BTC is currently trading around $101,800 and ETH around $4,050. Notable gainers in the last 24 hours are BGB, DYDX, and UNI. The global crypto market cap is $3.89T, up 0.4% over the last day. DeFi Total Value Locked is ~$135b and BTC dominance is around 56%.
Equity markets are mixed after US payrolls came in slightly better than expected. However, the report is being interpreted as aiding a Fed rate cut in two weeks as the labor market isn’t too hot to deter the Fed from cutting rates but also not too soft to raise concerns around the economy. In fact, Fed funds futures now price in an 85% chance of a 25 bps cut at the next FOMC meeting. Meanwhile crypto markets are roughly flat, but not before Bitcoin retreated below $93,000 at one point yesterday and caused over $1.1b of liquidations. While there didn’t seem to be a specific cause for the dip, analysts were quick to blame high leverage as a heavily contributing factor. Finally, note that altcoins hung in relatively well during Bitcoin’s dip and ETH even surpassed $4,000 today for the first time since March.
Notable news includes: Hong Kong published a bill to move it closer to formalizing stablecoin regulations; Trump nominated Craft Ventures co-founder and crypto advocate David Sacks to be the White House AI and Crypto Czar; the SEC filed an amended complaint against Binance; Coinbase released letters from the US FDIC urging banks to halt or avoid crypto-related activities; the SEC informed two issuers that it will reject their applications for a spot Solana ETF; the US spot Bitcoin ETFs surpassed Satoshi to become the world’s largest Bitcoin holder; the spot Bitcoin and Ethereum ETFs have seen $3.7b and $1.3b of inflows, respectively, over the last ten trading days; the Financial Times offered a tongue-in-cheek apology for its skepticism of Bitcoin; pump.fun banned UK users after a warning from the country’s regulator; Chinese selfie app developer Meitu sold all its crypto holdings for an 80% gain; USDC became the first stablecoin to comply with Canada’s new listing rules; Sky faced criticism for its alleged reliance on an externally owned account to manage $756m of USDC reserves as part of its Lite PSM; Solana developers proposed increasing the network’s block compute limit from 48m to 50m units; Pudgy Penguins announced plans to launch a new PENGU token on Solana; Kamino Finance launched an intents-based DEX; and, Layer N pivoted from an Ethereum L2 to its new N1 blockchain.
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.
