Grayscale Withdraws ETH ETF Application, BitMEX Launches Options

Name: FS Insight
Price range: $$$

May 8, 2024

Author

Sean Farrell ^AC

BTC 0.65% DXY N/A% ETC 1.98% ETH 1.38% RUNE N/A% SOL 4.73%

Market Update The crypto market declined overnight, with #BTC dropping from $63k to $61k, #SOL from $150 to $145, and #ETH dipping below the $3k mark once again. The likely cause of the drawdown was upward pressure on the #DXY and a lack of follow-through in flows. Among the few outperformers of the day were #RUNE, the native token of the cross-chain swapping protocol Thorchain, and Ethereum Classic (#ETC), possibly driven by traders speculating on the SEC chair's critical comments toward ETH and its PoS mechanism. Major equity indices opened lower but are nearing flat performance for the day. Adding to the relative USD strength today was the interest rate cut by the Swedish central bank, accompanied by some reversion to the mean from the JPY. We will have to wait until the CPI data next week to see if we follow in Sweden's footsteps at some point this calendar year. Meanwhile, rates are rising at the long end of the curve, with the 10Y and 30Y each up 22 bps ahead of what should be an interesting 10Y note auction this afternoon and a 30Y auction tomorrow.In a surprising turn of events, Grayscale has withdrawn its application for an Ethereum futures ETF, which was originally filed with the SEC last September. The specific reasons for Grayscale's decision remain undisclosed. Many

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