Record-Setting BTC Inflows, Coinbase to Issue $1B in Convertible Notes
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 0.07% , are outperforming thus far today. SOL 1.64% has continued its gradual climb, now trading just north of $152. NEAR 0.01% 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.