Crypto Research

PORTFOLIOS: Source: Bloomberg, Artemis, Fundstrat Source: Bloomberg, Artemis, Fundstrat PLEASE SEE END OF NOTE FOR COMMENTARY ON PORTFOLIO CHANGES BENEFIT OF THE DOUBT The market has found some relief since Tuesday on the back of a ceasefire agreement between the US and Iran. We have seen oil come off its highs, VIX and MOVE roll over, and spreads start to tighten. This has led to a commensurate rally in crypto,...

DISCUSSED IN TODAY'S VIDEO:GEOPOLITICS EASE, RISK ASSETS RESPOND: We received very constructive news post-market close, with the US and Iran agreeing to a two-week ceasefire. This appears to coincide with the reopening of the Strait of Hormuz, allowing cargo ships and tankers to resume transit through a critical global trade route. Markets reacted quickly, with risk assets rallying as the geopolitical risk premium began to unwind.CRUDE COLLAPSE SIGNALS RISK PREMIUM...

DISCUSSED IN TODAY'S VIDEO:CRYPTO CATCH-UP: Crypto staged a modest rebound over the past 24–36 hours, with BTC briefly reclaiming $70k before settling near $69k and ETH modestly outperforming. This move appears to reflect a partial catch-up to equities, which began pricing in incremental optimism SoH traffic late last week.HORMUZ OPTICS: A key driver of improved risk sentiment is emerging evidence that shipping activity through the Strait of Hormuz may be...

DISCUSSED IN TODAY'S VIDEO:POSITIONING: NO LONGER “KEY RISK” BUT NOT A CONTRARIAN SIGNAL EITHER: Positioning has improved meaningfully over the past few weeks, reducing what was a key risk coming into the year. The latest Bank of America Fund Manager Survey shows the largest increase in cash levels since COVID, alongside a notable decline in investor sentiment. However, absolute levels remain far from extremes, leaving positioning in “no man’s land.”...

NOTE: As part of our transition from FS Insight to Fundstrat Direct, my notes will transition from sean. farrell@fsinsight. com to sean. farrell@fundstratdirect. com. Please add the new address to your contacts or safe sender list to ensure uninterrupted delivery. The research and insights you rely on will remain exactly the same — only our name and sender address are changing. If you have questions, please visit our FAQ here....

NOTE: As part of our transition from FS Insight to Fundstrat Direct, my notes will transition from sean. farrell@fsinsight. com to sean. farrell@fundstratdirect. com. Please add the new address to your contacts or safe sender list to ensure uninterrupted delivery. The research and insights you rely on will remain exactly the same — only our name and sender address are changing. If you have questions, please visit our FAQ here....

NOTE: As part of our transition from FS Insight to Fundstrat Direct, my notes will transition from sean. farrell@fsinsight. com to sean. farrell@fundstratdirect. com. Please add the new address to your contacts or safe sender list to ensure uninterrupted delivery. The research and insights you rely on will remain exactly the same — only our name and sender address are changing. If you have questions, please visit our FAQ here....

NOTE: As part of our transition from FS Insight to Fundstrat Direct, my notes will transition from sean. farrell@fsinsight. com to sean. farrell@fundstratdirect. com. Please add the new address to your contacts or safe sender list to ensure uninterrupted delivery. The research and insights you rely on will remain exactly the same — only our name and sender address are changing. If you have questions, please visit our FAQ here....

NOTE: As part of our transition from FS Insight to Fundstrat Direct, my notes will transition from sean. farrell@fsinsight. com to sean. farrell@fundstratdirect. com. Please add the new address to your contacts or safe sender list to ensure uninterrupted delivery. The research and insights you rely on will remain exactly the same — only our name and sender address are changing. If you have questions, please visit our FAQ here....

NOTE: As part of our transition from FS Insight to Fundstrat Direct, my notes will transition from sean. farrell@fsinsight. com to sean. farrell@fundstratdirect. com. Please add the new address to your contacts or safe sender list to ensure uninterrupted delivery. The research and insights you rely on will remain exactly the same — only our name and sender address are changing. If you have questions, please visit our FAQ here....

NOTE: As part of our transition from FS Insight to Fundstrat Direct, my notes will transition from sean. farrell@fsinsight. com to sean. farrell@fundstratdirect. com. Please add the new address to your contacts or safe sender list to ensure uninterrupted delivery. The research and insights you rely on will remain exactly the same — only our name and sender address are changing. If you have questions, please visit our FAQ here....