Coinbase Receives Canadian Registration, Ethena Adding Bitcoin Collateral Option

Despite March Non-Farm Payrolls blowing expectations out of the water (303k vs 214k exp.), equity indices are rebounding, with the SPY and QQQ gaining 1.23% and 1.50%, respectively. Although crypto assets held up during yesterday’s equity sell-off, they fell overnight, with BTC (-1.06%) reaching the low $66,000s before rebounding to $67.7k at the time of writing. ETH (-0.53%) is trading slightly above $3k as the ETHBTC ratio has fallen below .05%, which has served as an area of support over the past two years. According to a regulatory filing, Blackrock has added some notable authorized participants to its Bitcoin ETF, including Citadel, Goldman Sachs, UBS, and Citigroup. Authorized participants can create or redeem ETF shares and help keep ETF prices close to the underlying NAV. The impressive flows and trading volumes have likely caught the attention of these large institutions as they seek to benefit from market inefficiencies.