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Living in Interesting Times

Kunal Goel, Sunny Shi, Seth Bloomberg, Dylan BaneJul 26, 2024 ⋅ 11 min read

Primer

It’s clear that 2024 has been a landmark period for the crypto market. The industry has experienced significant developments that have collectively shaped the landscape in profound ways. In this report, we will recap the year for some of the major assets and our analysts' insights and projections.

Bitcoin

  • The introduction of a Bitcoin spot ETF has opened new avenues for institutional and retail investment. The ETFs have been highly successful, breaking multiple records on their way to $60+ billion AUM and $17+ billion in net flows.
  • Bitcoin made new all-time highs after its highly anticipated halving event. However, the price did not meaningfully push past the old highs and is now back below them.
  • The ongoing Bitcoin conference in Nashville features a keynote speech by former President Donald Trump. It underscores Bitcoin’s growing prominence in the political discourse.
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Kunal Goel
kunalgoel

Kunal previously worked in equity research and now considers himself a financial analyst in crypto. He specializes in valuation and bottom-up analysis for Layer-1 and DeFi protocols because he has yet to learn of a way to value NFTs.

Sunny Shi
defi_monk

Sunny was previously a TradFi Research Analyst at a long-only hedge fund. He is now an Enterprise Research Analyst at Messari focusing on consumer, DeFi, and all things cool.

Seth Bloomberg
bloomberg_seth

Prior to joining Messari, Seth worked in traditional finance software and services, and has a MSc in Applied Mathematics. Seth is a Senior Research Analyst on the Enterprise Research team, and focuses on infrastructure, verifiable compute, and the AI x Crypto intersection.

Dylan Bane
dylangbane

Dylan is a Sr. Enterprise Research Analyst focusing on DePIN, DeFi, AI, and RWAs. He previously worked as a digital assets investment analyst at T. Rowe Price and in venture capital. Dylan is a graduate of Princeton University and co-founded the Princeton Blockchain Club.

Mentioned Assets
Outline
  • Primer
  • Sunny
  • Seth
  • Dylan
Authors
Kunal Goel
Kunal previously worked in equity research and now considers himself a financial analyst in crypto. He specializes in valuation and bottom-up analysis for Layer-1 and DeFi protocols because he has yet to learn of a way to value NFTs.
Sunny Shi
Sunny was previously a TradFi Research Analyst at a long-only hedge fund. He is now an Enterprise Research Analyst at Messari focusing on consumer, DeFi, and all things cool.
Seth Bloomberg
Prior to joining Messari, Seth worked in traditional finance software and services, and has a MSc in Applied Mathematics. Seth is a Senior Research Analyst on the Enterprise Research team, and focuses on infrastructure, verifiable compute, and the AI x Crypto intersection.
Dylan Bane
Dylan is a Sr. Enterprise Research Analyst focusing on DePIN, DeFi, AI, and RWAs. He previously worked as a digital assets investment analyst at T. Rowe Price and in venture capital. Dylan is a graduate of Princeton University and co-founded the Princeton Blockchain Club.
Mentioned Assets