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Bitcoin Rises Above $67K, but Lags Broader Crypto Market as ETH, SOL, LINK Post Big Gains
Softer U.S. inflation figures and big institutional interest in the spot bitcoin ETFs helped turn sentiment around.
Updated May 17, 2024, 4:59 p.m. Published May 17, 2024, 4:56 p.m.
The price of bitcoin has nudged above the $67,000 level for the first time in nearly one month as animal spirits in cryptocurrencies return following eight weeks of sideways-to-lower action.
At press time, bitcoin was trading at $67,250, up 2.8% over the past 24 hours and about 10% from its lowest levels on Monday. That lagged the broader CoinDesk 20 Index, which was ahead 4.4% over the past 24 hours and about 12% from the Monday low.
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Among the larger movers in the index were Chainlink , now higher by 18% since the Depository Trust and Clearing Corporation (DTCC) yesterday announced completion of a pilot project with Chainlink and multiple major U.S. financial institutions, aiming to help accelerate the tokenization of funds. Other outperformers today include ether with a 5.3% advance and solana gaining 7.7%.
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Read more: Ether Bears Hit a Brick Wall as Price Collides With Bull-Market Trendline
The quick turnaround in sentiment in crypto comes after economic data this week showed a softening in U.S. inflation and regulatory filings showed an extraordinary amount of interest in the still newish spot bitcoin ETFs. Izzy Englander's $64 billion AUM Millennium Management disclosed a $2 billion position in BlackRock's iShares Bitcoin Trust (IBIT) as of the end of the first quarter and Paul Singer's $70 billion AUM Elliott Management also disclosed sizable bitcoin ETF holdings, though far smaller than Millennium's position. Perhaps most interestingly, the State of Wisconsin Investment Board – which manage's that state's retirement assets – showed about a $100 million stake in BlackRock's IBIT.
Read more: U.S. CPI Softer Than Expected at 0.3% in April; Bitcoin Rises to $63.7K
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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