October 18, 2023

Markets Insights

Economic Calendar

Next FOMC meeting: Nov 1st 2023

  • Probability of a 0bps hike → 92%
  • Probability of a 25bps hike → 8%

The News Room

Methodic Capital Management Launches CoinDesk ETH Staking Fund for Enhanced Ethereum Exposure

Methodic Capital Management has unveiled the Methodic CoinDesk ETH Staking Fund, aiming to provide investors a combined exposure to Ethereum and its staking rewards. Launched amidst a surge in digital asset investment vehicles, the fund aligns with professional and institutional investors' growing appetite for Ethereum-based assets. Utilizing CoinDesk's Ether Total Return Index for benchmarking, the fund's assets will be staked and held in custody by BitGo, with Oasis Pro Markets managing tokenization to facilitate secondary market trading. CEO Jason Hall emphasized the fund's commitment to setting new standards in ETH staking investments through enhanced transparency and security.

Zodia Custody Expands Institutional Digital Asset Services to Australia

Zodia Custody has unveiled a digital asset custody platform for institutional clients in Australia, aimed at securely storing assets in bank-grade cold wallet storage and facilitating institutional connections to digital asset exchanges. Zodia Custody's CEO, Julian Sawyer, highlighted that around 26% of Australians currently possess digital assets, equating to an approximate value of $21.6 billion. To cater to this sizable market, the SAF3 platform was introduced by Zodia Custody Australia, a new subsidiary. The platform, specifically designed for institutions, plans to offer an expanded range of services in 2024. In addition, the National Australia Bank (NAB) has collaborated with Zodia Custody to test the robustness of the SAF3 platform. Notably, Zodia Custody, backed by major players like Standard Chartered and Northern Trust, is the inaugural bank-supported digital asset custodian to be registered with the UK’s Financial Conduct Authority. The company recently expanded its presence in Singapore last September.

Korean Giant SK Telecom and CryptoQuant Partner to Release Crypto Wallet

Team Blackbird, the entity behind Korean analytics platform CryptoQuant, has partnered with SK Telecom (SKT), South Korea's largest mobile phone operator, to launch a crypto wallet called "T wallet." This new wallet will allow users to store tokens on their mobile devices and leverage CryptoQuant's on-chain analytics tools, potentially enhancing their trading strategies. Jong Seung Kim, a leader at SKT's Web3 business team, highlighted the potential of this partnership in furthering South Korea's already robust crypto market. CryptoQuant collaborates exclusively with global giants such as CME Group and Moody's to supply on-chain data and research.

Trading Desk Insights

Futures slipped Wednesday, as earnings season intensifies with Wall Street positioning for pivotal corporate earnings. Post-market, anticipate some volatile price action with earnings from tech behemoths Tesla and Netflix, which could influence Nasdaq's short-term trajectory.

On the housing front, a consecutive rise in mortgage rates for the sixth week has sent home loan demand plunging to its lowest since 1995. Mortgage applications for home purchases receded by 6% week-over-week and are down 21% YoY.

From a technical perspective, Bitcoin's current standing above its 200-day MA is noteworthy. The cryptocurrency last achieved back-to-back closes above this benchmark in August. If this bullish trend persists, BTC might challenge the $29k resistance threshold. A pertinent concern for Bitcoin is the broader equities market, with the S&P500 retreating from its 50-day MA, hinting at potential pressure ahead.

Rumors surrounding a BTC ETF persist, but the real buzz centers on anticipated spot ETF greenlighting. While no official word is out, whispers suggest the SEC is engaged in discussions with stakeholders. Notably, Fidelity is the latest firm to tweak its spot BTC ETF filings, an indication of ongoing dialogues with the SEC. This narrative bolsters bullish sentiment among traders, further exemplified by the GBTC discount narrowing to 13%.

In a notable crypto update, Reddit is winding down its blockchain-anchored Community Points program, leading to MOON, BRICK, and DONUT tokens plummeting between 60%-90%. The director of consumer and product communications mentioned that “the resourcing needed was unfortunately too high to justify”.

Technical Charts


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