Bitwise Launched Hyperliquid ETF
BTC’s rally above $82,000 faded quickly as resistance held, while ETH remains unable to break through $2,400. Broader risk sentiment was supported by record US equities, resilient retail sales.
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In Today’s Note
BTC briefly broke above $82K but failed to hold the move, with ETH also struggling to break past $2,400 despite support from the CLARITY Act vote and stronger US equities.
US equities extended their rally while bond yields climbed globally, as AI-linked stocks and resilient retail sales supported risk sentiment, but inflationary pressure from the US-Iran war continued to weigh on US, Japanese and UK bond markets.
The CLARITY Act advanced out of committee, preserving the stablecoin rewards compromise while removing proposed protections for noncustodial developers, leaving DeFi builders potentially exposed to AML and KYC obligations.
Market Snapshot: Overnight Moves
Macro & Markets
A brief boost to momentum following the Senate Banking Committee’s approval of the CLARITY Act and a rally in US equities saw BTC trade above $82,000.
However, as we saw the last time it reached that level (earlier this week on Monday), strong resistance meant BTC struggled to hold $82,000 for long and it now trades at $80,000.
ETH held a smaller rally as it continues to struggle to break past $2,400 and is currently changing hands around the $2,250 level.
On Wall Street, continued momentum in the artificial-intelligence narrative saw the S&P 500 close above 7,500 for the first time in history.
Markets were also supported by a US retail sales report which showed signs of consumer resilience despite the US-Iran war.
The Nasdaq-100 finished 0.73% higher while the Dow Jones and Russell-2000 were up 0.75% and 0.67% respectively.
Gains were once again concentrated in megacap tech stocks and chipmakers as Nvidia Corp ended the day up 4.39%.