Crypto markets were recently driven by an unprecedented amount of deleveraging.
Based on publicly available data, we believe that excess leverage has largely been wound down at this point in time. Assuming there are no further surprises from large private balance sheets, crypto markets will likely remain relatively stable.
Is the worst behind us or are we waiting for the other shoe to drop?
Friedrich Herzog, our Head of Research Asset Management, offers his point of view in this Crypto Capsule.
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