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July 27, 2021

Bulls are Back? Bitcoin Sees a Short Squeeze

BTC popped on a short squeeze over the weekend, driven in part by a report that Amazon was looking to accept BTC payments. While Amazon later denied the report, BTC remains around $38,000. In this piece, we examine factors that can explain Bitcoin’s push higher, including the BTC perpetual futures funding rate, BTC futures leverage ratio, HODL waves, and exchange outflows.

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July 16, 2021

On-Chain Pulse: Are Exchange Bitcoin Flows Pointing to a Bull Run?

As the summer doldrums continue with BTC stuck in the $30,000 to $40,000 range, on-chain data paints an evolving story following the spring downturn. BTC on exchanges have seen net outflows for the last 19 days, a reversal from inflows in May and June, suggesting investor appetite for Bitcoin may be returning.

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July 8, 2021

The Potential Impacts of Banking Regulators’ Proposal to Classify Crypto as Risky Assets

The Basel Committee on Banking Supervision recently published a public consultation paper on how banks will be required to allocate capital on cryptocurrency positions, loans, and other exposures. In this piece, we summarize the proposal and discuss its potential impacts.

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June 24, 2021

Market Pullback: On-Chain Perspective

Recent Bitcoin on-chain data paints a bearish picture with regards to network activity and hash rate, but the Puell Multiple is approaching levels that have historically indicated market bottoms.

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May 3, 2021

Exchange Tokens in the Spotlight

Many centralized exchanges have their own tokens, but each serves a different purpose. We provide an overview of several of these tokens and discuss how their utility can play into their valuations. Moreover, we break down the benefits these tokens can bring to their respective exchanges.

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April 19, 2021

DeFi on Binance Smart Chain vs. Ethereum

DeFi projects on Ethereum have attracted so many users over the last year that gas fees on Ethereum have risen to levels that many consider exorbitant, leading DeFi participants to seek cheaper alternative networks, such as Binance Smart Chain (BSC), which has seen total value locked (TVL) and user growth soar in recent months. In this report, we examine the key differences between BSC and Ethereum and highlight the DeFi ecosystems on each.

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April 9, 2021

A Look Into the Valuable Properties of NFTs

Non-fungible tokens (NFTs) have soared in popularity in just the last few months, but questions abound regarding NFT valuations. CrossTower’s research team offers its thoughts on the components that it believes drive value in NFTs. It also examines how these attributes appear in some of the most valuable NFTs, including CryptoPunks, Hashmasks, and Autoglyphs.

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March 31, 2021

Q1 2021 Crypto ETP Trends

Several trends dominated the crypto ETP narrative in Q1 2021, including popular Grayscale trusts trading at a sustained discount to NAV and several U.S. Bitcoin ETF applications from blue-chip financial firms. Moreover, the recent launch of the first-ever Bitcoin ETFs in Canada, as well as multiple filings for an Ether ETF in Canada, has led to optimism that more crypto ETFs are on the horizon.

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March 29, 2021

Crypto ETPs Primer

As interest in cryptocurrencies increased over the past year, ETPs have emerged as a popular instrument for institutional investors to gain exposure to the burgeoning sector. In this piece, we provide an overview of crypto ETPs and highlight key players in the crypto ETP space.

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March 17, 2021

Canadian BTC ETFs Bring Significant BTC Inflows

With shares of the Grayscale Bitcoin Trust (GBTC) trading at a sustained discount to NAV in recent weeks, investor demand for GBTC’s private placement seems to have subsided, sapping up a key source of BTC purchases. However, several recently launched Canadian Bitcoin ETFs have enjoyed strong inflows, leading us to believe they can replace GBTC as a major driver of the BTC price. At the same time, corporate and institutional appetite for crypto remains high, helping support the price of BTC near record highs.

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March 10, 2021

DeFi Cash Cows

Decentralized finance (DeFi) has historically been seen by certain investors as a niche area of crypto. That is no longer the case, as several DeFi protocols, namely decentralized exchanges (DEXes) and money market protocols generate daily fees of over $1 million from significant demand. In our report, we seek to make readers aware of some of the leading DeFi protocols by revenue. We point out how they earn their income and analyze recent trends.

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February 22, 2021

Institutional Adoption Driving Crypto Market

Institutional interest is helping drive BTC to all-time highs. Notably, addresses with 1,000+ BTC ($50mm+) hit all-time highs in February, suggesting institutions are entering the space. Corporate demand for BTC is also strong, with recent purchases from Tesla, MicroStrategy, and Square. We believe institutional demand for BTC should support the price above $50,000. In addition, as more investors comp BTC to gold, we anticipate its price will move higher to match this expectation.

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