Share this article

First Mover Americas: Crypto Rebounds From Monday's Chaos

The latest price moves in crypto markets in context for Aug 6, 2024.

Updated Aug 6, 2024, 12:01 p.m. Published Aug 6, 2024, 12:01 p.m.
BTC price, FMA Aug. 6 2024 (CoinDesk)
(CoinDesk)

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

CoinDesk 20 Index: 1,782 +8.8%

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

: $54,931 +6.4%

Ether (ETC): $2,448 +8.0%

S&P 500: 5,186.33 −3.0%

Gold: $2,455 +2.2%

Nikkei 225: 34,260 +10.2%

Top Stories

Bitcoin regained $56,000 during the Asian morning amid a broader recovery following Monday's rout. The wider crypto market, as measured by the CoinDesk 20 Index (CD20), is nearly 8% higher than 24 hours ago. Solana's SOL led the gains, adding nearly 13% to trade around $137. XRP and DOGE have risen by around 7.5% and 11.8% respectively. BTC subsequently pulled back to trade around $55,000, some 7% higher on the day. “We might see a corrective rebound in Bitcoin's price,” Ruslan Lienkha, chief of markets at YouHodler, told CoinDesk in a Tuesday email. “However, this increase will likely be limited due to the prevailing pessimism in the broader markets.”

Advertisement

Spot ether ETFs saw nearly $49 million of inflows on Monday, even as the ETH price dropped as much as 20%. Ether suffered its biggest single-day drop since 2021, as Jump Crypto moved large amounts of assets to exchanges ahead of potential sales. Professional investors appeared to buy the dip, however, with ETH ETFs trading over $715 million, the highest since July 30. The ETFs remain in the red, however, having recorded net outflows of $460 million since their introduction. Their bitcoin equivalents, in comparison, saw over $1 billion of inflows within their first 12 days.

ARK Invest took advantage of the market slump to buy $17.8 million of Coinbase shares and $11.2 million worth of Robinhood's. The purchases were ARK's first of COIN since June last year and its first of HOOD since February. Coinbase stock lost 7.3% on Monday while HOOD dropped 8.17%. ARK Invest often loads up on shares when their prices slide, usually with a view to offloading them once their prices recover. The company aims to avoid having one particular holding accounting for a weighting of more than 10% of any of its ETFs, which drove much of its COIN sales in recent months.

Chart of the Day

COD FMA, Aug. 6 2024 (Coinglass)
(Coinglass)
  • The chart shows the daily net inflow of DOGE into wallets tied to centralized exchanges.
  • On Monday, exchanges recorded a net outflow of $49.11 million worth of DOGE, the highest single-day tally since April 12.
  • Outflows are usually taken to represent accumulation by investors.
  • DOGE fell by over 10% Monday, reaching the lowest since February.
  • Source: Coinglass
Advertisement

- Omkar Godbole

Trending Posts

More For You

Exchange Review - March 2025

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.

More For You

This article is created to test tags being added to image overlays

Consensus 2025: Zak Folkman, Eric Trump

Dek: This article is created to test tags being added to image overlays

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.