Daily Market Brief

May 16, 2024

Daily Market Brief 240516

Peter Chung
Min Jung
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  • After the April U.S. CPI data release, $BTC surged over 7%, and $ETH gained 5%. The core CPI came in at 0.3% MoM and 3.6% YoY. The 12-month core inflation reading was the lowest since April 2021, and the monthly increase was the smallest since December, indicating that inflation is cooling.

  • Press reported that the global hedge fund Millennium Management purchased $2B of spot Bitcoin ETFs. The day before, it was reported that the State of Wisconsin Investment Board bought $99M of IBIT.

  • A few important headlines include BlockTower Capital’s main hedge fund being ‘partially drained’ in an attack, Binance launching a funding fee arbitrage bot, and the $AEVO conversion of $RBN.

  • During the last 24 hours, the top three gainers were $TRUMP, $AERO, and $NOS, while the top three losers were $RBN, $ABT, and $MX.

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Peter ChungHead of Research
Min JungResearch Analyst