Daily market Brief

May 3, 2024

Daily Market Brief 240503

PC
Peter Chung
MJ
Min Jung
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  • After the significant sell-off during the last couple of days, $BTC is trading near $59k, and $ETH has returned to the $3k level. Today, we’re anticipating another important data release: nonfarm payrolls, expected to be at 243k.

  • The headlines for both US and HK ETF data are disappointing. The US ETFs recorded the largest outflow, totaling 563.7M, with $IBIT recording its first outflow of $36.9M and $FBTC a $191M outflow. In Hong Kong, reports show that just $292M was put in as seed capital.

  • Coinbase reported better-than-expected Q1 earnings, with revenue reaching $1.64 billion vs. the $1.34 billion estimate. The profit includes a $650 million mark-to-market gain on crypto assets, with total transaction revenue nearly tripling year-over-year and doubling quarter-over-quarter.

  • During the last 24 hours, the top three gainers were $IMX, $PEPE, and $DOT, while the top three losers were $SUI, $STX, and $KAS.

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PC
Peter ChungHead of Research
MJ
Min JungResearch Analyst