USDC Issuer Restructures, Crypto ETPS See Weekly Outflows

Market Update Bitcoin is extending its slide lower, down 1.0% today and 11.9% weekly to trade at $25.8k. Ethereum is underperforming, losing 2.5% over the last day to trade near $1.6k. Investors expecting a decision on the Grayscale vs. SEC case today were disappointed yet again as no opinions were released. The next possible decision day is this Friday. Nearly 70% of the top 100 tokens are in double digit losses over the past week, with every token in the red except $KAS (+2.1%) and $RUNE (+9.6%). THORChain’s $RUNE has benefited from the release of a lending product that allows users to lend L1 assets to ThorChain and borrow USD denominated debt with no liquidations, interest, or expiration. Kaspa’s $KAS has been one of the stronger performing tokens this year, rising 691% so far. The project claims its GHOSTDAG protocol allows it to be the fastest, most decentralized, and fully scalable L1 on the market. Risk-on markets continue to face headwinds from a strong dollar, which is on track to gain for the 6th straight week, up 4% in the same period. Short term rates continue to press higher, with the US 2-year at 5.04%. Longer term rates also remain elevated, with the 10-year and 30-year bonds currently trade at 4.33% and 4.4% respectively.  Coinbase has acquired a minor