Hong Kong and Latin America Continue Crypto Efforts

After lower-than-expected JOLTS numbers yesterday, both Q2 GDP and ADP Employment numbers similarly came in below expectations, causing U.S. Treasury yields and the DXY to fall as the market reprices how much more monetary tightening may be needed. Conversely, equity indices are responding positively to the economic data, with the SPX and QQQ both rising more than 0.30% at the time of writing. After closing yesterday up over 6% following Grayscale’s massive victory, BTC (-2.06%) has cooled off a bit. ETH (-1.63%), along with most altcoins, are performing similarly and retracing some of yesterday’s gains. GBTC’s discount to NAV closed yesterday at its lowest level (18.06%) since 2021, and now many expect it to move to near-zero as the chances of a spot bitcoin ETF seem increasingly likely.