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>The crypto market has recently diverged not only from the rapidly improving liquidity conditions in the broader economy but also from various positive crypto-specific factors such as declining exchange balances, regulatory clarity, reduced Bitcoin miners’ reserves, the historically positive post-Halving period, and the imminent launch of Ethereum spot ETFs.</li><li>This decoupling has been driven by the German government selling nearly 50,000 bitcoins over the past few weeks, most of which were sold last week, along with the start of repayments to Mt. Gox creditors.</li><li>The substantial rebound in crypto assets this weekend, as the German Bitcoin selling ended on Friday, highlights that the tumbling prices in recent weeks were merely due to the German government, Mt. Gox, and, not least, the unjustified fear of substantial selling pressure, as we argued in last week’s Crypto Crisp titled ‘Buy the Dip’.</li></ul>

The crypto market has recently diverged not only from the rapidly improving liquidity conditions in the broader economy but also from various positive crypto-specific factors such as declining exchange balances, regulatory clarity, reduced Bitcoin miners’ reserves, the historically positive post-Halving period, and the imminent launch of Ethereum spot ETFs.This decoupling has been driven by the German government selling nearly 50,000 bitcoins over the past few weeks, most of which were sold last week, along with the start of repayments to Mt. Gox creditors.The substantial rebound in crypto assets this weekend, as the German Bitcoin selling ended on Friday, highlights that the tumbling prices in recent weeks were merely due to the German government, Mt. Gox, and, not least, the unjustified fear of substantial selling pressure, as we argued in last week’s Crypto Crisp titled ‘Buy the Dip’.

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>There is no Crypto Moves today.</li><li>Instead, today’s note marks our first trade for our Crypto Portfolio, along with the rationale behind this decision.</li><li>This trade aims to indirectly benefit from the imminent launch of U.S.-based Ethereum ETFs, without directly increasing our Ethereum exposure.</li></ul>

There is no Crypto Moves today.Instead, today’s note marks our first trade for our Crypto Portfolio, along with the rationale behind this decision.This trade aims to indirectly benefit from the imminent launch of U.S.-based Ethereum ETFs, without directly increasing our Ethereum exposure.

Crypto Portfolio: Adding Ethereum Alpha with ETF Launch and Institutional Onchain Adoption

<ul><li>Before we dive into this Monday’s edition of Crypto Crisp, we want to announce a format change.</li><li>Starting today, the ‘Charting Crypto’ section will only feature the most intriguing charts we have discovered over the past week.</li><li>Instead of showcasing four to five recurring charts that may not always be interesting, we will focus solely on the most noteworthy ones.</li></ul>

Before we dive into this Monday’s edition of Crypto Crisp, we want to announce a format change.Starting today, the ‘Charting Crypto’ section will only feature the most intriguing charts we have discovered over the past week.Instead of showcasing four to five recurring charts that may not always be interesting, we will focus solely on the most noteworthy ones.

<ul><li>On March 7 of this year, we dedicated an entire edition of Crypto Moves to discussing our belief that this crypto bull market is the least speculative one yet.</li><li>This edition, Crypto Moves #18, was aptly named: “The Least Speculative Bull Market,” and included the following summary:“The crypto market is getting less speculative by the minute.</li><li>There is no need to chase the next big thing by risking funds on obscure altcoins or memecoins.</li></ul>

On March 7 of this year, we dedicated an entire edition of Crypto Moves to discussing our belief that this crypto bull market is the least speculative one yet.This edition, Crypto Moves #18, was aptly named: “The Least Speculative Bull Market,” and included the following summary:“The crypto market is getting less speculative by the minute.There is no need to chase the next big thing by risking funds on obscure altcoins or memecoins.

Crypto Moves #35 – Keep Altcoins at an Arm’s Length From Your Portfolio

<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

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.