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GBTC Discount Narrows, Uniswap Turns on Fee Switch for Equity Holders

Oct 17, 2023
Author
Sean Farrell
Sean Farrell AC
Market Update Retail sales outperformed expectations, registering a 0.7% increase compared to the projected 0.3%. This briefly caused yields to soar before partially retracing. Concurrently, the DXY turned negative for the day, while Fed funds futures remained relatively stable, awaiting the next meeting. In crypto, $BTC regained its 200-day moving average, stabilizing around $28.5K after a short-lived rally past $30K. Most altcoins trailed behind Bitcoin, except for Solana ($SOL), which is nearing $24. The $ETH / BTC pair is approaching its 200-week moving average, a development that could attract long-term investors to Ethereum and related assets. Both Bitcoin miners and Coinbase rallied, driven by recent positive SEC news and its decision not to appeal the Grayscale case. Grayscale Bitcoin Trust (GBTC) also rose by 2%, reducing its discount to net asset value to 12%, although this is still higher than what would be expected if an ETF conversion were imminent.A false report from Cointelegraph yesterday morning claimed that the SEC had approved BlackRock's Bitcoin ETF application, sending shockwaves through the market. The rumor led to significant volatility, with BTC price surging $2,000 to reach a peak of $30,000, and triggered $105 million in hourly liquidations in the deriv

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