The FTX Bankruptcy and contagion to other platforms is likely to be the Lehman moment for crypto assets. While we don’t know the exact details leading to the failure, on-chain analysis shows the 3AC failure in June as a flash point. We wish the analysis had been presented a few weeks prior, and not after […]
Have Stocks Bottomed 2.0?
Our latest look at valuation, earnings, and macro analysis point to stock market downside. Bearish institutional investor positioning provides room for bear market rallies.
US Recession and Earnings Outlook
This Dispatch updates our US recession and earnings outlook. Forward-looking macro indicators like the LEI point to further slowing. June Quarter ex-energy earnings declined YoY, and Wall Street is finally starting to cut estimates. Yet, the dominant narrative we hear is that that earnings are growing, and valuations are now attractive. As we’ve previously written […]
The Ethereum Merge
The Ethereum merge, where the protocol’s consensus moves from Proof of Work (PoW) mechanism to Proof of Stake (PoS) will take place around 15th September. This is called The Merge because the current Ethereum PoW network will merge with a PoS test network called the Beacon Chain. Here’s how the Ethereum Foundation explains the merge: […]
Crypto Selloff Exposed Incompetence
The 2022 crypto selloff exposed the incompetence and hubris in many traditional crypto companies. For example, Celsius had a $1.2bn balance sheet hole on client assets of $4.7bn by the time it filed for bankruptcy. Listed Canadian company Voyager had to declare bankruptcy because it provided a loan of $674m with zero collateral. Other companies […]