AscendEX Sunday Briefing (12.17-12.24)
AscendEX Sunday Briefing (12.17-12.24)

AscendEX Sunday Briefing (12.17-12.24)

Something to remember: 

“The concept of progress acts as a protective measure to shield us against the terrors of the future.”

 

Week Ahead

What’s driving markets?

  • With the expected BTC spot ETF approval window only 3 weeks away, traders now look towards the next bullish catalyst for crypto markets: the bitcoin halvening.

  • Onchain activity is heating up driven by inscription activity, memecoin trading, and airdrop farming. 

  • Many well capitalized projects that have yet to launch a token have hinted at the possibility of TGE soon, indicating that they have confidence in a sustained bullish atmosphere for crypto. Major projects include LayerZero, Starknet, Jupiter, and Scroll.

 

Catalysts

  • Tuesday, Dec 19th @12:30AM ET: Fed member speech.

  • Thursday, December 21st @ 8:30AM ET: US Jobless Claims.

 

 

Charts

  • Prospective BTC spot ETF issuers have been meeting with the SEC as final approval deadlines approach in early January.

  • Consensus is that the SEC will approve a group of the highest quality applications all at once during the January 5th-10th window.
  • In terms of aggregate monthly transfer value, stablecoins have regained the top position relative to BTC and ETH.

  • There were $914B of Stablecoin transfer value in November.

  • BTC correlation with the Nasdaq has flipped negative for the first time in 2023.

 

 

Research Content

 

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