Reports

Bitcoin gained ~4% in September after entering the month around $25,900 and finishing at ~$27,000. Performance trended sideways during the first third of the month until concerns over potential FTX asset sales temporarily rattled markets on September 11th.

Bitcoin fell ~11% in August, delivering this year’s worst monthly performance after entering August around $29,200 and finishing at ~$25,900. Performance trended sideways during the first half of the month.

As a commodity industry with few differentiating competitive strategies, porting in best financial practices from more mature commodity producers can offer tremendous benefits for public bitcoin miners including increased earnings, reduced risks, and boosted market valuations.

Bitcoin fell modestly in July, declining ~4% after entering the month around $30,500 and finishing at ~$29,200. Performance was weak early in the month as the Fed minutes and the ADP jobs data sparked concerns that more restrictive monetary policy could follow.

With the approval of the first 2x leveraged Bitcoin Futures ETF, we dive into the plumbing of leveraged ETFs and the factors contributing to their frequently misunderstood performance. 

With a decade passed since the filing of the first spot Bitcoin ETF application, we evaluate the latest developments driving renewed optimism around a spot Bitcoin ETF. 

After realizing its first down month of the year in May, bitcoin once again produced positive returns, increasing 12% after entering the month around $27,200 and finishing at ~$30,500.  The apex digital asset fell 8% over the first two weeks of the month on several negative catalysts.

Total ecosystem transactions, including those on the Ethereum mainnet and layer 2s, are up a strong 146% over the last two years.

Bitcoin realized its first down month of the year, while ETH was flat in May. We review the drivers and provide updates on government policy, the tokenized treasuries market, the diverging regulatory environment, the Ledger seed phrase controversy, and Ethereum’s finality delays.

With crypto derivatives comprising a record ~79% share of crypto trading volume globally, we provide an overview of common derivatives and their use cases.