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First Mover Americas: Bitcoin Drops Below $64K, Ether Falls
The latest price moves in crypto markets in context for April 25, 2024.
Updated Apr 25, 2024, 12:21 p.m. Published Apr 25, 2024, 12:21 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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Bitcoin, the world’s largest cryptocurrency by market value, has dropped 4% over the last 24 hours to less than $64,000. Ether also saw a significant downside, losing 6%, and the CoinDesk 20 Index, a measure of the broader crypto market, lost 6% as well. Reuters reported that U.S. issuers expect the Securities and Exchange Commission to deny their applications to launch spot ether exchange-traded funds (ETFs) after discouraging meetings with the agency in recent weeks.In traditional markets, tech stocks declined after Meta failed to live up to high expectations for its first-quarter earnings report.
BlackRock’s spot bitcoin exchange-traded fund (ETF), which trades under the ticker IBIT on Nasdaq, fell out of favor on Wednesday, preliminary data published by Farside Investors showed. For the first time since going live on Jan. 11, the fund did not draw any investor money, snapping a 71-day inflows streak. Seven of the other 10 funds followed IBIT’s lead. Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF (ARKB) registered inflows of $5.6 million and $4.2 million, respectively, while Grayscale’s GBTC bled $130.4 million, leading to a net cumulative outflow of $120.6 million, the highest since April 17.
U.S. House Representative Maxine Waters (D-California) indicated that the final version of a stablecoin bill could be ready soon. "We are on our way to getting a stablecoin bill in the short run,” the top Democrat on the House Financial Services Committee told Bloomberg on Wednesday. Waters has previously called a version of the stablecoin bill “deeply problematic and bad for America." “It’s about making sure investors and that the people are protected,” Waters told Bloomberg. “We have to ensure that they have those assets to back up stablecoins,” she said. The latest development strengthens hopes that the U.S. can get a new stablecoin law before the elections this year, which was considered a longshot at the start of the year.
Chart of the Day
- The chart shows CryptoQuant's Coinbase premium index, which tracks the spread between bitcoin’s prices on the Nasdaq-listed Coinbase (COIN) exchange and the offshore giant Binance.
- The indicator shows bitcoin is again trading at a discount on Coinbase, reflecting a weaker net buying pressure from U.S. investors.
- Source: CryptoQuant.
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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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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.
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