Daily Market Update: June 30, 2023

June 30, 2023

BTC is currently trading around $29,900 and ETH around $1,850. Notable gainers in the last 24 hours are XEC, BCH, and FLEX. The global crypto market cap is ~$1.20T, down ~1.3% over the last day. DeFi Total Value Locked is ~$45b and BTC dominance is around 52%.

Asset prices started the morning by rising in broad strokes as equities, crypto, and bonds rallied across the board, but crypto reversed the trend in the last hour as the SEC reportedly told the Nasdaq and CBOE that the recent slew of spot Bitcoin ETF filings were inadequate, dampening hopes of a near-term spot ETF approval. On the data front, Core CPI in the Eurozone and Core PCE in the US both came in modestly better than expected, but inflation levels remain stubbornly high. Core PCE has remained range bound so far this year, consistently printing between 0.3% and 0.5% each month.

Notable news includes: a UK law that would subject crypto to the regulatory authority of existing financial regulators is nearing approval as it only awaits King Charles signature; the SEC will present its response to Coinbase’s legal defense on July 13th; The Blockchain Association called on Gary Gensler to recuse himself from all decisions pertaining to digital asset enforcement actions; Fidelity joined the queue and re-filed for a spot Bitcoin ETF; Ledger launched a custodial trading network for institutions dubbed Ledger Enterprise TRADELINK, partnering with exchanges, custodians, and platform providers; CME Group revealed plans to launch ETH/BTC ratio futures next month; the Bank of International Settlements published its interim report for its cross-border CBDC pilot leveraging Curve’s AMM design; OKX’s Liquid Marketplace has realized more than $3b of institutional trade volume since its launch; Revolut delisted ADA, MATIC, and SOL for US users; and, Steam banned CS:GO accounts holding more than $2m worth of in-game items.

Sign up to conveniently receive GSR crypto content in your inbox each morning.

Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal.  The Firm is not and does not act as an advisor or fiduciary in providing this material.

This material is not a research report, and not subject to any of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm’s proprietary interests, which may conflict with the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments. 

Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication, and are subject to change without notice. Trading and investing in digital assets involves significant risks including price volatility and illiquidity and may not be suitable for all investors. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.