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First Mover Americas: Bitcoin Slides After Wednesday's Tech Rout
The latest price moves in crypto markets in context for July 25, 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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The aggregate market capitalization of the stablecoin sector, which includes hundreds of coins, jumped to over $164 billion for the first time since the collapse of Terra in May 2022, according to data source DefiLlama and trading firm Wintermute. It had been languishing around the $160 billion mark. The expansion "indicates growing investor optimism, underpinning a bullish outlook," Wintermute said in a note shared with CoinDesk. "The increase in stablecoin supply indicates that money is being deposited into on-chain ecosystems to generate economic activity, either through direct on-chain purchases that can catalyze price appreciation or yield-generation strategies that could improve [market] liquidity. This activity ultimately fosters positive on-chain growth."
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- Activity in Chicago Mercantile Exchange's ether futures reached new heights on Tuesday as the debut of spot ETH ETFs in the U.S. galvanized investor interest in the second-largest cryptocurrency.
- The previous peak of 7,550 contracts was set one month ago. The standard contract is sized at 50 ETH.
- CME witnessed 14,736 contracts change hands on Tuesday, which is three times higher than the average daily volume of 5,010 contracts seen throughout July. Tuesday was also one of the top 10 volume days for ether futures.
- Giovanni Vicioso, global head of cryptocurrency products at CME Group, attributed the surge in activity to the onset of spot ether ETF trading in the U.S.
- Source: Chicago Mercantile Exchange
- Omkar Godbole
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CORRECTION (July 25, 15:43 UTC): Corrects outflows from Grayscale's converted Ethereum Trust ETF in second news item.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.

Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
