Bitcoin Slumps Amid ETF Delays, Aerodrome Drives Base TVL

Name: FS Insight
Price range: $$$

Sep 1, 2023

Author

Tom Couture ^AC

BTC 0.73% ETH 0.41%

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 In more ETF-related news, Bitwise has unexpectedly withdrawn its application for a Bitcoin and Ether market cap ETF, citing, “There can be no assurance that the fund will achieve its investment objective.”The Base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