Alpha Navigator (February 2024)

Crypto and equities were up in February, while fixed income was under pressure. Interest rate decisions from major central banks upcoming in March.

Mar 06, 2024
Alpha Navigator

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Executive Summary

  • Asset classes were mixed in February, with crypto posting gains and outperforming by a significant margin.
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  • The US headline Consumer Price Index (CPI) was up 3.1% YoY in January, above market expectations. Core CPI — which strips out volatile food and energy prices — was up 3.9% YoY. Meanwhile, the Personal Consumption Expenditures Price Index (PCE) increased 2.4% YoY. All are still tracking higher than the Fed’s 2% inflation target. Fed fund futures data are suggesting unchanged interest rates for the next two FOMC meetings (20 March and 1 May).
  • Key macro events coming up in March are interest rate decisions from the major central banks (US Fed, ECB, PBoC, BoJ), and new US and Eurozone inflation data.
  • BTC correlations with equities were positive in the past 1 month.
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  • BTC options implied volatilities (vols) increased notably in the past month.
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  • Market-Neutral Pair Trader hunts for strongly correlated tokens and potential market-neutral pair trades.
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  • For the ATOM vs. MATIC pair, the price ratio (ATOM price divided by MATIC price) dipped in February to the 2-standard deviation (SD) floor but has since bounced back up.
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  • 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. Token were all up in February, led by ETH.
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  • Our events section shows recent and upcoming events for selected tokens, as well as important macroeconomic events.
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Andrew Ho (Senior Research Analyst)

Research & Insights Team

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Ethereum / Dogecoin / Dapp / Tokens