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Executive Summary

Cryptocurrencies showed mixed performances in July, Fixed Income was up while Equities were down.

US and EU maintain interest rates; Canada, UK, and China cut rates; Japan hikes rates for the second time since 2007. US consumer prices fell for the first time in four years in June, with the CPI index dropping 0.1% month-on-month, increasing 3% year-on-year (YoY). Personal consumption expenditures in June rose 2.5% YoY, lower than the 2.6% YoY growth in May, suggesting price hikes may be slowing. In addition, US Q2 GDP came in stronger than expected. Real GDP increased 2.8% YoY, compared to the Dow Jones estimate of 2.1%.

Key macro events coming in August include US Consumer Price Index and US FOMC minutes.

BTC’s price performance showed weak correlations with equities, and exhibited negative correlations with fixed income.

US spot Ethereum ETFs launched on 23 July. The ETFs recorded total net outflows of $484 million in July (7 trading days). All the ETFs recorded net inflows except Grayscale’s converted Ethereum Trust (ETHE).

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 1-standard deviation (SD) ceiling in July.

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 see price volatility in July, with SOL outperforming in terms of price appreciation.

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 [July 2024]

Author

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7 Aug 2024|RESEARCH

Alpha Navigator: Quest for Alpha [July 2024]

Cryptocurrencies showed mixed performance in July, Fixed Income was up while Equities were down. US, EU maintain interest rates; UK cuts rates while Japan hikes rates for the second time since 2007.

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