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First Mover Americas: Bitcoin Ticks Along Above $34K
The latest price moves in crypto markets in context for Oct. 30, 2023.
Updated Oct 31, 2023, 3:44 p.m. Published Oct 30, 2023, 12:25 p.m.
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.
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has started the week in the same buoyant mood that saw it gain around 15% last week. The world’s largest cryptocurrency has held steady above $34,000 in Asian and European trading hours, sitting at just over $34,500, up about 1% in the last 24 hours. The CoinDesk Market Index (CMI), a broad-based tracker of hundreds of tokens, is up around 1.4% on the day and over 11% in the past week. The crypto market’s upward trajectory has been carried by enthusiasm at the prospect of a BTC spot ETF finally being approved in the U.S., though this week eyes may turn to the Fed’s interest-rate decision. "While a pause seems the most likely scenario, with cuts seemingly still a while away, crypto watchers will no doubt be seeing this as another pivotal milestone as the crypto winter continues to thaw," Simon Peters, a markets analyst at eToro wrote in an emailed bulletin. Should crypto’s rally hold firm against a neutral Fed announcement, it could be a sign of further thawing and increased resilience in digital assets.
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The Chicago Mercantile Exchange (CME) is now the second-largest bitcoin futures exchange, with only Binance holding a greater market share, according to data from Coinglass. Notional open interest (OI) – the value locked in the number of active or open contracts – on CME reached $3.54 billion compared with Binance’s $3.83 billion. Open interest in CME’s cash-settled futures contracts surpassed 100,000 BTC for the first time and the exchange’s share in the BTC futures market rose to a lifetime high of 25%. The ascent of a regulated, mainstream financial exchange is a sign for some observers that the recent rally in the crypto market is institutionally led.
Thai bank Kasikorn, also known as K-Bank, said it has acquired a 97% stake in crypto exchange Satang at a valuation of 3.705 billion Thai baht ($102.8 million), a month after the creation of its $100 million fund targeting Web3 and fintech investments. Following the closure of the deal, Satang will be re-branded to Orbix, along with three new subsidiaries: Orbix Custodian, fund manager Orbix Invest and blockchain tech developer Orbix Technology. K-Bank rival Siam Commercial Bank has also been targeting inroads into the digital asset industry, last month inking a partnership with Hashed, one of Thailand’s biggest Web3 investors.
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- The year-on-year percentage change in the U.S. consumer price index from 2013 to date looks eerily similar to the 1970s.
- If history is a guide, inflation may rebound in the coming months, boosting demand for perceived store-of-value assets.
- Bitcoin, widely considered digital gold, is set to undergo its fourth mining-reward halving in April next year. Reward halvings have historically presaged major bull runs.
- Source: Game of Trades
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- Omkar Godbole
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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.
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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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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
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- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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