Ledger Laying the Groundwork for a US IPO
US equities strengthened as risk appetite improved, while crypto remained rangebound with BTC hovering near 90k and ETH still failing to clear 3k, alongside continued spot ETF outflows.
🧱 US equities are regaining momentum, but crypto is not following. BTC is stuck around $90K and ETH is still struggling above $3,000, with spot ETF flows staying heavy: spot BTC ETFs have sold more than $1.6B over the last four sessions, and spot ETH ETFs have seen $559M of outflows across the last three. By contrast, the S&P 500 rose 0.55% and both the Nasdaq-100 and Russell 2000 gained 0.76%.
🧾 Macro data reinforced a Fed pause next week, with GDP revised up to 4.4% annualised and PCE landing as expected, keeping the market’s pause probability near 95%. Policy and market-structure catalysts are also lining up, including Nasdaq’s push to lift options position limits on spot BTC and ETH ETFs and a joint SEC–CFTC coordination event on 27 January.
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As concerns over geopolitical tensions fade, risk appetite has slowly begun to increase again in US equities, though not quite yet in cryptocurrencies. BTC has moved sideways around $90K over the past 24 hours, while ETH has struggled to meaningfully break out above the $3,000 mark.
The failure to recapture the key $90K and $3K zones respectively, could in part be due to weak Spot ETF flows. In the last four trading sessions, Spot Bitcoin ETFs have sold more than $1.6B worth of bitcoins. Spot Ethereum ETFs have not fared much better either — in the last three sessions, they’ve sold $559M worth of ether tokens.
On the other hand, the S&P 500 closed 0.55% higher in yesterday’s session, while both the Nasdaq-100 and Russell-2000 both gained 0.76%.