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Asset classes were all up in May. Cryptocurrencies led the increase, which coincided with US SEC’s approval of Spot Ether ETFs.

The US FOMC released the minutes of its 1 May meeting, mentioning ‘a lack of further progress toward the Committee’s 2 percent (inflation) objective’. The US unveiled personal consumption expenditures (PCE) data, which rose 2.7% Year-on-Year (YoY) in April, in line with expectations but still above Fed’s 2% target. Retail sales were unexpectedly flat in April, despite a 0.4% increase estimate, which suggests a slowdown in consumer spending momentum. This potentially reflects a lack of confidence to move forward with interest rate cuts. According to the latest CME FedWatch data, the earliest rate cut is expected in September (54% probability).

Key macro events coming in June include interest rate decisions from the US, EU, UK, Japan, and China.

BTC correlations with other assets were all positive.

US Spot Bitcoin ETFs saw total net inflows of US$2.07 billion in May, compared to a net outflow of US$344 million in April. BlackRock’s IBIT overtook Grayscale’s GBTC as the largest US Spot Bitcoin ETF by total assets. GBTC had a net outflow of $599 million in May.

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 May.

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 experienced volatility in May, with SOL outperforming the market.

Our events section shows recent and upcoming events for selected tokens, as well as important macroeconomic events.

6 Jun 2024|RESEARCH

Alpha Navigator: Quest for Alpha [May 2024]

Asset classes were all up in May. Cryptocurrencies led the increase, which coincided with US SEC’s approval of Spot Ether ETFs.

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