Daily Outlook: Crypto Market in Stagnation

CoinDesk 20 Index: 1,888 −0.3%

Bitcoin (BTC): $58,376 −0.7%

Ether (ETC): $2,614 −1.0%

S&P 500: 5,543.22 +1.6%

Gold: $2,504 +2.1%

Nikkei 225: 38,062.67 +3.64%

The crypto market closed the day calmly, with bitcoin down just 0.45% and currently trading around $58,500. SOL led the gains, gaining 0.44% while ETH lost 0.7%. There was no catalyst for bitcoin’s decline, which fell below $57,000 late Thursday, while the Nasdaq and S&P 500 rose.

South Korea’s National Pension Service has purchased about $34 million worth of MicroStrategy shares. Following the software company’s 10:1 stock split earlier this month, the pension fund now owns 245,000 MSTR shares, worth $32.32 million at Thursday’s closing price of $131.93. Given MicroStrategy’s investment strategy, the purchase could also be seen as an indirect bitcoin investment. Earlier this month, Wall Street brokerage Benchmark raised its price target for the Michael Saylor-led firm to $2,150 from $1,875. Benchmark did not forecast MicroStrategy’s second-quarter earnings guidance, but it did raise its target.

The operator of the New York Stock Exchange has withdrawn its application to list and trade options based on the Bitwise Bitcoin ETF and Grayscale Bitcoin Trust, according to a Securities and Exchange Commission (SEC) filing. After the SEC published the NYSE proposal for public comment in February 2024, it extended the review period multiple times before finally opening formal proceedings in April. However, the proposal was withdrawn by the exchange before a final decision was made. The CBOE, which trades several bitcoin (BTC) ETFs, also withdrew its application but refiled with a much more comprehensive proposal, according to documents reviewed by Bloomberg reporter James Seyffart. The SEC has not made any public comments on the matter.

The chart shows the flows and total AUM (value of assets under management) of U.S.-listed spot bitcoin ETFs. BlackRock’s iShares ETF recently eclipsed Grayscale’s Bitcoin Trust in terms of AUM. Grayscale’s GBTC, which has existed in some form for several years, had a big advantage over debut ETFs when it listed in January, but has since suffered significant outflows from its rivals. Source: Bloomberg, CoinShares