Crypto Research and Data, Delphi Digital

Delphi Digital

Crypto Research and Data

Institutional-Grade Crypto Research & Data

Delphi Digital seeks to produce unbiased, actionable content for our clients on critical themes affecting digital assets and distributed ledger technology. Our team is committed to providing investors and institutions with key insights through a diverse suite of products including individual project analysis, bespoke research, and tailored consulting services.

Crypto

<ul>
<li>Traditional equities confer specific rights to their holders, such as voting power and dividends. Tokens offer distinct advantages, including implementation versatility, composability—especially within DeFi—and other functionalities unattainable with securities.</li>
<li>The innovative designs of tokens play a pivotal role; they not only channel value back to the token holders but also exert a direct impact on the token’s market value.</li>
<li>In this report, we explore four value accrual mechanisms implemented by tokens. These include: (i) Buyback and Burn; (ii) Real Yield; (iii) Tax-Tokens; and (iv) Book Value Tokens</li>
</ul>


Traditional equities confer specific rights to their holders, such as voting power and dividends. Tokens offer distinct advantages, including implementation versatility, composability—especially within DeFi—and other functionalities unattainable with securities.
The innovative designs of tokens play a pivotal role; they not only channel value back to the token holders but also exert a direct impact on the token’s market value.
In this report, we explore four value accrual mechanisms implemented by tokens. These include: (i) Buyback and Burn; (ii) Real Yield; (iii) Tax-Tokens; and (iv) Book Value Tokens


More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

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.

Cross Asset Strategy

<ul>
<li>This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. </li>
<li>This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. </li>
<li>We discuss the latest developments surrounding Bitcoin and a spot Bitcoin ETF. While approval odds steadily rise, low attention and trading volumes reveal that investors are preoccupied with AI. </li>
</ul>


This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. 
This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. 
We discuss the latest developments surrounding Bitcoin and a spot Bitcoin ETF. While approval odds steadily rise, low attention and trading volumes reveal that investors are preoccupied with AI. 


The Weekly Market Monitor – Spending Pressure, Labor Lull, and Bitcoin Fatigue

<ul>
<li>Unlike headline inflation, US Core CPI will likely continue to drop in the remainder of the year, but equity markets are way ahead of themselves again.</li>
<li>Our Fear &amp; Frenzy Sentiment Index has moved further into Frenzy territory, indicating the current rally is at imminent risk.</li>
<li>China's economic momentum is vanishing with headline inflation at zero, while exports are down 5% from their peak, signaling the global economy will not come to the rescue.</li>
</ul>


Unlike headline inflation, US Core CPI will likely continue to drop in the remainder of the year, but equity markets are way ahead of themselves again.
Our Fear &amp; Frenzy Sentiment Index has moved further into Frenzy territory, indicating the current rally is at imminent risk.
China's economic momentum is vanishing with headline inflation at zero, while exports are down 5% from their peak, signaling the global economy will not come to the rescue.


Equity Markets – Is Icarus Flying Too Close to the Sun?

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>The rise in popularity of BRC-20 tokens, essentially memecoins on the Bitcoin blockchain, has pushed Bitcoin fees to 2 year highs.</li><li>BRC-20s have massively increased demand for Bitcoin blockspace for the first time in recent history, with the network suffering from congestion and unconfirmed transactions as a result.</li><li>Over the weekend, Binance had to pause BTC withdrawals twice as they hadn’t accounted for a surge in BTC fees in the amount they pay miners, which had caused many transactions to go unconfirmed.</li></ul>

The rise in popularity of BRC-20 tokens, essentially memecoins on the Bitcoin blockchain, has pushed Bitcoin fees to 2 year highs.BRC-20s have massively increased demand for Bitcoin blockspace for the first time in recent history, with the network suffering from congestion and unconfirmed transactions as a result.Over the weekend, Binance had to pause BTC withdrawals twice as they hadn’t accounted for a surge in BTC fees in the amount they pay miners, which had caused many transactions to go unconfirmed.

Binance Halts Withdrawals as BTC Fees Surge

<ul><li>Last quarter I published the first liquidity ranking system for crypto assets, comparing each asset’s liquidity ranking to its market cap and investigating which token’s market cap is the most misleading from a liquidity standpoint.</li><li>Liquidity has arguably never been at more of a premium than right now in crypto, with USD payment rails being shut down and market makers pulling orders from exchanges.</li><li>With market depth at 10 month lows, price volatility has picked up and so it is essential investors can accurately evaluate the liquidity of each individual asset to gain an understanding of how much short term volatility to expect.</li></ul>

Last quarter I published the first liquidity ranking system for crypto assets, comparing each asset’s liquidity ranking to its market cap and investigating which token’s market cap is the most misleading from a liquidity standpoint.Liquidity has arguably never been at more of a premium than right now in crypto, with USD payment rails being shut down and market makers pulling orders from exchanges.With market depth at 10 month lows, price volatility has picked up and so it is essential investors can accurately evaluate the liquidity of each individual asset to gain an understanding of how much short term volatility to expect.

United States

The token is designed to be used as a decentralized unit of exchange for Ripple’s cross-border payments blockchain network.

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XRP (XRP CURNCY)

More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....

Delphi Digital

The Weekly Market Monitor – Spending Pressure, Labor Lull, and Bitcoin Fatigue

Wage growth vs. excess savings. Will the US labor market start to weaken and cause a recession? Grayscale vs. the SEC and what it means for Bitcoin.

Jeroen Blokland

Equity Markets – Is Icarus Flying Too Close to the Sun?

Markets are incredibly eager to discount lower inflation, pushing the Fear & Frenzy Sentiment further into Frenzy territory.

Jeroen Blokland

Binance Halts Withdrawals as BTC Fees Surge

The rise in popularity of BRC-20 tokens, essentially memecoins on the Bitcoin blockchain, has pushed Bitcoin fees to 2 year highs.

Kaiko

Q1 Liquidity Ranking for Crypto Assets

Liquidity has arguably never been at more of a premium than right now in crypto, with USD payment rails being shut down and market makers pulling...

Kaiko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

​Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....

Delphi Digital

The Weekly Market Monitor – Spending Pressure, Labor Lull, and Bitcoin Fatigue

Wage growth vs. excess savings. Will the US labor market start to weaken and cause a recession? Grayscale vs. the SEC and what it means for Bitcoin.

Jeroen Blokland

Equity Markets – Is Icarus Flying Too Close to the Sun?

Markets are incredibly eager to discount lower inflation, pushing the Fear & Frenzy Sentiment further into Frenzy territory.

Jeroen Blokland

Binance Halts Withdrawals as BTC Fees Surge

The rise in popularity of BRC-20 tokens, essentially memecoins on the Bitcoin blockchain, has pushed Bitcoin fees to 2 year highs.

Kaiko

Q1 Liquidity Ranking for Crypto Assets

Liquidity has arguably never been at more of a premium than right now in crypto, with USD payment rails being shut down and market makers pulling...

Kaiko

Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....