Daily Market Brief

May 21, 2024

Daily Market Brief 240521

Peter Chung
Min Jung
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  • After Eric Balchunas’ tweet increasing the odds of spot ETH ETF approval to 75% from 25%, the market rallied with $ETH up 19% and $BTC breaking the 70k mark, now trading at $71,400. Polymarket is now pricing a 60% chance of ETF approval by May 31st, up from 15% yesterday.

  • CoinDesk reported that SEC asked exchanges to update their 19b-4 filings 'on an accelerated basis,' to be followed by S-1 and then potential ETF approval. The VanEck ETF decision deadline is 5/23, followed by Ark on 5/24.

  • Other headlines include a hack on $GALA, which has now been mitigated, and Grayscale appointing Goldman’s Peter Mintzberg as the new CEO.

  • With ETH beta coins outperforming the market, the top three gainers are $METIS, $BRETT, and $PEPE, while $ZBC, $DEXE, and $VENOM were the top three losers.

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Peter ChungHead of Research
Min JungResearch Analyst