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

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.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market cap 2.34T $-34.5B (-1.45%)
BTC Dominance
53.42 % (0.40%)
Stablecoins

Increase in circulating stablecoins is a Bullish signal

In Circulation +$111B (0.06%)
In Exchanges +$18B (-0.50%)
BTC Metrics

A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage

# BTC Exchanges +$2.3M (-0.07%)
Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate +0.6724 (0.4388)
Binance -0.0754 (-1.0739)
Bitfinex +0.0250 (0.0539)
Bitmex +0.7146 (0.4136)
ByBit +1.0000 (0.6942)
Deribit +0.1680 (-0.6056)
Huobi +0.4941 (0.4941)
Kraken +0.5670 (-0.6376)
Mean +0.6724 (0.4388)
OKex +0.5069 (0.9799)
Sentiment
Picasso Network Successfully Integrates IBC with Ethereum, Wormhole Token Goes Live

BMI : 44 (-2.27%)

Futures

A positive spread between Futures Prices and Spot Prices is Bullish

CME Price $63,985 (-0.99%)
Spot Basis $-123 (-0.19%)
Volume 760,248 (75.31%)
Open Interest 265,223 (-0.26%)
Options all exchanges

Higher open interest change in a bull market is bullish for the sector

Volume 19,291 (129.10%)
Open Interest 238,806 (4.34%)
Vol. Put/Call Ratio 0.5712 (-20.75%)
OOI Put/Call Ratio 0.4434 (-1.10%)

All metrics as of 2024-05-07 16:27:53

All Funding rates are in bps

Crypto Prices

Symbol Market Cap Last Price Daily Change Year to Date Relative to BTC YTD
btc imageBTC
$1.24T $63,048 -0.49% 49.28%
btc imageETH
$367B $3,055 -0.80% 34.26% -10.06%
btc imageSOL
$68B $152 -2.09% 49.00% -0.19%
btc imageADA
$16B $0.4477 -2.79% -24.46% -49.40%
btc imageDOT
$10B $7.11 -1.45% -12.34% -41.28%
btc imageLINK
$8.4B $14 -3.06% -4.70% -36.16%
btc imageNEAR
$7.9B $7.36 -0.43% 104.43% 36.94%
btc imageMATIC
$7.0B $0.7045 -1.93% -26.63% -50.85%
btc imageDOGE
$629,780 $0.0006 -9.50% -99.29% -99.53%

All prices as of 2024-05-07 16:46:26

Exchange Traded Products (ETPs)

Symbol Prem. to Nav Last Price Daily Change Year to Date Relative to BTC YTD
BITW -0.32 $30 -0.67% 27.47% -14.61%
ETHE -0.24 $22 -0.40% 14.54% -23.27%

News

Quick Bits

The Block

Bitfinex CTO Paolo Ardoino confirms supposed database breach was ‘fake’

After initially suspecting it, Bitfinex CTO Paolo Ardoino has now confirmed that the allegations of a database breach were "fake."

Market Data

The Block

Ethereum stablecoin volume shattered its monthly record in April, thanks to DAI

Flash loans using DAI appear to have pushed Ethereum stablecoin volumes to their highest monthly levels seen yet.

The Block

Bitcoin surpasses one billion transactions processed, eight hundred weeks after launch

Eight hundred weeks and one day after Bitcoin launched on January 3, 2009, with the minting of its genesis block, the world’s most valuable cryptocurrency has surpassed one billion processed transactions.  The milestone comes at an especially exciting time for the cryptocurrency, which has seen heightened levels of daily transactions for the past year as […]

The Block

Ethereum’s low gas fees drive ETH burn rate to yearly low

Ethereum is seeing a major decline in daily ETH burned, reaching a yearly low mainly due to reduced gas fees.

Regulation

The Block

Coinbase faces copycat class action suit asserting tokens are securities in echo of pending case

The company called the lawsuit, which claims that Coinbase has been operating illegally since inception by selling securities, "legally baseless."

The Block

SEC issues Robinhood Crypto with Wells Notice, citing alleged securities violations

Robinhood said the SEC is anticipating filing an enforcement action over alleged securities violations relating to its crypto business.

Product Updates and Partnerships

CoinJournal

Bitget Wallet integrates Babylon Testnet to simplify Bitcoin staking

Victoria, Seychelles, May 6th, 2024, Chainwire Bitget Wallet, one of the largest Web3 wallets and full-stack DeFi platforms, has officially integrated support for the Babylon Testnet, a pioneering Bitcoin staking protocol. Following this development, users will be able to search for and connect to the Babylon Testet from the app and browser extension versions of […] The post Bitget Wallet integrates Babylon Testnet to simplify Bitcoin staking appeared first on CoinJournal.

CoinDesk

Popular Crypto Wallet MetaMask Rolls Out 'Smart Transactions' to Combat Ethereum Front-Running

It's the first step on a more ambitious roadmap to transform how Ethereum's biggest wallet works under the hood.

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