First Mover Americas: Crypto Trades Little Changed Following Thursday’s Slide
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The crypto market was in quiet mode during the Asian and European mornings to end the week, with bitcoin 0.45% lower over 24 hours near $58,500. ETH lost 0.7%, while SOL led gains, adding 0.44%. The broader digital asset market, as measured by the CoinDesk 20 Index, is about 0.39% higher. Bitcoin capitulated to under $57,000 late Thursday, a drop for which there was no obvious catalyst, given that both the Nasdaq and S&P 500 were ticking upward at the time.
South Korea’s National Pension Service has bought almost $34 million worth of MicroStrategy shares. Following the software company’s 10:1 stock split earlier this month, the pension fund now owns 245,000 MSTR shares valued at $32.32 million, based on Thursday’s closing price of $131.93. The purchase can be seen as an indirect investment in bitcoin because MicroStrategy is the largest corporate holder of the largest cryptocurrency. Earlier this month, Wall Street broker Benchmark raised its price target on the Michael Saylor-led firm to $2,150 from $1,875. Benchmark raised the target even though MicroStrategy missed its second-quarter revenue target. NPS also holds over $45 million worth of Coinbase shares.
The New York Stock Exchange scrubbed plans to list bitcoin ETF options, according to an SEC filing. The SEC extended its review period multiple times after publishing the NYSE proposal for public comment in February, eventually initiating formal proceedings in April. The proposal was withdrawn by the exchange before a final decision was made. CBOE, where a number of the bitcoin ETFs are traded, also withdrew its application, but has since refiled with a much more extensive proposal, according to documents spotted by Bloomberg’s James Seyffart. The SEC hasn’t provided public comment or feedback on the issue.
Chart of the Day
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The chart shows the recent flows and total AUM of the U.S.-listed spot bitcoin ETFs.
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BlackRock’s iShares ETF has recently eclipsed Grayscale’s Bitcoin Trust as the largest in terms of AUM.
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Grayscale’s GBTC, having already existed in a different form for several years, had a massive headstart on the debuting ETFs when they listed in January, but has experienced significant outflows to its competitors since.
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Source: Bloomberg, CoinShares
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Edited by Sheldon Reback.
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