Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

Crypto

<ul>
<li>On Nov 3, it was leaked that Alameda seemed to have a weaker than expected balance sheet with $7.6 bn of loans and a relatively illiquid portfolio of assets.</li>
<li>Alameda, a large proprietary crypto trading firm, did not officially comment but its CEO Caroline stated on Twitter that most of the loans were repaid. </li>
<li>The potential linkages between Alameda and FTX, a large crytpo exchange, both controlled by Sam Bankman-Fried, are of utmost concern and has riled the crytpo market.</li>
</ul>


On Nov 3, it was leaked that Alameda seemed to have a weaker than expected balance sheet with $7.6 bn of loans and a relatively illiquid portfolio of assets.
Alameda, a large proprietary crypto trading firm, did not officially comment but its CEO Caroline stated on Twitter that most of the loans were repaid. 
The potential linkages between Alameda and FTX, a large crytpo exchange, both controlled by Sam Bankman-Fried, are of utmost concern and has riled the crytpo market.


FTT/FTX- Another Inflection Point in the Crypto Market Waiting to Happen?

<ul>
<li>We use a simple framework to analyse 3 exchange tokens’ value and we find FTT and LEO tokens are decent bear market plays.</li>
<li>For crypto exchanges, buying the token is the only way for non-VC investors to gain exposure to the growth. Private valuations could differ greatly from the publicly traded valuations. </li>
<li>While exchange tokens are the easiest to understand and most equity-like in the traditional finance sense, we can also further apply the framework to tokens on other protocols.</li>
</ul>


We use a simple framework to analyse 3 exchange tokens’ value and we find FTT and LEO tokens are decent bear market plays.
For crypto exchanges, buying the token is the only way for non-VC investors to gain exposure to the growth. Private valuations could differ greatly from the publicly traded valuations. 
While exchange tokens are the easiest to understand and most equity-like in the traditional finance sense, we can also further apply the framework to tokens on other protocols.


Bear Market Plays - Crypto Exchange Tokens

Podcast with masters of the real life money maze, The Money Maze Podcast

The Money Maze Podcast

Podcast with masters of the real life money maze

The world of finance has a huge impact on all of us. This show aims to explore and unravel some of the mysteries surrounding the investing business, via interviews with masters of the real life money maze. Expect tips for mastering capital allocation, making better business decisions, strategies for taking your career to the next level, and revelatory profiles of leading industry figures. Whether you're a current or aspiring investment professional, a regular investor, or a student exploring career options, we hope you gain some helpful insights and enjoy the shows. Thank you for listening!

<ul><li>Will Campion and the speaker met with Nick Carey from Blockchain.com in September 2021 to discuss blockchain and cryptocurrencies</li><li>Despite initial skepticism, the conversation was rich and wide-ranging, spanning two episodes on the Moneymakers podcast</li><li>Blockchain.com, founded in 2011 in York, serves both institutions and retail customers and has over 90 million wallet holders globally</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Will Campion and the speaker met with Nick Carey from Blockchain.com in September 2021 to discuss blockchain and cryptocurrenciesDespite initial skepticism, the conversation was rich and wide-ranging, spanning two episodes on the Moneymakers podcastBlockchain.com, founded in 2011 in York, serves both institutions and retail customers and has over 90 million wallet holders globallyThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Cryptocurrencies: Ill-Advised Speculation or an Alternative Asset Class?

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>Derivatives markets in crypto are not only where the most speculation occurs, but also where many sophisticated investors place their bets, hedged or conviction-based.</li><li>The directionality of these bets: long/shorts or puts/calls can give us great insight into investor sentiment in crypto markets particularly before and after big market events, such as a Fed meeting or the Merge.</li><li>In this article, I’ll walk through the state of derivative markets in crypto right now, looking closely at Bitcoin and Ethereum first, before exploring some altcoins that are getting attention in futures markets, and finally looking at the exchange landscape in the derivatives market.</li></ul>

Derivatives markets in crypto are not only where the most speculation occurs, but also where many sophisticated investors place their bets, hedged or conviction-based.The directionality of these bets: long/shorts or puts/calls can give us great insight into investor sentiment in crypto markets particularly before and after big market events, such as a Fed meeting or the Merge.In this article, I’ll walk through the state of derivative markets in crypto right now, looking closely at Bitcoin and Ethereum first, before exploring some altcoins that are getting attention in futures markets, and finally looking at the exchange landscape in the derivatives market.

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Following the bankruptcy of FTX and Alameda Research, it is important to understand how security in crypto custody and trading works.</li><li>In crypto security, particularly by custodians, multiple levels of security should be implemented, including physical cold storage, stock exchange level processes, multiple signature wallets, and two-factor and video authorization.</li><li>Trust is a key component of custody and trading.</li></ul>

Following the bankruptcy of FTX and Alameda Research, it is important to understand how security in crypto custody and trading works.In crypto security, particularly by custodians, multiple levels of security should be implemented, including physical cold storage, stock exchange level processes, multiple signature wallets, and two-factor and video authorization.Trust is a key component of custody and trading.

Tech Talk: Crypto Custody : What Is It? How Is It Secure? Who Can Do It?

United States

FTT is the native token of the FTX Trading Platform ecosystem. FTT allows holders to receive discounts on trading fees as well as other benefits

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FTX Token (XFTUSD CURNCY)

FTT/FTX- Another Inflection Point in the Crypto Market Waiting to Happen?

Alameda Research's leaked balance sheet seems to be weaker than expected. The linkages between FTX and Alameda is now under the microscope as...

Rose Choy

Bear Market Plays - Crypto Exchange Tokens

We use a simple framework to analyse 3 exchange tokens’ value and we find FTT and LEO tokens are decent bear market plays. We can also further...

Rose Choy

Cryptocurrencies: Ill-Advised Speculation or an Alternative Asset Class?

Will Campion and Nick Carey from Blockchain.com discussed blockchain technology, cryptocurrency volatility, legal issues in the industry, and the...

The Money Maze Podcast

The State of Crypto Derivatives

Derivatives markets in crypto are not only where the most speculation occurs, but also where many sophisticated investors place their bets, hedged...

Kaiko

Tech Talk: Crypto Custody : What Is It? How Is It Secure? Who Can Do It?

Following the bankruptcy of FTX and Alameda Research, it is important to understand how security in crypto custody and trading works.

Water Tower Research

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52-week Range

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