Leveraged BTC ETF Launches on CBOE, Prime Trust Placed in Receivership

Jun 27, 2023

Bitcoin continues to hover above $30k, gaining 2% over the last day. ETH has bucked its trend of underperforming BTC, with ETHBTC up 0.72% today, although its medium-term downtrend remains intact. The crypto market turned higher after news broke that Fidelity had potentially joined other large asset management companies in filing for a spot BTC ETF. While Fidelity previously filed for a similar ETF in 2021, the SEC rejected that effort last year. BCH 2.35%  and PEPE continue to outperform among the top 100 over the last week, with BCH 2.35%  benefiting from its listing on the institutionally backed EDX Market Exchange. PEPE has not had any specific catalyst behind its 70% move in the last week. After dropping over 80% from its peak, it has caught a bid as the market’s favorite meme coin of this cycle. Older meme coins DOGE and SHIB have largely underperformed BTC and the rest of this market in this rebound. The S&P and Nasdaq rose 1.1% and 1.6%, with continued momentum from tech and AI-related equities.

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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -1.18% falling to $60k and ETH -1.06% approaching the low $2,300s. Aptos (APT 0.58% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -1.17% is also showing slight gains following...

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -1.18% climbing back above $61,000 and SOL -4.45% moving above $145, while ETH -1.06% is lagging, trading around $2,400. Among today's outperformers is SUI -1.41% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...

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