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Bitcoin Slumps Amid ETF Delays, Aerodrome Drives Base TVL

Sep 1, 2023
Author
Tom Couture
Tom Couture AC
Market Update In the first trading day of September, equity markets are relatively flat following more economic data releases showing the U.S. unemployment rate rising to 3.8% (3.5% expected), with the labor participation rate increasing to 62.8% (62.6% expected). Crypto is reacting negatively to the SEC delaying a slew of spot Bitcoin ETF applications, including Blackrock and Fidelity’s. $BTC (-0.24%) has fallen back below $26k and $ETH (-0.47%) is ranging in the low-to-mid $1,600s. Investors will now look to October for the SEC’s next deadline regarding an ETF approval. In more ETF-related news, Bitwise has unexpectedly withdrawn its application for a Bitcoin and Ether market cap ETF, citing, “There can be no assurance that the fund will achieve its investment objective.”The Base Network has seen a significant influx of TVL over the last day, which can largely be attributed to the launch of Aerodrome, a new decentralized exchange that attracted over $200 million in TVL in its three days since launching. Aerodrome is a fork of Velodrome, the popular AMM on Optimism, and may cement itself as the go-to place for trading and liquidity providing on Base given the rapid deposit inflows, which have outpaced that of competitors such as Uniswap. Aerodrome hopes to serve as a bu

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