ETHE Discount Shrinking, ETP Flows Remain Strong
Jul 18, 2023
Market Update Despite underwhelming retail sales data, positive earnings reports are driving equity markets upward. The increase in advance retail sales for June was a mere 0.2% month-over-month, falling below economists' predicted 0.5% increase. Nevertheless, the QQQ index has seen a 60 bps rise, and the SPX index a 52 bps increase. Cryptoassets are diverging from equities, not mirroring the rally spurred by solid earnings. At present, most cryptoassets are on a downward trend, with $BTC dropping below $30k and $ETH below $1.9k. This decline can be partially attributed to the surge in short-