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Bloomberg Increases BTC ETF Odds, Curve Debt Remains a Risk

Aug 2, 2023
Author
Sean Farrell
Sean Farrell AC
Market Update A proposed increase in long-term treasury issuance coupled with Fitch's downgrade of U.S. government debt has caused upward pressure on long-term rates today, with the U.S. 30-year rate moving to 4.2%, the highest since November of last year. Major equity indices have experienced a concurrent pullback alongside a 15% spike in the VIX. Meanwhile, the DXY has surged to 102.6, reaching its highest level in nearly a month. Among the majors, $BTC has retraced some gains from its run to $30k yesterday evening, dropping to $29.3k, while $ETH remains range-bound, currently trading around $1840. Many alts are facing pressure, possibly due to the ongoing Curve drama, which we will delve into further below. However, amidst this turbulence, $SNX stands out as a DeFi token showing considerable strength, recording a 5% increase over the previous 24 hours.In addition to the macro headwinds this morning, market participants likely remain concerned about Michael Ergorov, the founder of Curve, and his loans across Aave, Fraxlend, and Abracadabra, which are at risk of being liquidated. While we don't anticipate long-term systemic issues from this event, this situation could pose challenges for a number of altcoins until resolved. Yesterday, we discussed Ergorov's OTC sales aimed at r

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