Market Update: May 31st 1/4 Last Friday, US Equity Indexes | Blockchain.com

Market Update: May 31st

1/4 Last Friday, US Equity Indexes closed positively, bringing relief after a week of selling pressure. The S&P 500, NASDAQ, and DJI gained 1.3%, 2.19%, and 1% respectively, fueled by optimism about the US debt ceiling.

2/4 Crypto enthusiasts are closely following the debt ceiling discussions, resulting in real-time trading. Bitcoin ($BTC) and Ethereum ($ETH) surged during early hours in Asia, reaching $28.4k and $1,930 respectively, due to the temporary suspension of the debt ceiling by Biden and McCarthy.

3/4 We've observed a shift towards liquidity as institutional investors and traders capitalize on increased liquidity and volume of altcoins. They strategically reallocate assets into Bitcoin ($BTC), Ethereum ($ETH), and stablecoins to stay flexible in volatile markets.

4/4 Our desk witnessed (net) inflows of $ETH and (net) outflows of $NEAR and $CELO. Active two-way trading on $BTC.

Stay tuned for more updates and insights.