Eigen Airdrop Sparks Debate, Hong Kong ETFs Debut With Minimal Flows
We are witnessing a continuation of the recent weakness in crypto markets today, with BTC now testing $60k, ETH just below $3k, and SOL dipping under $130. The broader altcoin market is experiencing even more pronounced declines, with very few names posting a green candle today. The market was pushed lower in the overnight hours following a disappointing debut from the Hong Kong ETFs (more on that below). However, this remains a reflection of the overall macro landscape. Rates are moving higher today after a strong employment cost index number, suggestive of stickier inflation. The DXY is back above 106, while the ^SPX 0.13% and QQQ are retracing a good portion of their recent gains, with all sectors currently in the red for the day. Tomorrow remains a crucial near-term pivot point for risk markets, as the composition of the QRA is released along with results and commentary from the latest FOMC meeting.
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