First Mover Americas: Fidelity Joins the Rush for Spot Bitcoin ETF
The latest price moves in crypto markets in context for June 30, 2023.
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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Asset management giant Fidelity has refiled paperwork for its Wise Origin Bitcoin Trust, a spot bitcoin exchange traded fund (ETF). The move comes roughly two weeks after BlackRock's (BLK) iShares unit submitted paperwork for the iShares Bitcoin Trust, also a spot bitcoin ETF. Fidelity in 2021 had originally applied to launch the Wise Origin Bitcoin Trust, but that effort was rejected by the U.S. Securities and Exchange Commission (SEC) in 2022. Since the BlackRock spot ETF filing earlier in June, a number of other fund companies have done similar, including Invesco (IVZ) and WisdomTree (WT), and a report earlier this week said a Fidelity filing was imminent. Bitcoin (BTC) didn’t move a lot on the news Thursday afternoon, but an overnight rally took the price briefly above $31,000. It’s since fallen back a bit to $30,800.
Binance, the world’s largest cryptocurrency exchange by market value, said its institutional clients are optimistic on the outlook of crypto for the next year and beyond, according to a survey it conducted between March and May 2023. The study – undertaken by Binance Research and the Binance VIP & Institutional team – surveyed 208 clients, nearly a quarter of whom had assets under management (AUM) above $100 million and just over half of whom had AUM less than $25 million. Just shy of two-thirds of respondents (63.5%) said they are positive on the outlook of crypto for the next year and 88% said they are optimistic for the next decade, according to the report.
Chart of the Day

- The chart show changes in notional open interest in futures tied to bitcoin cash since February 2020. Open interest refers to the number of active contracts at a given point of time.
- The dollar value locked in open contracts has surged to $362 million from $50 million in ten days, indicating an influx of new money into the market.
- The cryptocurrency's spot market price has jumped over 183% since June 20.
- Source: Coinglass
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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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