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Good Morning! It's Monday, June 12th 2023

Crypto assets had a volatile weekend, with SOL, ADA, and MATIC all dropping over 30% at one point on Saturday. All three tokens have since recovered from the lows, but all are down over 25% on the week. The move comes after Robinhood announced it will delist SOL, ADA, MATIC at the end of the month following the SEC actions. It was also rumored that a large proprietary trading firm dumped a large amount of their portfolio, accelerating the losses in alt coins. BTC dominance rose as a result of the move, which is now over 49%. The total global crypto market cap is currently sitting around $1.1 trillion. BTC and ETH are largely flat over the last 24 hours, both up less than 1%.

The desk saw net buying in SOL and ADA and net selling in MATIC over the weekend. Hedge funds were slight sellers of all three, but we saw increased activity from retail aggregators who were buying. Hedge funds were buyers of both BTC and ETH as well. All in all, hedge funds were buyers of majors and sellers of alts, while retail aggregators were the opposite in both.

FalconX Desk Ratios (last 24 hours):
Overall: 1.4:1
BTC: 2:1
ETH: 5:1
SOL: 1.4:1
Majors: 2.6:1
Alts: 1.2:1
BTC 1.9x ETH volume
Majors 2.6x Alt volume

24 Hour Price Movements:
BTC: +0.6%
ETH: -0.5%
ADA: +4.4%
AVAX: -2.0%
BNB: -1.2%
DOGE: -1.3%
LTC: -1.6%
MATIC: +2.7%
SOL: -1.1%

Macro:
S&P 500: 4,362 / +0.30%
Nasdaq: 14,813 / +0.52%
US 10Y Yield: 3.75% / +2 bps
VIX: 14.55 / 5.21%
DXY: 103.44 / -0.11%

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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