Daily Market Brief

May 24, 2024

Daily Market Brief 240524

Peter Chung
Min Jung
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  • Despite the headline that the 19b-4 filing for the spot ETH ETF has been approved, $ETH is trading flat at $3,785 and $BTC at $67,975. $ETH whipped around in a ~4% band, with headlines including Symbolic Capital Partners, an MEV company, selling 6,968 ETH in one minute.

  • The SEC approved eight spot ETF ETH applications, including Ark, Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Invesco Galaxy, and VanEck. The next step is S-1 approval; while the approval is likely, the timeline remains uncertain with some speculating June-July time frame. 

  • Other crypto headlines include Grayscale launching new trusts for $STX and $NEAR, and Coinbase enabling $XRP trading in New York.

  • During the last 24 hours, the top three performers were $PEOPLE, $ETHFI, and $MOG, while the top three losers were $ORDI, $NOS, and $NOT

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Peter ChungHead of Research
Min JungResearch Analyst