First Mover Americas: Bitcoin Falls Below $67K as ETFs' Inflows Streak Ends
The latest price moves in crypto markets in context for June 11, 2024.

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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Bitcoin fell below $67,000 during the European morning, extending a drop from $72,000 that commenced on Friday. The decline follows $65 million in cumulative outflows from the U.S.-listed spot bitcoin ETFs on Monday, the first loss since at least May 23, according to provisional data published by Farside Investors. Inflows have recently been strong, although the market chatter is that they stem from institutions' growing interest in the non-directional basis trade rather than outright bullish bets. At the time of writing, BTC is more than 3.5% lower than 24 hours ago. The broader digital market has followed suit, with ether dropping over 4% to $3,540 and the CoinDesk 20 Index (CD20) falling almost 3.4%.
GameStop shares fell 12% on Monday, weighing heavily on some meme tokens that tend to mirror the stock's movements. Solana-based meme token GME, which parodies the company's stock ticker, slid 25%, reversing a more-than 200% rally over the past seven days. Related tokens like Roaring Kitty and some cat-themed tokens, which previously moved alongside GME stock, lost an average of at least 10%, according to data tracked by CoinGecko. Dog-themed tokens doge, shiba inu and floki pared last week's gains, falling from 4% to 10%. GameStop shares have sunk 62% from a two-year high on Thursday after the company said it would sell up to 75 million shares and announced a drop in quarterly sales.
The Cardano network is set to move into the final phase of a multiyear program to become a wholly decentralized blockchain ecosystem later this month, co-founder Charles Hoskinson said in an X post. Once the switch is complete, Cardano will no longer be actively managed by Cardano development firm IOHK but will be wholly run by community members. “It looks like June will be the month that Cardano Node will reach 9.0,“ Hoskinson posted. “This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire.” Native token ADA has fallen 3.4% in the last 24 hours, broadly in line with the CD20.
Chart of the Day

- The chart shows the most active ether options on Deribit in the past 24 hours. Puts are shown in red, calls in green.
- Investors have increasingly traded put options, offering downside protection.
- Ether's price has declined over 4.1% in 24 hours.
- Source - Velo Data
- 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.
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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