SEC Delays Fidelity's Ether ETF Decision, Solana Mobile's Chapter 2 Exceeds Preorder Expectations

Jan 19, 2024
Market Update U.S. equities are ending the week on a strong note, with the SPY and QQQ both rallying more than 0.75% on the back of encouraging UMich Consumer Confidence Data, showing the highest mark since 2021 amid expectations of inflation easing and rates declining. Crypto markets are not sharing the confidence as the market continues to absorb large amounts of Bitcoin sales due to GBTC outflows ($2.2 billion). Total flows remain positive at $1.1 billion, with Blackrock and Fidelity surpassing the $1 billion mark. $BTC (-0.45%) is trading around $41k while $ETH (-0.24%) is performing slightly better, holding $2,450. Altcoins are underperforming, with total market cap excluding Bitcoin and Ethereum declining 3% on the day.Source: Bloomberg, FundstratNow that the Bitcoin spot ETFs have been approved, attention is shifting towards pending Ether applications. Fidelity filed its application in November with a similar rationale to Bitcoin in the fact that if the SEC approved a futures-based ETF, there should be no reason to deny a spot ETF. Yesterday, the SEC delayed its decision on Fidelity’s application, moving the next deadline to March 5th, where the SEC retains the ability to delay its decision again. The SEC stated, “The Commission finds it appropriate to designate a lon

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