IBIT Fastest ETF to $10 Billion, Blast Finally Launches

Mar 1, 2024
Market Update Bitcoin experienced an uptick in premarket trading, approaching $63k, and is now stabilizing just above $61k. As we will expand on below, yesterday's price action was special in light of the GBTC outflows that were experienced. The $BTC premium on Coinbase has decreased since the market opened, suggesting possible additional redemptions in GBTC today. However, the decrease isn't as pronounced as yesterday. $ETH is currently hovering just below $3400, generally mirroring Bitcoin's price movements. $SOL has finally broken out, surging last night to nearly $138 and is now consolidating around $130. Notable outperformers today include $INJ, AI-related assets $RNDR and $TAO, along with the dog coins, with $DOGE and $BONK attracting capital from a mini-rotation out of the majors. In traditional markets, morning price movements were influenced by an ISM Manufacturing PMI figure that fell short of expectations at 47.8, which drove down rates and the DXY, and pushed gold higher due to heightened recession concerns. Meanwhile, the QQQ is up nearly 1.0%, and the SPX has gained 0.50% for the day.As discussed in our crypto commentary video last night, yesterday's price action was remarkably bullish, especially considering the $600 million outflow from GBTC. According to the tot

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CRYPTO MARKET UPDATEBTC -3.46% IS BACK IN THE GREEN TODAY, RECLAIMING $70K FOLLOWING YESTERDAY'S DIP. ETF flows appear to be returning in full force, with another strong day of inflows, capping the largest 5-day period for inflows since mid-March. ETH -4.31% is down slightly on the day, consolidating around $3750 as investors await word from the SEC on ETF approval. ETH CME futures saw outsized volume yesterday as institutional investors showed interest...

CRYPTO MARKET UPDATEDESPITE YIELDS MOVING HIGHER, RISK ASSETS ARE GENERALLY FARING WELL TODAY. BTC -3.46% BRIEFLY MOVED ABOVE $67,000 AGAIN IN THE MORNING HOURS AND IS NOW HOVERING JUST ABOVE THAT LEVEL. ETH -4.31% 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...

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