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Market Colour 31/05/2024
- BTC: Despite strong inflows from Spot BTC ETFs over the past two weeks, BTC struggles to find upward momentum. QCP & Bitfinex analysts believe that BTC price is hampered by Mt. Gox’s liquidation uncertainty that will hit the market by October 2024.
- ETH ETFs: After the 19b-4 forms were approved on May 23rd, the SEC has asked issuers to hand in their S-1 forms by 31st May in order to commence trading. VanEck were the first ones to submit their S-1 filings followed by BlackRock and Grayscale who submitted their fillings in the past 2 days. Bloomberg analyst predicts trading to commence on July 4th.
- PolitiFi Memecoins: This sector continues to draw attention as Donald Trump becomes the first former President to be convicted of criminal charges. Trading volume of various Trump-related memecoins have surged since the conviction with STRUMP falling 25% in the last 24 hours. Analysts predict that this sector will continue to draw attention until the US elections are completed in November 2024.
- BTC: Despite strong inflows from Spot BTC ETFs over the past two weeks, BTC struggles to find upward momentum. QCP & Bitfinex analysts believe that BTC price is hampered by Mt. Gox’s liquidation uncertainty that will hit the market by October 2024.
- ETH ETFs: After the 19b-4 forms were approved on May 23rd, the SEC has asked issuers to hand in their S-1 forms by 31st May in order to commence trading. VanEck were the first ones to submit their S-1 filings followed by BlackRock and Grayscale who submitted their fillings in the past 2 days. Bloomberg analyst predicts trading to commence on July 4th.
- PolitiFi Memecoins: This sector continues to draw attention as Donald Trump becomes the first former President to be convicted of criminal charges. Trading volume of various Trump-related memecoins have surged since the conviction with STRUMP falling 25% in the last 24 hours. Analysts predict that this sector will continue to draw attention until the US elections are completed in November 2024.
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Market Colour 03/06/2024
- Monthly ETF Flows: With total inflows of $13.8B across 98 days of ETF trading, the ETFs have recorded 4 months of net inflows and 1 month of net outflows. The ETFs ended May with 14 days of consecutive inflows resulting in $2.07B of monthly inflows in May - a bounceback from -$344.1M of monthly outflows in April.
- ETH Options: Majority of ETH Options are calls between $4K-$5K for end-of-June expiry June 28th. This is driven by the speculation that trading of the Spot ETH ETFs will commence at the end of June. Looking ahead to end-of-July, ETH Options are concentrated at calls with a strike price of $6K.
- ENA: Issued by Ethena Labs, the USDe stablecoin has become the fastest USD asset to reach the $3B supply mark just four months after its public launch. Following this news, ENA OI on Binance has surged 6.16% in the last 24 hours with its funding rate remaining stable at 10.95% annualized.
- Monthly ETF Flows: With total inflows of $13.8B across 98 days of ETF trading, the ETFs have recorded 4 months of net inflows and 1 month of net outflows. The ETFs ended May with 14 days of consecutive inflows resulting in $2.07B of monthly inflows in May - a bounceback from -$344.1M of monthly outflows in April.
- ETH Options: Majority of ETH Options are calls between $4K-$5K for end-of-June expiry June 28th. This is driven by the speculation that trading of the Spot ETH ETFs will commence at the end of June. Looking ahead to end-of-July, ETH Options are concentrated at calls with a strike price of $6K.
- ENA: Issued by Ethena Labs, the USDe stablecoin has become the fastest USD asset to reach the $3B supply mark just four months after its public launch. Following this news, ENA OI on Binance has surged 6.16% in the last 24 hours with its funding rate remaining stable at 10.95% annualized.
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