Grayscale Request Sweeping ETF Approval, Unprecedented CME Crypto Open Interest

Jul 28, 2023

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.

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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC 1.72% falling to $60k and ETH 2.17% approaching the low $2,300s. Aptos (APT -0.37% ) 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 5.63% is also showing slight gains following...

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 1.72% climbing back above $61,000 and SOL 1.70% moving above $145, while ETH 2.17% is lagging, trading around $2,400. Among today's outperformers is SUI 6.10% , 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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