SOL Leading Majors on Bounce, ETF Flows Mixed but Coinbase Premium Persists
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CRYPTO MARKET UPDATE In stark contrast to the recent BLS job number revisions, the government revised its Q2 GDP estimate higher this morning to 3%, leading to a jump in rates and the DXY. However, this data also apparently boosted confidence in the soft landing trade, as rate-sensitive indices like IWM are outpacing ^SPX 0.91% and QQQ 1.15% . Chip-adjacent stocks are also performing well, spurred by another earnings beat from NVDA 1.39% , benefiting...
CRYPTO MARKET UPDATE This morning's big news came from the BLS, which revised payrolls down by 818k for the 12 months ending in March. In response, the DXY turned negative as yields fell and market confidence in upcoming Fed cuts grew. Price action continues to suggest that the market views a soft landing as possible, with risk assets rallying in tandem with Treasuries. BTC -0.89% spiked to $60k following the U.S....
CRYPTO MARKET UPDATE AFTER ANOTHER DAY OF SIZEABLE OUTFLOWS FROM ETHE -0.89% , THE GRAYSCALE-ISSUED ETF NOW RETAINS JUST 85% OF THE AUM IT BEGAN WITH ON TUESDAY. However, crypto has rallied strongly since the US market closed yesterday, with BTC -0.89% briefly moving above the $68k level, ETH -1.40% rebounding sharply to $3,250, and SOL -3.31% revisiting $184. Among larger-cap tokens, SOL beta names including RNDR and JUP have outperformed over the past 24...
CRYPTO MARKET UPDATE RATES MOVED HIGHER ON A HOTTER-THAN-EXPECTED NFP NUMBER, WITH A TOTAL OF 272K JOBS VERSUS THE FORECASTED 185K AND WELL ABOVE LAST MONTH'S 165K. However, unemployment rose to 4% from 3.9%, slightly above the expected 3.9%. The DXY increased to 104.8 from just above 104.1, and the US 10Y moved back above 4.4%. Major equity indices are higher after selling off premarket, and crypto appears to be...
