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

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.

<ul><li>As we step into July, anticipation surrounds the distribution of 141,686 bitcoins from the defunct Mt. Gox exchange to its creditors, most of whom are former clients.</li><li>Despite the looming release of these bitcoins, which have been locked away for over a decade, the crypto market saw an uptick over the weekend.</li><li>This rise occurred even after the German government transferred an additional $94 million worth of bitcoins to exchanges this morning.</li></ul>

As we step into July, anticipation surrounds the distribution of 141,686 bitcoins from the defunct Mt. Gox exchange to its creditors, most of whom are former clients.Despite the looming release of these bitcoins, which have been locked away for over a decade, the crypto market saw an uptick over the weekend.This rise occurred even after the German government transferred an additional $94 million worth of bitcoins to exchanges this morning.

Crypto Crisp: A Trump Win Is A Win For Crypto

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

<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>It was only a matter of time. Today, Mt. Gox confirmed that it will begin distributing its Bitcoin and Bitcoin Cash holdings to creditors, primarily former clients, starting in July.</li><li>The announcement did not specify the exact date or the timeline for the repayments.</li><li>The crypto market reacted poorly to this news, with Bitcoin dropping nearly 4% since the announcement this morning. </li></ul>

It was only a matter of time. Today, Mt. Gox confirmed that it will begin distributing its Bitcoin and Bitcoin Cash holdings to creditors, primarily former clients, starting in July.The announcement did not specify the exact date or the timeline for the repayments.The crypto market reacted poorly to this news, with Bitcoin dropping nearly 4% since the announcement this morning. 

Crypto Crisp: There it was, the height of Mt. Gox fear

<ul><li>Today’s edition of Crypto Moves builds on this week’s Crypto Crisp, where we advocated a bullish outlook on the crypto market. </li><li>I have examined all of our charts to find every reason to maintain a long position in the current crypto market. Let us dive in.</li><li>From this week onwards, we anticipate a significant increase in liquidity over the next few months. This liquidity forecast model has been highly accurate in recent months.</li></ul>

Today’s edition of Crypto Moves builds on this week’s Crypto Crisp, where we advocated a bullish outlook on the crypto market. I have examined all of our charts to find every reason to maintain a long position in the current crypto market. Let us dive in.From this week onwards, we anticipate a significant increase in liquidity over the next few months. This liquidity forecast model has been highly accurate in recent months.

Crypto Moves #33 – Dazzling Positivity on the Horizon

<ul><li>Last Wednesday, the U.S. Consumer Price Index (CPI) for May was released, showing soft inflation.</li><li>However, during the U.S. Federal Reserve’s (FED) subsequent FOMC meeting on the same day, the Fed was more hawkish than expected, indicating only a 25 basis points interest rate cut this year.</li><li>This led to declines across the crypto market.</li></ul>

Last Wednesday, the U.S. Consumer Price Index (CPI) for May was released, showing soft inflation.However, during the U.S. Federal Reserve’s (FED) subsequent FOMC meeting on the same day, the Fed was more hawkish than expected, indicating only a 25 basis points interest rate cut this year.This led to declines across the crypto market.

Crypto Crisp: Imminent Surge in Liquidity

Mads is Senior Cryptocurrency Analyst at Steno Research. With about eight years of experience in the cryptocurrency market, many of those years spent in a professional capacity, Mads has gained extensive insight into the crypto market, covering both trading and technical facets. He previously founded one of the largest Danish crypto-brokers, which was later acquired. Afterward, he worked as a trader at Bitcoin Suisse and, most recently, served as a Cryptocurrency Analyst at Saxo Bank.

Mads Eberhardt
Senior Cryptocurrency Analyst
• Steno Research

Crypto Crisp: A Trump Win Is A Win For Crypto

As we step into July, anticipation surrounds the distribution of 141,686 bitcoins from the defunct Mt. Gox exchange to its creditors, most of whom...

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

Crypto Crisp: There it was, the height of Mt. Gox fear

It was only a matter of time. Today, Mt. Gox confirmed that it will begin distributing its Bitcoin and Bitcoin Cash holdings to creditors,...

Steno Research

Crypto Moves #33 – Dazzling Positivity on the Horizon

Welcome to the 33rd edition of Crypto Moves. We are now nearly one-third of the way to our hundredth edition. On another note, Denmark faces...

Steno Research

Crypto Crisp: Imminent Surge in Liquidity

Last Wednesday, the U.S. Consumer Price Index (CPI) for May was released, showing soft inflation. However, during the U.S. Federal Reserve’s (FED)...

Steno Research