethereum ETFs

The weekend did not go as expected. The attack on Israel by Iran, which occurred overnight between Saturday and Sunday, had a noticeable impact on...

Steno Research

Steno Signals #109 – What if We Are All Wrong on Liquidity, Rates and Commodities?

I am going to address three main topics of concern for investors given the current conflicting signals from the US economy.

Steno Research

Crypto Moves #23 – The Bitcoin ETFs Run the World

2024 stands out as the landmark year for exchange-traded crypto products, especially those related to Bitcoin. After years of existing somewhat...

Steno Research

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