GBTC Outflows Continue to Subside, Jupiter Volumes Skyrocket Ahead of Big Airdrop

Jan 29, 2024
Market Update This week is shaping up to be a significant one on the macro front, with the JOLTS report on Tuesday, the FOMC meeting and Treasury Quarterly Refunding Announcement (QRA) on Wednesday, PMIs on Thursday, and jobs data on Friday. Despite a downward trend in rates today, possibly hinting at the Fed's tone this week, DXY is climbing, largely due to a weakening Euro. In the equities market, major indices are showing relatively flat performance so far. Meanwhile, gold is experiencing a slight uptick, and $BTC is advancing towards $43k, following a weekend of steady prices and improving market sentiment due to slowing GBTC outflows. $ETH is moving higher but lagging the rest of the market as it approaches the $2300 level. $SOL is notably outperforming, once again challenging $100, driven by increased inflows into its ecosystem following a recent memecoin launch and in anticipation of a massive airdrop scheduled for Wednesday (more on this below). Other assets displaying outsized strength today include $INJ, $PYTH, $TIA, and $DOGE.The pace of outflows from GBTC has continued to slow. Despite negative flows for GBTC, we are now likely seeing more net neutral outflows (suggesting capital is rotating from GBTC to lower-cost alternatives) rather than outright selling. In any c

Unlock this page with a FREE 30-Day Trial!

*Free trial available only on a monthly plan

Reports you may have missed

CRYPTO MARKET UPDATEDESPITE YIELDS MOVING HIGHER, RISK ASSETS ARE GENERALLY FARING WELL TODAY. BTC 1.55% BRIEFLY MOVED ABOVE $67,000 AGAIN IN THE MORNING HOURS AND IS NOW HOVERING JUST ABOVE THAT LEVEL. ETH 18.65% remains in a holding pattern, trading around $3,000 as it awaits a likely denial from the SEC this week on spot ETFs. The ETHE 0.00% discount did compress slightly last week, possibly driven by longshot bets that the SEC...

MARKET COMMENTARYU.S. EQUITIES ARE RELATIVELY FLAT AS THEY CONSOLIDATE ABOVE PRIOR ALL-TIME HIGHS. THE SPX IS TRADING AT 5,300, AND THE NDQ IS HOVERING NEAR $18,600, WHILE THE DXY 0.00% (-0.07%) IS SHOWING A SLIGHT DECLINE, TRADING AT $104.4. Crypto assets are showing strength, with BTC 1.55% rising 2.84% to $67.1k and ETH 18.65% surging 4.86% to $3,090. Liquid staking tokens are building on Ether's outperformance, as LDO 23.69% and PENDLE 11.67% have gained 10.11% and 13.43%, respectively. Similarly, layer-2...

CRYPTO MARKET UPDATETODAY, WE ARE SEEING SOME MINOR CONSOLIDATION IN THE CRYPTO MARKET COINCIDING WITH THE SLIGHT BOUNCE IN THE RATES AND DXY 0.00% . BTC 1.55% is trading just north of $65k, while ETHBTC continues to struggle, with ETH 18.65% moving lower for the 5th consecutive day and still trading below the $3k mark. Despite the market consolidation, SOLBTC is still green on the day as SOL -1.50% works to regain the $160 level....

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In