Yesterday’s ETF Flow
*Top Bitcoin ETFs net inflow today: IBIT 64.86M, FBTC 1.41M.
*US BTC ETFs see 26M outflows, all from Grayscale.
*ETH ETFs net inflow today: ETH 42.63M, ETHV 18.28M, ETHW 16.34M, ETHA 16.08M.
*US ETH ETFs see 303.61M outflows, all from Grayscale Ethereum Trust.
Monday
*Markets were already dealing with a lot as summer began, from evaluating the Federal Reserve’s interest-rate plans to the heart of earnings season. However, the 2024 presidential race continues to dominate headlines. A week after an assassination attempt on Republican Donald Trump, President Joe Biden announced on Sunday that he will not seek reelection and endorsed Vice President Kamala Harris as the Democratic nominee. With less than four months until the November vote, Biden’s decision could lead to increased volatility on Wall Street, according to market observers.
*On Monday, stocks bounced back after their worst week since April as investors shifted their attention from Joe Biden ending his reelection campaign to the beginning of the tech earnings season.
*While cryptocurrency issues could jeopardize Democrats’ chances in the November election, President Joe Biden’s decision to withdraw from the race provides an opportunity for them to readjust their strategy. This perspective comes from Jake Chervinsky, chief legal officer at the crypto venture capital firm Variant.
Tuesday
*Regulators have approved the first U.S ETFs that invest directly in Ether, the world’s second-largest crypto. Among the issuers receiving assent from the U.S. SEC are 21Shares AG, Bitwise Asset Management, BlackRock, Invesco, Franklin Templeton, Fidelity Investments, and VanEck.
*Stocks rose slightly as traders sifted through numerous corporate earnings reports, seeking indications of whether the market’s record-breaking rally this year can continue. Companies, particularly megacaps, need to deliver strong results to meet high expectations, though their earnings growth is anticipated to slow. Tesla and Alphabet will be the first among the “Magnificent Seven” to report earnings after the market close.
Wednesday
*Stocks plummeted after a lackluster beginning to the megacap earnings season, sparking doubts about whether the artificial intelligence boom driving the bull market will deliver expected returns. A selloff in major tech companies pushed the S&P 500 down nearly 2%, marking its worst day since March.
*Nonco successfully executed its first swap with Twinstake on Wednesday, marking the launch of its new fixed-rate yield solution for Ethereum (ETH) validators. This innovative offering leverages the CESR™ (Composite Ether Staking Rate) as a benchmark, providing a reliable and predictable income stream by reflecting the liquid term structure of implied staking rates.
*The chaotic US presidential election has led to such a surge in bets on crypto betting site Polymarket that the platform is upgrading its infrastructure to manage the increasing volume of incoming funds.
Thursday
*Treasury Secretary Janet Yellen emphasized the Group of Seven nations’ commitment to market-determined exchange rates in response to former President Donald Trump’s recent comments blaming a strong dollar for reducing US export competitiveness.
*Wall Street traders betting on the Federal Reserve’s ability to achieve a soft landing sparked a rally in riskier market sectors, with stocks rebounding after a global selloff. Economically sensitive shares, like those in financial and industrial companies, led Thursday’s gains. Smaller firms extended their surge this month to nearly 10%, significantly outpacing tech megacaps.
*A division of Coinbase was fined £3.5 million ($4.5 million) by the UK for providing cryptoasset trading services to high-risk customers. This marks the first such action by the regulator as it addresses money laundering controls in digital currencies.
Friday
*Bitcoin outpaced the wider cryptocurrency market during the Asian trading session, climbing 4.4% to approach $67,000, whereas the CoinDesk 20 Index (CD20) increased by 3.3%.
*Wall Street’s shift into riskier areas of the stock market received an additional boost on Friday after crucial economic data fueled speculation that the Federal Reserve might prepare for a rate cut in September next week.
*All major sectors in the S&P 500 climbed as bets that the Fed’s easing cycle will support the outlook for Corporate America.
*The recent rise in yen volatility is expected to increase even more due to a summertime liquidity slump, which is intensifying the effects of uncertainty surrounding the Bank of Japan’s next policy decision.
