BTC is currently trading around $89,400 and ETH around $3,150. Notable gainers in the last 24 hours are PNUT, PEPE, and WIF. The global crypto market cap is $3.08T, down 0.7% over the last day. DeFi Total Value Locked is ~$110b and BTC dominance is around 61%.
Equity and crypto markets are fairly flat, but not before Bitcoin hit another all-time high of ~$93,500. Notably, US inflation came in as expected, with both headline and core CPI meeting the consensus. While economists remain concerned that Trump’s campaign promises, if enacted, could exacerbate inflation, fed fund futures continue to price a ~80% chance that the Fed again cuts rates at its meeting next month.
Notable news includes: Cyprus’s CySEC announced it will begin accepting CASP license applications under the incoming MiCA rules; pro-crypto John Thune was elected to serve as the US Senate Majority Leader; anti-crypto Senator Elizabeth Warren confirmed she will be the Democrats’ Senate Banking Committee ranking member; Trump nominated pro-crypto Pete Hegseth for Secretary of Defense; Trump appointed Elon Musk and Vivek Ramaswamy to lead the new Department of Government Efficiency (DOGE); the US government filed to recover crypto assets tied to SBF’s alleged $40m bribe to Chinese officials; crypto asset managers BlockTower and Arca announced they will merge; Bitwise Asset Management acquired Ethereum staking provider Attestant; Coinbase acquired stablecoin payment processor Utopia Labs; the spot Ethereum ETFs reached positive cumulative flows; BlackRock’s spot Bitcoin ETF IBIT reached $40b in assets in a record 211 days; BlackRock announced it will launch its tokenized money fund BUIDL on five additional chains; Copper announced it will offer custody services for tokenized money funds; fintech firm Revolut expanded its crypto exchange to 30 new European markets; Tokyo-based crypto exchange Coincheck is set to list on Nasdaq via a SPAC; two OpenSea users dropped their proposed class action lawsuit that accused the NFT platform of selling unregistered securities; World launched human verifications in Brazil; Jito resolved a bundle delivery issue that temporarily took its blockspace marketplace offline; lending protocol Curve launched a decentralized yield-bearing stablecoin scrvUSD; and, Solana memecoin PNUT soared to a $1b valuation after its Binance listing.
Sign up to conveniently receive GSR crypto content in your inbox.
Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. The Firm is not and does not act as an advisor or fiduciary in providing this material. GSR is not authorised or regulated in the UK by the Financial Conduct Authority. The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services.
This material is not a research report, and not subject to any of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm’s proprietary interests, which may conflict with the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments.
Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication, and are subject to change without notice. Trading and investing in digital assets involves significant risks including price volatility and illiquidity and may not be suitable for all investors. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.
