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

Mar 13, 2024
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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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 -0.99% rising 2.84% to $67.1k and ETH -1.45% surging 4.86% to $3,090. Liquid staking tokens are building on Ether's outperformance, as LDO -3.34% and PENDLE -0.22% 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 -0.99% is trading just north of $65k, while ETHBTC continues to struggle, with ETH -1.45% 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 -1.36% works to regain the $160 level....

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