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Executive Summary
- Equities and Fixed Income were up in June, while Cryptocurrencies dropped.
- The US Fed kept interest rates unchanged in its June meeting, in-line with expectations while signalling that only one rate cut is expected in 2024. Meanwhile, U.S. CPI held flat in May month-on-month (increased 3.3% year-on-year), lower than expectations. U.S. Personal Consumption Expenditures Price Index (PCE) was also flat in May month-on-month (up 2.6% year-on-year). According to the latest CME FedWatch data, the earliest rate cut is expected in September (63% probability). The European Central Bank (ECB) cut interest rates for the first time in five years by 0.25% to 3.75%, in-line with expectations.
- Key macro events coming in July include interest rate decisions from the US, EU, and Japan.
- BTC correlations with other assets were mostly positive.
- US Spot Bitcoin ETFs saw total net inflows of US$667 million in June, compared to a net inflow of US$2.07 billion in May. GBTC had a net outflow of $613 million in June.
- Market-Neutral Pair Trader hunts for strongly correlated tokens and potential market-neutral pair trades.
- For the BTC vs. ETH pair, the price ratio (BTC price divided by ETH price) approaches the mean in June.
- Our style-factor screens track momentum, value, growth, and risk for the Layer-1 and Layer-2, DeFi, Gaming, and NFT categories. Below is the screen for selected top crypto tokens by market cap in the Layer-1 and Layer-2 category. L1 and L2 token prices declined in June, with NEAR showing the steepest drop, followed by ARB.
- Our events section shows recent and upcoming events for selected tokens, as well as important macroeconomic events.
Read the full Alpha Navigator report: Alpha Navigator: Quest for Alpha [June 2024]
Author
Research & Insights Team
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