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First Mover Americas: Grayscale Urges SEC for Equal Treatment of Spot Bitcoin ETF Applications
The latest price moves in crypto markets in context for July 28, 2023.
Updated Jul 28, 2023, 12:25 p.m. Published Jul 28, 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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The U.S. Securities and Exchange Commission (SEC) should approve all spot bitcoin exchange-traded fund (ETF) applications simultaneously to grant equal treatment to all applicants, Grayscale Investments said in a statement to the agency on Thursday. An approval of only the listed proposals – which include, Ark 21 Shares, Invesco Galaxy, iShares (BlackRock), Valkyrie, VanEck, WisdomTree and Wise Origin (Fidelity) – would reflect a positive “but sudden and significant change in the Commission’s application of the relevant statutory standard, and as such would improperly grant an unfairly discriminatory and prejudicial first-mover advantage to these proposals,” read the statement. Grayscale remains locked in a months-long legal battle with the SEC to have its own application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF.
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Bitcoin (BTC) held above $29,000 early Friday while Japanese and U.S. government bond yields rose after the Bank of Japan (BOJ) announced a slight hawkish tweak to its liquidity-boosting bond-buying program known as yield curve control (YCC). The central bank retained its short-term interest rate target at 0.1% and the 10-year government bond yield target around 0%. The BOJ, however, said that its previous 0.5% band for the 10-year bond would be a reference and not a hard cap, promising more flexibility in its yield curve control policy. The yield on the 10-year Japanese Government Bond (JGB) is higher by 11 basis points to 0.55%.
Bitcoin could reach $300,000 by 2028, said Mark Yusko, Morgan Creek Capital Management founder and CEO, on CoinDesk TV’s First Mover. Yusko made the prediction while comparing bitcoin to gold. Gold is not portable or divisible, whereas bitcoin is, the CEO of the $1.6 billion asset management firm explained. "Bitcoin fixes both of these issues, and is equally scarce," Yusko added, arguing that the digital asset could eventually catch up to the precious metal’s valuation. “The monetary value of gold is about $6 trillion, I think bitcoin can replace all of that, the monetary equivalent of $6 trillion is about a 10X from here, which gives us a price of about $300K,” said Yusko.
- The chart shows increased demand for ether’s December expiry call options at strikes $2,400 and $2,500.
- Call buyers are implicitly bullish on the market.
- Source: Velo
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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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