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Safeguard your digital assets when trading with Enigma via access to a network of highly-secured custodians. Enigma protects client funds with multi-layer technology that leverages enterprise-grade MPC and multi-sig custody methods for peace of mind.

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Weekly Spotlight

Crypto ETP latest: BTC, ETH, LSE

After a couple of poor days at the end of February and start of March, flows did go back to the levels seen in the second week of February (they had trailed off afterwards), and after the ATH break on 8th March (itself a relatively modest day), we saw a…
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Weekly Spotlight

On BTC and crypto drawdowns

To give a brief view of the 'why' here insofar as anyone has a strong indication: we tend to think a lot of it has to do with weakness on ETH as a market leader (the expected hangover after the Dencun upgrade's implementation, murmurs around the ETH ETFs being rejected…
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Weekly Spotlight

Ethereum\’s Dencun upgrade: unpacking the blobs

Today will see - or, by the time you read it, most likely has seen - the Dencun upgrade come to Ethereum. In truth, this was not something that we particularly planned to write about here; while Dencun is an important upgrade (and the realisation of many, many years of…
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Weekly Spotlight

Roundup, February 2024

OI has - unsurprisingly given recent price action - continued to rise, albeit not too far above levels on February 14th, and with micro-BTC in particular seeing a decent sell-off/shift towards the short side going into last week. Whatever the dynamics were at play there, it doesn't seem to have…
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Weekly Spotlight

BTC ETPs latest: assessing the field

We will speak more on inflows by product in the next section, but in terms of the general trend: the last couple of weeks have been indicating towards something very different to where we were at the end of January. We do need to make the point here that while…
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Weekly Spotlight

Ethena and the yield race

You know that a bull market is coming when you start seeing products pushed with increasingly obtuse financial engineering. This, we think, is a fair characterisation of the latest pseudo-stable in the form of Ethena's USDe. Off the bat: we don't think USDe is a particularly good product, and we…
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Weekly Spotlight

CME futures and CFTC data: BTC and ETH

As we write this, crypto markets find themselves in something of an awkward spot, and we would be lying if we expressed any strong degree of certainty over what plays out over approximately the next two weeks or so. ETF flows, which had still been in the aggregate strong over…
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Weekly Spotlight

Roundup, January 2024

One of those classic months where the monthly candle tells a very misleading story. Both BTC and ETH ended the month higher than they started it - in ETH's case by fractions of fractions of a percent, for BTC by a more substantial +0.61%, representing the fifth consecutive positive monthly…
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Weekly Spotlight

ETHBTC and the future of finance

Last week, when talking about near-term outlook for the market, we wrote: We have noted in the past that there has been a tendency for price to pivot off options expiry in either direction; with monthly expiry coming up on Friday, and with the tendency of the sort of money…
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Weekly Spotlight

After the spot ETFs: outlook for BTC

For regular readers of the weekly, this is going to feel like a broken record moment, but we do have to repeat it at least one last time: the ETF approval for BTC was always going to be a hard sell-the-news event. The only thing that was really up for…
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Weekly Spotlight

Explaining the BTC ETP market

For all the pomp and circumstance, it seems fair to describe the ETF launch overall and price action surrounding it as having been very, very predictable. Early volumes and inflows have been healthy and support the case of the ETFs capturing significant market share in the long term, but $800m…
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Special Reports

Makor Group’s digital asset arm, Enigma Securities, launches access to on-chain yield products backed by real-world financial assets powered by OpenTrade

Enigma Securities is a leading, FCA registered digital asset liquidity provider owned by Makor Securities, a traditional finance regulated agency broker which processes $10’s of billions of dollars in trades annually for its network of institutional clients. As an extension of its full-service trading solutions, Enigma has partnered with OpenTrade,…
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Weekly Spotlight

On ETFs and RWAs

By the time you read this today, our expectation - and the expectation of the world at large - is that a number of spot BTC ETFs will have been approved by the SEC and have begun trading on US markets. Contrarians that we are, we have decided not to…
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Weekly Spotlight

UK regulation latest: phase-1 and stables

One of the most common misapprehensions we tend to see, with respects to the general regulatory approach towards crypto in Britain, is that Britain has tended to be a poor place to do crypto business over the last few years. Practically speaking, this is nonsense, and betrays something of a…
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Weekly Spotlight

Roundup, October 2023

An enormously and outsizedly positive month with BTC +29% (best since January 2023) and ETH up a more modest +9% (still the best since March). We did come into the month relatively bullish on BTC because of what we saw as a likely unwind of short pressure from September, but…
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Weekly Spotlight

BTC, ETFs, and the rally: 2020 redux?

As we write this, BTC is trading at its highest level in nearly 18 months. Tuesday's high print just above $35,000 and close at $34,000 both mark a return to a level not seen since the open at May 9th, 2022 - for those tracking timelines carefully, that was the…
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Weekly Spotlight

Bitcoin spot ETFs and fake news

A fond farewell to the 2023 bullmarket, 16th October 2023-2023, 14:30 to 14:45 UTC. Markets ripped upwards briefly at the aforementioned point a couple of days ago on a very simple headline: “BREAKING: SEC APPROVES ISHARES SPOT BITCOIN ETF”. In the wake of the news, BTC jumped into a double-digit…
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Weekly Spotlight

Headline updates: FTX and FCA

The FTX trial is now in full-swing in New York, with opening statements having taken place last Wednesday and with a litany of prosecution witnesses already having been presented to the court in its first week, including former FTX CTO Gary Wang (starting on Friday and continuing through yesterday) and…
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Weekly Spotlight

Roundup, September 2023

A modest positive print on the month for both BTC and ETH, especially BTC at +4%. This wasn't entirely unexpected, even in the context of our general and consistent bearish position on Q3 as a whole (which still ended -12% on BTC and -14% on ETH); as we noted in…
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Weekly Spotlight

Q3 market review and Q4 market outlook

At the time of writing, there remains a few days left on the board for Q3, but barring a development with very few analogues (ironically the 'Xi pump' in the last week of October in 2019 is probably one of them), the picture looks to be drawn for Q3 2023…
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Weekly Spotlight

Q3 market review and Q4 market outlook

At the time of writing, there remains a few days left on the board for Q3, but barring a development with very few analogues (ironically the 'Xi pump' in the last week of October in 2019 is probably one of them), the picture looks to be drawn for Q3 2023…
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Weekly Spotlight

BTC: September seasonality and the regulatory spectre

There tends to be something of a feeling of dread for crypto coming into late September every year for crypto markets for the very simple reason of said dread being empirically justified. Despite having returned tens of thousands of percent in gains since 2015, BTC has outright returned negatively on…
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Weekly Spotlight

Headline updates: FTX, ETF, BNB

The aftermath of FTX continues to play out as one would expect it to given that so many lawyers are involved - that is, slowly, and painfully. Further details came out on Monday (via a court filing) on the FTX 2.0 reboot plan, with the estate looking to any and…
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Weekly Spotlight

Roundup, August 2023

A weak month across the board, with both BTC and ETH returning negatively at -11%, and the month as a whole defined by just two days. The first was the 18th, which saw a plunge of -7% on both with lower wicks; this was confusing on the face of things…
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Weekly Spotlight

Grayscale verdict: what it means, and what’s next

After months of speculation and anticipation, we have finally seen some action. On Tuesday, the D.C. Circuit Court of Appeals ruled in favour of Grayscale in their case against the SEC, stating the point unequivocally: "The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain…
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Weekly Spotlight

CRV, Aave, and collateralisation

Back in early August, as part of our monthly summary, we referenced Curve, Aave, and Michael Egorov as something to keep an eye on, and promised to revisit if necessary. While things quietened down in that first week of August on that front, they have become more alive again in…
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Weekly Spotlight

Market outlook latest: structural stagnancy

After a somewhat flaccid July, August has so far shaped up rather boringly for most crypto assets, as it tends to do. We revisit the outlook for BTC and broader crypto markets as we approach the halfway point of Q3.
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Weekly Spotlight

Roundup, July 2023

A weak month as expected. Both BTC and ETH reached less than 5% above their monthly opens ($30,500 and $1930 respectively) at their respective highs, and would both end the month at a few bps below -4%. As we said last month and in our Q3 outlook, we don't see…
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Weekly Spotlight

On Worldcoin and odd ducks

24th July saw the much-anticipated mainnet launch of Worldcoin - one of the stranger and more controversial projects in existence even by the standards of the crypto space. Despite its notoriety among crypto natives, its launch revealed a surprising lack of broader recognition, with mainstream media tripping over itself to…
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SEC-Ripple: the good, the bad, and the ugly

The most important takeaway from the summary judgement was the ruling that XRP sales on-exchange - or, to use the term heard around the world, 'programmatic sales' - do not represent the sale of an investment contract. This is crucial, because by now, the Ripple case isn't really about XRP…
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Weekly Spotlight

GHO, Aave, and the future of stablecoins

Today saw the confirmation of one of the more interesting developments of the year in DeFi innovation with the Aave DAO vote on the GHO stablecoin. Proposed back in June 2022, GHO isn't the most original concept in the world - an algorithmic stablecoin built on multi-collateral systems and mintable…
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Weekly Spotlight

Roundup, June 2023

The BlackRock filing saved what was otherwise looking like a weak month, after May provided the first red close technically in five; BTC ended +12% in the aggregate on the back of a +27% low-high move between 15th and 23rd June. ETH (which had closed positively in May) had an…
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Weekly Spotlight

Q3 market outlook: continuity in the doldrums?

Q2 has not exactly been lively for crypto. Our view coming into the quarter was that, in spite of the rally in mid-March, upside was likely to be capped and baseline directionality leaned negatively; markets were no longer in a state of panic, and had held up surprisingly well in…
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Weekly Spotlight

BlackRock, gold, and Grayscale: ETF latest

This week saw BlackRock filing for a spot Bitcoin ETF; we will not go through the whole story here, but in brief, the ETF would trade on major US markets, uses Coinbase as custodian without specifying purchase mechanisms in our reading, and the current deadline for a decision on the…
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Weekly Spotlight

UK regulatory latest: Sunak’s accelerator

We take a look at recent developments in the UK regulatory landscape in the light of a16z's decision to open a London office.
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Weekly Spotlight

Roundup, May 2023

Work on Ordinals as a protocol has continued to take place - most notably with BRC-721E, a process for (one-way) bridging ERC-721 NFTs on Ethereum over to Bitcoin - and the congestion on May 10th did so far represent the peak of congestion...
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Weekly Spotlight

Unlocks, FDV, and cliff-edges

Unlocks are in focus this week, with a significant portion of contributor and early investor tokens going out to OP investors, as well as the second in a number of community unlocks for SUI. We also outline a brief history of unlocks in crypto, and how in general they should…
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Weekly Spotlight

The case for FTX 2.0?

Social channels were set abuzz yesterday after – as often tends to be the case – a court filing. However, while most court filings are distinguished essentially by what they do (or don’t) destroy, this one was interesting for indications at what it might create.
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Weekly Spotlight

On Ethereum supply and correlation

Bitcoin-Ethereum correlation has recently dropped to some of its lowest marks in several years. While that drop has been overrepresented, it does bring up an important discussion about Ethereum in particular in the ‘ultrasound money’ era.
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Weekly Spotlight

Roundup, April 2023

ETH actually did see a short-term rally coming out of the upgrade, touching above $2100 for the first time since last August, but the rally was ultimately brief and ETHBTC is once again struggling to hold above 0.065.
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Weekly Spotlight

Inertia and Uncertainty

We find ourselves at something of an odd juncture in crypto markets right now wherein a lot seems to be crossing the headlines, and yet simultaneously, there often feels like little of real meaning to say. Everything is simultaneously in a moment of existential decision-making, and in total inertia and…
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Weekly Spotlight

Ethereum and the Shapella upgrade

We have to start here with something of an anti-climax: the Ethereum Shapella hard fork tonight is unlikely to either be a major short-term event or a significant medium-term catalyst for the asset in either direction.
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Weekly Spotlight

Roundup, March 2023

Focus has come off GBTC due to other events, and no further news has come through in the last month, but the discount has now sat at close to -36% for several weeks, and hence seems likely to narrow further coming into the next two quarters.
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Weekly Spotlight

Binance litigation: four (4) thoughts

The CFTC indictment against Binance charges the firm, CEO Changpeng Zhao, and ex-compliance head Samuel Lim with the following: illegal futures markets; illegal commodity options; failure to register as a FCM; failure to register as a DCM; failure to diligently supervise; failure to implement KYC/AML; and enabling KYC evasion.
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Weekly Spotlight

Arbitrum and airdrops

On February 22nd, while discussing Polygon (MATIC), we wrote: Layer-2 development has accelerated significantly as of late, with both optimistic and zero-knowledge rollups receiving a great degree of attention; both Optimism (optimistic) and Arbitrum (zero-knowledge) have been on upswings in almost all metrics…
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Weekly Spotlight

Special edition: Hypertetherisation

USDC and Circle USDC faced its biggest crisis since the asset’s inception in late 2018 when it got caught in the crossfire of the Silicon Valley Bank collapse. To explain it as simply as possible: USDC is fully-backed, with its reserves currently split roughly 75-25.
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Weekly Spotlight

Grayscale latest: “where’s the gap?”

On 8th February, we wrote that “resolution on the Grayscale trust situation has been slower than expected or desired over the last few months, and action since the start of 2023 has emphasised those issues.” The tale of the tape has been false dawns followed by long nights wrought over…
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Weekly Spotlight

Roundup, February 2023

GBTC discount fell to lows of 47% on February 13th, not coincidentally at the same time as Bitcoin itself hit monthly lows just under $22,000
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Weekly Spotlight

Polygon, layoffs, and layer 2s

Polygon announced layoffs of around 100 staff on Tuesday out of a total headcount of 500.The Polygon chain (Matic) has always been particularly reliant on centrally-originated business development and partnerships for growth compared to certain compatriots; the layoffs likely point towards an attempted shift towards a more technically-oriented framework.
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Weekly Spotlight

Are stablecoins securities?

Are stablecoins securities? On the face of it, the question seems absurd; no major stablecoin is yield-generating on an asset level, and nobody buys stablecoins with an expectation of profit from that act alone. It is absurd that we have to even consider the question.
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Weekly Spotlight

Grayscale GBTC and ETHE outlook

Resolution on the Grayscale trust situation has been slower than expected or desired over the last few months, and action since the start of 2023 has emphasised those issues.
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Weekly Spotlight

UK cryptoasset regulation

The British Treasury today published a number of proposals as part of a consultation that “sets out proposals for the UK’s financial services regime for cryptoassets, and marks the next stage of the UK’s phased approach”.
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Special Reports

Illiquidity & Opportunity Pt 2

The FTX bank run and collapse created illiquid conditions that unevenly impacted digital asset returns. However, the crisis did not change fundamental value drivers for some digital protocols.
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Special Reports

Illiquidity & Opportunity Pt 1

Though FTX was not the largest exchange by volume, its collapse evaporated market liquidity and the full effects are yet to be determined. Exchange data shows the FTX collapse drove the volume impact on returns.
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Special Reports

Where are We?

Though BTC prices support last week’s view that digital asset markets remain in a downward trending regime, macro and fundamentals suggest changes are in the wind. Sunday marked the lowest close in two years at $16.3k BTC. Though it ended the free-fall, last week continued a negative trend for BTC…
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Special Reports

Post-FTX Bankruptcy Market Update

The international crypto exchange shocked the industry when it announced top competitor, Binance, would acquire FTX to rescue it from insolvency. Now, with Binance out of the deal, and FTX Group filing Chapter 11 proceedings in the US, we will discuss our immediate expectations for digital assets markets.
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Special Reports

Polygon Continues to Develop NFT Partnership to Grow Mainstream Blockchain Adoption

Polygon’s MATIC token reaped the fruits of Polygon Labs’ business development labors this year after Meta announced it’s full suite of NFT integrations with Polygon yesterday. Since the update, MATIC rose 8% – over 6% better than ETH and BTC. Right now, no other network is doing more for mainstream…
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Special Reports

A View of Bitcoin & the Fed Funds Rate in 2022

Everyone knows not to trade FOMC meetings. The last meeting in September saw $37M in BTC liquidations – $28M of which were shorts. While BTC price held up the last time Chair Powell announced a rate increase, correlation to equity markets has spelled disaster for BTC price during the previous…
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Special Reports

Vellir Policy Monitor

October’s Vellir Policy Monitor covers the most important policy and regulatory changes impacting on crypto markets: The EU’s final MiCA text with last minute changes to stablecoins and NFTs, expected in 2024; US Financial Stability Oversight Council requested Congress clarify security v. commodity classification and stablecoin legislation; The Financial Stability…
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Special Reports

Vellir Policy Monitor | Oct 2022, Published by Project Vellir

Vellir Policy Monitor | Oct 2022, Published by Project Vellir. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Special Reports

HANetf Digital Assets & Crypto Review | H1 2022, Published by HANetf

HANetf Digital Assets & Crypto Review | H1 2022, Published by HANetf. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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General

Update: MakerDAO to Launch $100M DAI Vault Backed by Real World Loans

Last week, MakerDAO decided to launch a DAI vault backed by loans originated by Huntingdon Valley Bank to create DeFi’s largest stablecoin pool backed by real world assets.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Special Reports

Staked ETH Vigilantes

Staked ETH (stETH) from Lido Finance is a derivative digital asset that represents ETH staked in the Ethereum Beacon Chain. All stETH token balances grow to accrue ETH staking rewards and the underlying ETH.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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General

Stable Is as Stable Does

Stable Is as Stable Does. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Special Reports

UST Crash & Proposal to Fork Terra, Reset LUNA Supply

The dust is far from settled after UST crashed this week and took Terra down with it. Though UST was not backed by any assets, the crash destroyed at least $72B of value from UST and LUNA market capitalization alone.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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Weekly Spotlight

Weekly Highlights

Weekly Highlights. Download the PDF here for access to the report.
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General

Bridges, You Are the Weakest Link

Bridges, You Are the Weakest Link. Download the PDF here for access to the report.
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General

Research Note: Layer 1 Competition

Research Note: Layer 1 Competition. Download the PDF here for access to the report.
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General

CRV Wars: Over before it Started

CRV Wars: Over before it Started. Download the PDF here for access to the report.
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General

Perpetual Protocol

Perpetual Protocol is a decentralized derivatives exchange that operates perpetual futures markets across Ethereum Layer 1 and xDai Layer 2 networks…
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General

dYdX

dYdX. Download the PDF here for access to the report.
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General

Aave

The Aave protocol is a set of smart contracts that operate open-source money markets. The protocol started on Ethereum and has launched parallel protocols on numerous Layer 2 and other Layer 1 networks…
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General

Alchemix

Alchemix. Download the PDF here for access to the report.
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General

Yearn

Yearn. Download the PDF here for access to the report.
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General

Curve

Curve provides an automated and decentralized digital asset exchange where users can earn revenue for providing liquidity to traders.
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General

Balancer

Balancer. Download the PDF here for access to the report.
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General

Synthetix

Synthetix. Download the PDF here for access to the report.
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General

MakerDAO

MakerDAO. Download the PDF here for access to the report.
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General

Bancor

Bancor. Download the PDF here for access to the report.
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General

SushiSwap

SushiSwap. Download the PDF here for access to the report.
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General

Components of a collapse: DeFi and Iron Finance

Components of a collapse: DeFi and Iron Finance. Download the PDF here for access to the report.
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General

Compound

Compound. Download the PDF here for access to the report.
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General

May 19th, 2021: a primer

May 19th, 2021: a primer. Download the PDF here for access to the report.
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General

Alts latest: ETH, mid-caps, and what’s next

Alts latest: ETH, mid-caps, and what’s next. Download the PDF here for access to the report.
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General

CME BTC and ETH latest: on dry powder

CME BTC and ETH latest: on dry powder. Download the PDF here for access to the report.
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General

Retail sentiment and the BTC/ETH divergence

Retail sentiment and the BTC/ETH divergence. Download the PDF here for access to the report.
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General

A brief history of DOGE

A brief history of DOGE. Download the PDF here for access to the report.
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General

The Bitcoin contango and CME futures: a discussion of discussions

The Bitcoin contango and CME futures: a discussion of discussions. Download the PDF here for access to the report.
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General

‘Crypto weekends’ in 2021

‘Crypto weekends’ in 2021. Download the PDF here for access to the report.
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General

Q2 in review: Ethereum’s doldrums

Q2 in review: Ethereum’s doldrums. Download the PDF here for access to the report.
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General

The death of the Grayscale trade: a primer

The death of the Grayscale trade: a primer. Download the PDF here for access to the report.
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General

Reassessing the ‘Coinbase effect’

Reassessing the ‘Coinbase effect’. Download the PDF here for access to the report.
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General

Regional markets and the Asian session

Regional markets and the Asian session. Download the PDF here for access to the report.
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General

Institutional latest: CME and spot

Institutional latest: CME and spot. Download the PDF here for access to the report.
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General

Tether latest: the NYAG case

Tether latest: the NYAG case. Download the PDF here for access to the report.
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General

Tackling Tether FUD

Tackling Tether FUD. Download the PDF here for access to the report.
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General

Debunking the BTC ‘short squeeze’

Debunking the BTC ‘short squeeze’. Download the PDF here for access to the report.
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General

Latest trends: retail spot, institutional

Latest trends: retail spot, institutional. Download the PDF here for access to the report.
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General

BTC and ETH: gauging current sentiment

BTC and ETH: gauging current sentiment. Download the PDF here for access to the report.
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General

BTC and ETH: gauging current sentiment

BTC and ETH: gauging current sentiment. Download the PDF here for access to the report.
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General

BTC, momentum, and drawdown risk

BTC, momentum, and drawdown risk. Download the PDF here for access to the report.
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General

The three big questions for BTC in 2021

The three big questions for BTC in 2021. Download the PDF here for access to the report.
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General

Explaining the 2020 ETF boom

Explaining the 2020 ETF boom. Download the PDF here for access to the report.
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General

Institutional latest: GBTC, CME, CFTC

Institutional latest: GBTC, CME, CFTC. Download the PDF here for access to the report.
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General

BTC at $13,500: why and where?

BTC at $13,500: why and where?. Download the PDF here for access to the report.
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General

BTC at $12,500: why and where?

BTC at $12,500: why and where?. Download the PDF here for access to the report.
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General

CME and Bakkt latest: is interest waning?

CME and Bakkt latest: is interest waning?. Download the PDF here for access to the report.
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General

Retail trends: spot, derivatives, DeFi

Retail trends: spot, derivatives, DeFi. Download the PDF here for access to the report.
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General

BTC: seasonality and Q4 outlook

BTC: seasonality and Q4 outlook. Download the PDF here for access to the report.
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General

SPX correlation latest: risk outlook for Q4

SPX correlation latest: risk outlook for Q4. Download the PDF here for access to the report.
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General

Alts in review: ETH and traditional large-caps

Alts in review: ETH and traditional large-caps. Download the PDF here for access to the report.
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General

Price action and regional markets: is the momentum there yet?

Price action and regional markets: is the momentum there yet?. Download the PDF here for access to the report.
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General

Institutional latest: CME and Bakkt

Institutional latest: CME and Bakkt. Download the PDF here for access to the report.
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General

Retail spot and derivatives latest: ‘higher than Dec 2017’?

Retail spot and derivatives latest: ‘higher than Dec 2017’?. Download the PDF here for access to the report.
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General

BTC and the bull trend: driver or passenger?

BTC and the bull trend: driver or passenger?. Download the PDF here for access to the report.
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General

The August 2nd flash crash

The August 2nd flash crash. Download the PDF here for access to the report.
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General

Quarterly premiums: watching for euphoria

Quarterly premiums: watching for euphoria. Download the PDF here for access to the report.
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General

The return of SPX-BTC correlation: cause for concern?

The return of SPX-BTC correlation: cause for concern?. Download the PDF here for access to the report.
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General

CME latest trends: OI, trader count, options

CME latest trends: OI, trader count, options. Download the PDF here for access to the report.
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General

Retail venues latest: a picture of stagnancy?

Retail venues latest: a picture of stagnancy?. Download the PDF here for access to the report.
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General

Alts, latest trends: ETH, ADA, LINK, ZEC

Alts, latest trends: ETH, ADA, LINK, ZEC. Download the PDF here for access to the report.
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General

BTC: Q2 in review

BTC: Q2 in review. Download the PDF here for access to the report.
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General

Difficulty and network processing power: recent trends

Difficulty and network processing power: recent trends. Download the PDF here for access to the report.
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General

Volatility compression: a gathering storm?

Volatility compression: a gathering storm?. Download the PDF here for access to the report.
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General

Doing the Bartman: June 2nd in perspective

Doing the Bartman: June 2nd in perspective. Download the PDF here for access to the report.
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General

Interest re-opened: trends in CME and retail

Interest re-opened: trends in CME and retail. Download the PDF here for access to the report.
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General

Alts in review: the outlook for Q3

Alts in review: the outlook for Q3. Download the PDF here for access to the report.
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General

After the halving: obsolence and ‘miner capitulation’

After the halving: obsolence and ‘miner capitulation’. Download the PDF here for access to the report.
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General

Halving and retail demand: a late bubble?

Halving and retail demand: a late bubble?. Download the PDF here for access to the report.
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General

CFTC latest: is institutional money returning?

CFTC latest: is institutional money returning?. Download the PDF here for access to the report.
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General

The halving: a brief examination

The halving: a brief examination. Download the PDF here for access to the report.
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General

BTC seasonality and the Q2 outlook

BTC seasonality and the Q2 outlook. Download the PDF here for access to the report.
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General

Past the abyss? This implications of $7000 (again)

Past the abyss? This implications of $7000 (again). Download the PDF here for access to the report.
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General

Examining the SPX-BTC truism

Examining the SPX-BTC truism. Download the PDF here for access to the report.
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General

Three thoughts on alts in Q2

Three thoughts on alts in Q2. Download the PDF here for access to the report.
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General

‘All correlations go to 1’

‘All correlations go to 1’. Download the PDF here for access to the report.
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General

At the abyss: the potential implications of $7000

At the abyss: the potential implications of $7000. Download the PDF here for access to the report.
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General

Bitcoin and store-of-value: latest developments

Bitcoin and store-of-value: latest developments. Download the PDF here for access to the report.
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General

Unsteady waters: where next in Q1?

Unsteady waters: where next in Q1?. Download the PDF here for access to the report.
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General

Recent trends: CFTC reports and GBTC premiums

Recent trends: CFTC reports and GBTC premiums. Download the PDF here for access to the report.
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General

2017 and 2019: what can we learn?

2017 and 2019: what can we learn?. Download the PDF here for access to the report.
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General

The altcoins come in, two by two

The altcoins come in, two by two. Download the PDF here for access to the report.
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General

Coronavirus and cryptocurrency

Coronavirus and cryptocurrency. Download the PDF here for access to the report.
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General

Examining the crypto weekend effect

Examining the crypto weekend effect. Download the PDF here for access to the report.
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General

Is Bitcoin SV for real?

Is Bitcoin SV for real?. Download the PDF here for access to the report.
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General

Three concerns for crypto in 2020

Three concerns for crypto in 2020. Download the PDF here for access to the report.
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General

End-of-Year Review

End-of-Year Review. Download the PDF here for access to the report.
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General

Whither Canaan?

Whither Canaan?. Download the PDF here for access to the report.
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General

Alts in December: opportunities for alpha?

Alts in December: opportunities for alpha?. Download the PDF here for access to the report.
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General

Bitcoin in December: freeze or thaw?

Bitcoin in December: freeze or thaw?. Download the PDF here for access to the report.
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General

November Monthly Report

November Monthly Report. Download the PDF here for access to the report.
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General

The big Bitcoin bleed

The big Bitcoin bleed. Download the PDF here for access to the report.
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General

ASOL in aberration and the mempool dump

ASOL in aberration and the mempool dump. Download the PDF here for access to the report.
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General

The difficulty drop in context

The difficulty drop in context. Download the PDF here for access to the report.
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General

Ethereum in the era of accumulation

Ethereum in the era of accumulation. Download the PDF here for access to the report.
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General

Apocalypse now? Hash rate and the price floor

Apocalypse now? Hash rate and the price floor. Download the PDF here for access to the report.
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General

Following the slow money? CME futures and leveraged funds

Following the slow money? CME futures and leveraged funds. Download the PDF here for access to the report.
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General

The sacrificial GRAM lamb: an epoch ended?

The sacrificial GRAM lamb: an epoch ended?. Download the PDF here for access to the report.
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General

The Future Of Altcoins: Practice Or Perish

The Future Of Altcoins: Practice Or Perish. Download the PDF here for access to the report.
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General

May you live in interesting times

May you live in interesting times. Download the PDF here for access to the report.
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General

Cryptos and Geopolitics

Cryptos and Geopolitics. Download the PDF here for access to the report.
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Press releases

Enigma Securities Receives FINRA Approval for Corporate Equity Securities Broker Services

NEW YORK, June 28, 2022 /PRNewswire/ -- Enigma Securities ("Enigma"), a Broker-Dealer providing liquidity and advisory services, today announced it has received Financial Industry Regulatory Authority (FINRA) approval to operate as a broker-dealer for corporate equity securities.
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Enigma Securities Advances Digital Asset FinTech with Release of ‘Front-to-Back Crypto Hub’ for Institutions

NEW YORK, June 22, 2022 /PRNewswire/ -- Enigma Securities ("Enigma"), a comprehensive financial services firm for digital assets liquidity and advisory, today announced the release of Enigma X, its front-to-back crypto hub for institutions. Enigma X enables crypto services, including currency spot trading, borrowing and lending, news and market research tracking and derivatives monitoring and clearing.
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Press releases

ETC Group expands Institutional-Grade Liquidity Pool with Appointment of Enigma Securities as new Authorised Participant (AP)

June 9th, 2022. London/Frankfurt: ETC Group ( www.etc-group.com ), Europe's leading specialist provider of institutional-grade, digital asset-backed securities, announces that Enigma Securities, a full-service international financial services firm for digital assets liquidity and advisory, has been appointed as Authorised Participant.
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Enigma Securities Appoints Barry Finkelstein as Global Head of Investment Banking

NEW YORK, May 17, 2022 /PRNewswire/ -- Enigma Securities ("Enigma"), a full-service financial services firm for digital assets liquidity and advisory, today announced the appointment of Barry Finkelstein as its Global Head of Investment Banking. Finkelstein brings more than 30 years of experience in trading, structuring and distribution at leading Wall Street firms. Most recently, he led business development at Layer-1 blockchain technology company, Algorand Inc.
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