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Grayscale Request Sweeping ETF Approval, Unprecedented CME Crypto Open Interest

Jul 28, 2023
Market Update After a shaky afternoon yesterday, US stocks rebounded with vigor this morning. Leading headline indexes are up by 1% - 2% after a better-than-expected Core PCE reading for the second consecutive month. The Core PCE holds significant importance in influencing the Fed's policy decisions. Consequently, US yields have declined across the yield curve in response, and the markets are currently indicating an approximately 80% likelihood of the Fed pausing at the September FOMC meeting. Crypto markets seem unaffected by the bullish news, with $BTC and $ETH flat since yesterday. Our weekly Crypto Strategy note highlighted that Bitcoin's 30-day realized volatility has reached levels not seen since July 2020. Bitcoin's price crossing into unusually low realized volatility has coincided with positive price action following what can be seen as a "floor-setting" period.Cryptocurrency fund manager Grayscale has requested the SEC approve all spot Bitcoin exchange-traded funds (ETFs) currently under review to prevent any one ETF from gaining an unfair advantage. Grayscale argues that the SEC should make a fair and orderly decision without favoring specific proposals over others. They also draw a link between Bitcoin spot ETFs and futures ETFs, suggesting that the approval of the f

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FS Insight

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