Daily Market Brief

May 17, 2024

Daily Market Brief 240517

Peter Chung
Min Jung
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  • $BTC is trading at $65,231, with most price action occurring during US hours, once briefly dropping to the $64.5k level. The May 15th ETF data shows a $303M inflow, primarily driven by $FBTC and positive $GBTC inflows. Early reports indicate that $GBTC also recorded an inflow on May 16th.

  • In crypto headlines today, the US Senate voted on a resolution to overturn the SEC’s SAB 121, while President Biden maintains his plans to veto the resolution. 

  • FT reports that CME plans to add spot bitcoin trading, in addition to futures trading. 

  • A few exploits occurred in the last 24 hours: Alex Lab lost $4.3M in a hack, and pump.fun was attacked by a former employee.

  • During the last 24 hours, the top three gainers were $CORE, $LINK, and $ABT, while the top three losers were $POPCAT, $STX, and $ENA.

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Peter ChungHead of Research
Min JungResearch Analyst