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Good Morning! It's Thursday, May 25th 2023!

Fahrenheit won a bid to acquire Celsius, with assets valued at roughly $2 billion. Fahrenheit will inherit the institutional loan portfolio, staked assets, the mining unit, and other investments as well. BTC and ETH continue to drip lower, with BTC now trading at $26,300 and ETH falling slightly below $1,800. BTC and ETH are both down over 1% in the last 24 hours RNDR is up over 15% over the last day after the blowout earnings and guidance coming from Nvidia. NVDA shares have opened the day up over 20% and have spurred a large rally in US shares, with Nasdaq futures gaining over 2% to start the day. The push higher in equities comes even as Fitch puts the United States’ AAA on negative watch amid the debt standoff. Large differences still remain in negotiations according to Speaker McCarthy, but progress is being made and talks continue to go on slowly. Hedge funds have been buyers of majors and sellers of alts as the market moves lower. Retail aggregators show selling of both majors and alts.

FalconX Desk Ratios:
Overall: 0.6:1
BTC: 1.7:1
ETH: 0.9:1
SOL: 1.3:1
Majors: 1.2:1
Alts: 0.6:1
BTC 0.9x ETH volume
Majors 1.5x Alt volume

24 Hour Price Movements:
BTC: -1.2%
ETH: -1.0%
ADA: -1.8%
AVAX: -1.3%
BNB: -0.9%
DOGE: -0.9%
LTC: -2.1%
MATIC: +2.1%
SOL: -0.1%

Macro:
S&P 500: 4162 / +0.90%
Nasdaq: 13958 / +2.26%
US 10Y Yield: 3.78% / +3 bps
VIX: 18.94 / -5.44%
DXY: 104.20 / +0.30%

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

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