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 Wednesday, May 24th 2023

BTC has again fallen below $27k after the inflation print out of the UK, which shows inflation remaining stubbornly high as core CPI comes in at 6.8%. The inflation print coupled with slow progress in debt ceiling talks sent risk assets lower. Equity futures are down globally with European stocks falling the most in 2 months. Yesterday's 3 week t-bill auction drew a 6.2% rate, which shows markets remaining jittery over risk of default in June. Negotiations stalled again yesterday despite both sides acknowledging that a default is not an option. BTC and ETH have both fallen over 2% in the last 24 hours. We continue to see clients holding off on building new directional positions until we get through debt ceiling talks and we break out of the current range. The desk has seen some interest in selling vol in the short term.

FalconX Desk Ratios:
Overall: 0.6:1
BTC: 0.3:1
ETH: 0.4:1
SOL: 3.5:1
Majors: 0.4:1
Alts: 0.6:1
BTC 1.3x ETH volume
Majors 3.3x Alt volume

24 Hour Price Movements:
BTC: -2.2%
ETH: -2.0%
ADA: -1.4%
AVAX: -2.5%
BNB: -1.5%
DOGE: -2.4%
LTC: -5.4%
MATIC: -1.6%
SOL: -2.2%

Macro:
S&P 500: 4138 / -0.50%
Nasdaq: 13645 / -0.59%
US 10Y Yield: 3.68% / -1 bp
VIX: 19.76 / +6.69%
DXY: 103.50 / unch

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