Bitcoin ETFs Set Volume Record, Aero Provides Reminder of Potential Goldmine On COIN Balance Sheet
Bitcoin surged higher yesterday evening during Asian market hours, climbing from $54.8k to reach $57k. This increase followed a day of impressive inflows into spot BTC ETFs. ETH has taken a backseat for the time being, currently trading slightly above $3.2k. STX 2.36% is performing well, up over 6%, but other recent market leaders are lagging. It appears that flows have shifted towards more speculative corners of the market, with memecoins such as BONK, DOGE, PEPE, and SHIB all outperforming on the day. Equity markets are showing mixed results today, with small caps and utilities outperforming while tech stocks are lagging. Both the QQQ and SPX are down approximately 0.15% on the day. Meanwhile, long-term interest rates are moving higher, and short-term rates are moving lower, potentially due to weaker-than-expected durable goods orders released this morning. As mentioned last week, correlations between Bitcoin and equities had begun to increase, so a trading day where equities are weak while Bitcoin remains strong will be an interesting data point to observe.
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