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Good Morning! It's Thursday, June 15th 2023

BTC and ETH slipped below $25,000 and $1,700 following the FOMC decision yesterday. The Fed left rates unchanged, but remained hawkish in their commentary. The Fed dot plot signaled two more hikes this year and policymakers raised their year-end forecast to 5.6%. Chairman Powell made it clear in his press conference that the decision at this meeting was only a temporary pause and further tightening would likely be necessary. Crypto prices also came under pressure after the Curve 3Pool became largely imbalanced with USDT, leading to a depegging from the dollar. USDT’s balance in the pool increased to over 70%. USDT is currently trading around $0.9985.

The desk saw multiple persona types take the opportunity to scoop up majors after the dip. The desk also saw significant selling interest of USDT into USDC and USD. All in all, hedge funds were buyers of majors and alts. Retail aggregators showed selling in majors and buying in alts.

FalconX Desk Ratios (last 24 hours):
Overall: 1.2:1
BTC: 6.4:1
ETH: 1.8:1
SOL: 1.5:1
Majors: 4.6:1
Alts: 1.1:1
BTC 4.1x ETH volume
Majors 1.7x Alt volume

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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