Daily market Brief

May 7, 2024

Daily Market Brief 240507

PC
Peter Chung
MJ
Min Jung
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  • Market momentum continued following Friday’s NFP numbers, which marked the biggest miss since 2021, fueling investor optimism for an rate cut. $BTC sustained its rally, reaching the $65k mark until news from Israel disrupted the trend.

  • On the ETF front, data disappointed until Thursday, with seven consecutive days of net outflows (4/24~5/2). However, there was a turnaround on Friday, with $GBTC recording its first positive inflow. Early reports suggest that this trend persisted yesterday as well, potentially resulting in another net inflow day for 5/6.

  • A couple of headlines include Robinhood receiving a Wells Notice from the SEC for their crypto business, the SEC delaying Invesco & Galaxy spot Ethereum ETFs, and $EIGEN’s plan to launch this week.

  • In the past 24 hours, the top three performers were $SOL, $WIF, and $HBAR, while the top three losers were $STX, $OP, and $GRT.

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PC
Peter ChungHead of Research
MJ
Min JungResearch Analyst