IBIT Fastest ETF to $10 Billion, Blast Finally Launches

Mar 1, 2024
Market Update Bitcoin experienced an uptick in premarket trading, approaching $63k, and is now stabilizing just above $61k. As we will expand on below, yesterday's price action was special in light of the GBTC outflows that were experienced. The $BTC premium on Coinbase has decreased since the market opened, suggesting possible additional redemptions in GBTC today. However, the decrease isn't as pronounced as yesterday. $ETH is currently hovering just below $3400, generally mirroring Bitcoin's price movements. $SOL has finally broken out, surging last night to nearly $138 and is now consolidating around $130. Notable outperformers today include $INJ, AI-related assets $RNDR and $TAO, along with the dog coins, with $DOGE and $BONK attracting capital from a mini-rotation out of the majors. In traditional markets, morning price movements were influenced by an ISM Manufacturing PMI figure that fell short of expectations at 47.8, which drove down rates and the DXY, and pushed gold higher due to heightened recession concerns. Meanwhile, the QQQ is up nearly 1.0%, and the SPX has gained 0.50% for the day.As discussed in our crypto commentary video last night, yesterday's price action was remarkably bullish, especially considering the $600 million outflow from GBTC. According to the tot

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