Record-Setting BTC Inflows, Coinbase to Issue $1B in Convertible Notes

Name: FS Insight
Price range: $$$

Mar 13, 2024

Author

Sean Farrell ^AC

AAVE -9.17% ARB 2.18% BTC -3.26% ETH -2.76% MATIC -1.03% MKR -2.95% NEAR 0.43% SOL -0.54% SYN -4.10%

Market Update $BTC surged in the overnight hours, nearing $74k, following a day of record inflows into spot ETF products. It's now trading around $72.5k. $ETH is showing relative weakness this morning, dipping just below $4k. This may be due to capital rotating into Layer 2 solutions and other Ethereum-related assets following the successful Denunc upgrade. Ethereum-adjacent assets such as $AAVE, $SYN, $MATIC, $MKR, and $ARB, are outperforming thus far today. $SOL has continued its gradual climb, now trading just north of $152. $NEAR is also showing relative strength ahead of next week's NVIDIA AI conference. In traditional markets, rates are on the rise following a disappointing 10-year auction yesterday, with anticipation building ahead of a significant 30-year auction today. Equities are seeing gains across most sectors, although major indices are being weighed down by tech stocks; the SPX is down about 0.20%, and the QQQ is down about 0.70%. Despite the uptick in rates, traditional gold has edged slightly higher, up about 0.30% for the day.Spot Bitcoin ETFs recorded 14,706 BTC, or over $1 billion, in net inflows on Tuesday, eclipsing the previous February record of $673 million. BlackRock achieved a record $849 million in inflows, whereas Grayscale experienced a relatively m

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