Crypto Daily | Crypto Market Roars to $2.82T as Zcash Leads Rally; Coinbase Eyes SEC Nod for 24/7 Perpetuals

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Crypto market cap surges to $2.82 trillion as Zcash leads rally alongside stocks

The global crypto market capitalization climbed to nearly $2.82 trillion on Thursday, reaching its highest level in more than seven months as bitcoin broke above $81,000 and major altcoins posted double-digit gains.

This is a major recovery from its sharp January sell-off, when the total market cap fell from around $3.4 trillion in mid-January to around $2.3 trillion in the first week of February. Bitcoin traded around $81.460 , up 5.4%.

Coinbase seeks SEC greenlight to list 24/7 equity perpetuals

Coinbase, the largest U.S. based crypto exchange, is seeking to list 24/7 equity products as perpetual gain momentum.

The company filed a notice registration form with the Securities and Exchange Commission earlier this week to get sign-off to begin listing equity perpetuals, said Coinbase Chief Policy Officer Faryar Shirzad on Thursday in a post on X. 

In May, the CFTC began allowing bitcoin perpetual futures contracts to list in the U.S. when its staff greenlit KalshiEX and Coinbase to list the products. A month later, the CFTC released a request for comment on crude oil perpetual contracts and 24/7 trading.

Bitcoin Climbs to Highest Intraday Level Since May as Risk Assets Get Boost From Waller’s Comments

Bitcoin’s back to rallying.

The price of the world’s most well-known cryptocurrency retook $81,000—a level it’s been toeing for weeks—on Thursday, surging alongside major stock indexes. Risk assets appear to be getting a boost from Federal Reserve Governor Christopher Waller’s comment at a Reuters event that he’d support holding rates steady at the central bank’s upcoming meeting—assuming August inflation data continued progress seen in June and July.1

Bitcoin & Ethereum Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Thursday was $730.87 million. The total net asset value of Bitcoin spot ETFs is $103.34 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.32%.

The Bitcoin spot ETF with the highest net inflow on September 3 was iShares Bitcoin Trust (IBIT), with a net inflow of $453.96 million, according to SoSoValue.

Source: SoSoValue

The overall net inflow of the US Ethereum spot ETF on Wednesday was $141.39 million. The total net asset value of Ethereum spot ETFs is $15.92 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.21%.

The Ethereum spot ETF with the highest net inflow on September 3 was iShares Ethereum Trust ETF (ETHA), with a net inflow of $72.07 million, according to SoSoValue.

Source: SoSoValue