Market Update - Friday, February 27

- U.S. stocks have turned negative, with Bitcoin dropping slightly to around $67K, pulling down altcoins as well.
- The third round of U.S.-Iran negotiations in Geneva ended without breakthroughs, with talks expected to continue next week.
- At 8:30 PM tonight, the U.S. will release January PPI inflation data:
- Year-over-year PPI inflation (Forecast = 2.6%, Previous = 3%)
- Year-over-year Core PPI inflation (Forecast = 3%, Previous = 3.3%)

ETF Spot Update for February 26:
- Bitcoin is down -$21.4M, with no data from BlackRock.
- Ethereum is down -$8.7M, with no data from BlackRock.
- Solana is up +$0.5M.

- A U.S. lawmaker has proposed legislation to protect blockchain developers, stating that those who do not hold others' funds cannot be prosecuted for "illegal money transfers."
- The SEC has received an application from VanEck to list the JitoSOL ETF, which, if approved, would be the first liquid staking ETF in the U.S.
- Bloomberg is collaborating with Kaiko to bring financial data onto the blockchain, aiming to provide standardized pricing for tokenized markets and reduce discrepancies.
- MetaMask has partnered with Mastercard to launch a payment card in the U.S., allowing users to earn points redeemable for tokens and benefits within the ecosystem.
- ZachXBT has announced an investigation into the Axiom DEX on Solana, where a Polymarket user earned $400K by placing a correct bet.
- NFT marketplace Magic Eden will close its BTC and EVM marketplaces in early March and will stop supporting multi-chain wallets in April.