Bitcoin Slumps Amid ETF Delays, Aerodrome Drives Base TVL

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 In more ETF-related news, Bitwise has unexpectedly withdrawn its application for a Bitcoin and Ether market cap ETF, citing, “There can be no assurance that the fund will achieve its investment objective.”