Join our new Telegram Community Crypto Chat through this form! Starting Monday, we will be adding clients to this exclusive space, which will serve as a natural extension of our crypto research. In this chat, we will regularly share compelling charts and insights, and you will have the chance to connect with fellow subscribers and ask us questions directly.

We are now halfway to reaching the milestone of 100 editions of Crypto Moves. It has been nearly a year since I released the first edition, and I want to thank you for being part of this journey with me and the rest of the Steno Research team.

What better way to celebrate this halfway point than by focusing this edition on the macroeconomic landscape? As we have argued for months, we are entering an extremely positive period for the crypto market.

In terms of U.S. dollar liquidity, our outlook is especially positive heading into year-end. The chart below shows our base-case forecast for U.S. liquidity trends through year-end.

Chart 1: U.S. Dollar Liquidity Outlook