THE TATTOO FACTOR...
Source: Gurgavin
SEC approves 8 Ethereum ETFs including BlackRock and Fidelity.
But ETF issuers must have their S-1 registration statements go effective before trading can begin. It's unclear how long this process will take but some analysts are speculating that it could take weeks. In a stunning reversal, the U.S. Securities and Exchange Commission (SEC) announced on Thursday that it has approved eight applications for spot Ethereum ETFs, effectively green-lighting Ethereum trading on Wall Street. The following funds were approved in the filing: the converted Grayscale Ethereum Trust, the Bitwise Ethereum ETF, iShares Ethereum Trust, VanEck Ethereum Trust, ARK/21 Shares Ethereum ETF, Invesco Galaxy Ethereum ETF, Fidelity Ethereum Fund, and Franklin Ethereum ETF. When will the spot Ethereum ETFs begin trading? It won't be tomorrow. Bloomberg ETF expert James Seyffart suggested in a tweet that it could be a "couple weeks" before the fund managers' S-1 documents are approved to enable trading. Source: Decrypt
Thursday's US stock market heat map. $NVDA is literally holding up the entire market.
Source: The Kobeissi Letter
Meanwhile in Taiwan...
Source: War Intel
If you're not dropping the word AI in your earnings calls, you must not be playing the game right...
Source: BofA, The Transcript
BREAKING 🚨: China
China sees largest bank withdrawals in history last month of just under 4 trillion yuan Source: Bloomberg, Barchart
Divergence between DJ Transports and S&P500 is something to watch.
The former is seen as a reliable indicator of domestic activity Source: Lawrence McDonald, Bloomberg
Wall Street pull-back yesterday is mainly explained by the PMI data.
And not because they show that the US economy remians resilient. The biggest concern was the prices print as it shows that more cost increases are coming for companies and consumers alike: - Input prices continued to rise sharply in May, the rate of inflation accelerating to register the second-largest monthly increase seen over the past eight months. - Manufacturers reported an especially steep increase, suffering the largest cost rise for one-and-a-half years amid reports of higher supplier prices for a wide variety of inputs, including metals, chemicals, plastics, and timber- based products, as well as higher energy and labor costs. - Service sector costs also rose at an increased rate, reflecting higher staffing costs in particular. - Companies again sought to pass higher costs onto customers in the form of higher selling prices, the rate of increase of which accelerated slightly compared to April. One good news though: although still elevated by pre-pandemic standards, the rate of inflation across both goods and services remained below the average recorded over the past year. Source: S&P Global, Markets & Mayhem
