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Flows Turn Negative to Start the Week, ENA Token Launches

Apr 2, 2024
Author
Sean Farrell
Sean Farrell AC
Market Update Risk markets are experiencing a broad decline today, largely attributable to the surge in rates following the impressive PMI figures released yesterday. The US 10-year yield briefly reached 4.4%, marking its highest level since November. The crypto market was particularly affected in the early US hours today, with over $400 million in futures liquidations and $BTC moving from nearly $70k to just below $65k. Following suit, the wider crypto market saw significant drops, with $ETH descending to nearly $3200 and $SOL retreating to $176. With interest rates largely influencing current market dynamics, crypto-related equities are underperforming, with some miners down over 10%. There are few crypto assets that are managing to stay in the green today. Meanwhile, in traditional markets, major equity indices are also down substantially, with the QQQ falling by 1.1% and the S&P 500 by 0.9%.Following the expansionary manufacturing PMI figure and the subsequent rise in yields, aggregate ETF flows turned negative for the first time in over a week on Monday, with all funds experiencing a net outflow of approximately $85 million, predominantly due to $305 million in outflows from GBTC. BlackRock's IBIT and Fidelity's FBTC witnessed approximately $166 million and $44 million in i

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