FalconX

Please join FalconX’s Head of Research, David Lawant, and Head of Institutional Coverage, David Martin on Thursday, June 1, 2023 at 11amEST as they sit down with industry leaders, Bitwise Asset Management and Runa Digital to unpack: Where we are now: buyside environment in a bear market; crypto and macro correlations; themes for the future. Please sign up here!

Good Morning! It's Tuesday, May 23rd 2023

Crypto pushed higher at the beginning of the Asia session last night, bringing BTC above $27,200 and ETH above $1,850. Some bullish news out of Hong Kong helped push prices higher after the announcement that gives the green light to retail investors to trade crypto. This is yet another sign that Hong Kong is looking to position itself as the crypto hub of Asia. OKX is seeking regulatory approval in France as it looks to build a European hub in Paris. The exchange is looking to hire at least 100 employees over the next couple years.

The FalconX desk has seen hedge funds and retail aggregators pick up majors amid this small run up in prices. Both have been sellers of alts as well. Large investors continue to wait as debt ceiling talks progress this week. Both BTC and ETH are up just over a modest 1% over the last 24 hours.

FalconX Desk Ratios:
Overall: 1.2:1
BTC: 0.5:1
ETH: 10:1
SOL:3:1
Majors: 1.5:1
Alts: 0.5:1
BTC 1.3x ETH volume
Majors 4.4x Alt volume

24 Hour Price Movements:
BTC: +2.0%
ETH: +2.3%
ADA: +0.9%
AVAX: +1.7%
BNB: +1.7%
DOGE: -0.1%
LTC: +0.9%
MATIC: +2.0%
SOL: +0.6%

Macro:
S&P 500: 4193 / -0.27%
Nasdaq: 13846 / -0.40%
US 10Y Yield: 3.75% / +4 bps
VIX: 17.69 / +2.79%
DXY: 103.60 / +0.39%

The views and opinions expressed herein are those of the author(s) and do not necessarily reflect the views of FalconX or any of its affiliates and summarizes information and articles with respect to cryptocurrencies or related topics. This material is for informational purposes only and is only intended for sophisticated investors, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of FalconX or any of its affiliates.

Eric Lochner
Trader

Top headlines we're tracking today:

If you like our market commentary, please add our email address to your Email Contact List and feel free to invite a friend.

Level 5 Quantum House, 75 Abate Rigord Street, Ta'Xbiex XBX 1120, Malta

Unsubscribe

FalconX

FalconX Daily Market Color