House View – May 2023

In the latest edition of the Crypto Finance House View, we cover the following topics:

Market Review & Outlook

Despite crypto markets remaining range-bound over the past month, various signals that we track still point to a recovering underlying crypto-economy. For example, revenues across various protocols have increased well off their lows since the post-FTX recovery, and daily active users on Ethereum, for example, are up year-over-year. Given these developments, our view remains optimistic over the medium- to long-term. While in the short-term there may be headwinds due to a volatile macro environment and sporadic headlines related to regulatory pushback in the US, we regard these circumstances as attractive buying opportunities for anyone interested in building their strategic crypto exposure.

By Friedrich Herzog

Technical Analysis

BTC/USD has consolidated its strong upmove from USD20k to 28k. Key supports must hold to defend the major reversal pattern (inverse head and shoulders formation). Short term, there is a danger of a correction that could attack the neckline at USD25k. However, as long as BTC/USD trades above this level, the reversal pattern will stay valid. The long-term RSI model still indicates promising entry levels to participate in the big cycle.

The relative strength of ETH vs. BTC after the Shapella upgrade has lost steam. The weekly chart has continued without a break of the trendlines in price and RSI –the charts still favour BTC over ETH.

By Michael Zbinden 

Crypto Finance Cycle Indicator for Bitcoin

In this issue we introduce the Crypto Finance Bitcoin Cycle Indicator, designed to give guidance on where we stand in a bitcoin cycle. Its purpose is not to give price predictions but to serve as a tool to assess the current phase of the cycle. This month’s reading points to an ongoing recovery phase in the bitcoin cycle. The continuous rebound from recent low levels demonstrates a sustained resurgence and suggests that bitcoin has bottomed out.
By Crypto Finance Asset Management team

Interview: Decentralised Autonomous Organisations (DAOs) – Challenges and Opportunities for Collaboration and Governance 

In this interview, Florian Spychiger, a researcher at the ZHAW Institute of Organizational Viability and the UZH Blockchain Center, discusses the challenges and opportunities associated with Decentralised Autonomous Organisations (DAOs). He also elaborates on his current research focus and discusses potential use cases for DAOs, as well as where to find useful information on this evolving field.


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All information in this document is provided for general information purposes only and with no warranty or liability for accuracy, completeness, or fitness for a particular purpose. No information provided in this document constitutes or is intended as investment advice. This document is not, and is not intended as, an offer, recommendation, or solicitation to invest in financial instruments including crypto assets. Crypto Finance is a financial group supervised by the Swiss Financial Market Supervisory Authority FINMA on a consolidated basis with Crypto Finance AG as a securities firm and Crypto Finance (Asset Management) AG as an asset manager for collective investments with the corresponding FINMA licenses. This document and its content including any brand names, logos, designs, and trademarks, and all related rights, are the property of the Crypto Finance Group and Deutsche Börse Group. They may not be reproduced or reused without their prior consent.

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