Daily Market Update: February 27, 2024

February 27, 2024

BTC is currently trading around $56,800 and ETH around $3,250.  Notable gainers in the last 24 hours are THETA, PYTH, and STX.  The global crypto market cap is $2.25T, up 7.9% over the last day.  DeFi Total Value Locked is ~$88b and BTC dominance is around 54%.

Crypto prices are rallying as inflows into the new spot Bitcoin ETFs remain strong – net inflows have surpassed $6b since approval ~7 weeks ago – and Bloomberg ETF analyst Eric Balchunas suggested that Bitcoin ETF AUM, which currently stands at ~$40b inclusive of Grayscale’s Bitcoin ETF, may pass gold’s $90b of AUM within two years.  In addition, others are pointing to record low GBTC outflows, record spot Bitcoin ETF trading volumes, near-record BTC and ETH open interest, ~$400m in 24 hour total crypto liquidations, and the potential for a partial US government shutdown this weekend as contributing to the rally.

Notable news includes: US senators introduced legislation to ban a US CBDC; OpenSea delisted OpenSeason passes NFTs due to its policy on hosting securities offerings; Yuga Labs announced it will stop working with NFT marketplaces that don’t support royalties for all creators, but this does not include its BAYC and MAYC collections; the total value locked in liquid staking protocol Lido passed $30b; Ethereum L2 Blast crossed $2b in TVL ahead of its February 29th mainnet launch; and, Frax Finance pledged to publish proposed revenue sharing with veFXS stakers within ten days.

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Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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