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

May 7, 2024
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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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 2.76% is trading just north of $65k, while ETHBTC continues to struggle, with ETH 2.34% 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 6.55% works to regain the $160 level....

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