Fee Wars Begin, Flows Data Turns Positive

Bitcoin continues to slowly chop higher ahead of this week’s highly anticipated decision from the SEC regarding the Bitcoin spot ETF. On Friday, issuers submitted their final 19b-4 forms, and this morning, all the S-1 forms were filed, offering a glimpse into the emerging fee war. Bitcoin is currently trading just above $46k. Meanwhile, ETH is up 4%, reclaiming the $2300 level. Following a mild pullback across the altcoin market, there has been a rebound in some of the recently strong names, with STX notably up 17% over the past 24 hours. INJ has also seen a significant rise, up 14%, and SOL has recouped a considerable portion of its recent decline, increasing by 7%. In traditional markets, there’s been a decrease in rates after the sharp rise at the start of the year. The DXY is on a downward trend, approaching 102, while major equity indices, particularly tech stocks, are advancing. Beyond the potential ETF approval, key focuses for this week include gaining more clarity on the timeline between 19b-4 approval and launch, and observing how markets respond to this timeline. Concurrently, the first CPI release of the year, due on Thursday, could influence the market’s current expectations of rate cuts.