Alpha Navigator: Quest for Alpha [June 2024]

Equities and Fixed Income were up in June, while Cryptocurrencies dropped. Fed remains cautious on rate cuts, while ECB cuts rates for the first time in five years.

Jul 05, 2024
Alpha Navigator

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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.
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Read the full Alpha Navigator report: Alpha Navigator: Quest for Alpha [June 2024]


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