BTC is currently trading around $48,600 and ETH around $2,650. Notable gainers in the last 24 hours are ETC, SUI, and XTZ. The global crypto market cap is ~$1.93T, up 10.0% over the last day. DeFi Total Value Locked is ~$59b and BTC dominance is around 53%.
After a decade long fight with the SEC, spot Bitcoin ETFs were finally approved after yesterday’s market close in the US (for real this time!), and each of the 11 applicants were approved to begin trading this morning. Trading volumes and inflows will be closely watched to see who gets out to an early lead, as well as monitoring the degree of potential GBTC outflows into lower fee products. The Bloomberg ETF analysts are expecting $4b in flows today, which would nearly double the previous day one inflow record.
Crypto assets are sharply higher in response to the approval, but the Ethereum ecosystem has led much of the move higher as the Bitcoin ETF falls into the rearview mirror and the narrative transitions to Ethereum ETFs, which the SEC must decide on by May 23rd.
Notable news includes: Stablecoin firm Circle confidentially filed for a US IPO; an Aave proposal was approved to integrate PayPal’s PYUSD stablecoin; Vitalik Buterin endorsed an immediate ~33% gas limit increase on Ethereum to improve network capacity; SEC Chair Gensler voted to approve the spot Bitcoin ETF despite his public criticisms; more than $12m of wagers were made on the outcome of the spot Bitcoin ETF decision via the Polymarket prediction market; and, a trader purchased $9m of the Solana memecoin Dogwifhat and immediately lost ~60% in slippage.
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Authors:
Matt Kunke, Research Analyst | Twitter, Telegram, LinkedIn
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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