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BlackRock Applies for BTC ETF, Curve Loan Poses Risk

Jun 15, 2023
Market Update Crypto markets have fallen sharply, with $BTC down 3.8% while $ETH is down 5.7% over the last day. Equities are rebounding today after the Fed sent mixed signals for the interest rate outlook, keeping rates unchanged for the first time since they began hiking while signaling the possibility of future hikes. The S&P continues to push 1.06% higher, and the Nasdaq is up 1.05%. Crypto initially followed equities lower yesterday, with the sell-off accelerating around 4 pm EST and no clear crypto-specific catalysts other than $100m in liquidations in the span of an hour. On top of uncertainty from SEC actions, negative sentiment is compounding with USDT slightly de-pegging and causing imbalances in various DeFi pools. The USDT (Tether) percentage within Curve's 3Pool significantly increased from approximately 22% a few days ago to over 70% today. Furthermore, USDT now constitutes around 98% of the USDC/USDT pool on Uniswap. As a result, Tether will likely have to exchange a considerable amount of USDT as arbitrage traders become involved. To alleviate concerns, Tether's Chief Technology Officer expressed that Tether was prepared to redeem any quantity of USDT.Following a decline in the value of $CRV tokens and concerns over potential liquidation and selling pressure, a w

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CRYPTO MARKET UPDATE U.S. EQUITIES ARE CONTINUING THIS WEEK’S SELL-OFF, WITH THE SPY -2.07%  AND QQQ -3.27%  BOTH DECLINING APPROXIMATELY 0.28%, WHILE THE DXY AND TREASURY YIELDS INCH UPWARDS. In contrast, BTC is moving sharply higher, trading at $65.8k, with rumors circulating that former President Trump will unveil plans to add Bitcoin as a strategic reserve at next week’s Bitcoin conference. ETH is trading at $3,450 ahead of potential S-1 approval after...

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FS Insight

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