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Ethena's USDe to Integrate With Bybit, ETFs Post Another Day of Net Inflows

May 7, 2024
Author
Sean Farrell
Sean Farrell AC
Market Update Rates are broadly lower again on Tuesday, with the US 10Y nearing 4.4%, down from 4.7% just under a week ago. Risk assets are on the rise, with both the $SPX and $QQQ showing gains today. Crypto performance is mixed so far, with #BTC retesting the $63k level after US market open, following a rally to just over $64k in the early morning hours. Meanwhile, #ETH is still hovering just above $3k, appearing relatively unloved compared to #BTC and #SOL, with the #ETHBTC ratio now down approximately 5% over the past five days. Notable outperformers among the larger caps today include #ENA, following its integration of #USDe on Bybit (more on that below), and #RNDR, the decentralized GPU rendering network, which is seemingly rallying alongside chipmaker #NVDA. It was another positive day for ETF flows, with $GBTC experiencing inflows for the second consecutive trading day, and an overall net inflow of $217 million across all spot BTC ETFs.Source: Farside Investors, FundstratToday, Ethena and Bybit announced a partnership that marks a strategic expansion for USDe, Ethena's stablecoin, into new applications within the crypto trading ecosystem. USDe operates as a tokenized basis trade where the stablecoin is backed by a long position in ETH or BTC and an equivalent short posit

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