Daily market Brief

May 8, 2024

Daily Market Brief 240508

Peter Chung
Min Jung
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  • $BTC traded down across all sessions and is currently at $62,317, down 1.3%. We observed another net inflow session on May 6th with a small positive inflow for $GBTC, but early reports indicate that $GBTC has turned to outflow on May 7th.

  • A few notable headlines include Grayscale withdrawing its Ethereum Futures ETF application, 98% of FTX creditors expected to receive at least 118% of their approved claims, and Robinhood poised to report its highest quarterly revenue since the meme stock frenzy.

  • Project updates include Bybit endorsing USDe Token as collateral for derivatives trading, Botanix Labs raising $8.5 million, and the listing of $NEAR and $AIOZ on Bithumb.

  • In the past 24 hours, the top three gainers were $RDNR, $KAS, and $TRX, while the top three losers were $WIF, $HBAR, and $TAO.

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Peter ChungHead of Research
Min JungResearch Analyst