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Bitcoin Hovers Over $34K as BlackRock IBTC Ticker Euphoria Fades Out

Growth among most crypto majors seemed to lull as traders likely took profits on gains since the start of this week.

Updated Oct 25, 2023, 4:08 p.m. Published Oct 25, 2023, 11:19 a.m.
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Rapid gains in prices seemed to pause Wednesday morning as traders likely took profits on a week-long rally, bumping bitcoin prices as much as 25% on hopes of a spot exchange-traded fund (ETF) approval in the U.S.

Major tokens showed mixed movement as Cardano’s ADA slipped 2%, while Solana’s SOL tokens added 3%, extending a week-long rally to nearly 30%. Growth in SOL tokens came as traders downplayed fears of a looming sell-off by the FTX bankruptcy estate.

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The CoinDesk Market Index (CMI), a broad-based tracker of hundreds of tokens, rose 0.42%, suggesting slight gains across the overall market.

Meanwhile, some traders said signs of institutional adoption may be an indication of the end of ‘crypto winter’ – a colloquial term for a bear market characterized by lower prices and little venture capital investments.

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“What we are potentially seeing is a permanent thawing of so-called ‘crypto winters.’ While the digital asset market will always have bulls and bears, institutional adoption is pushing us closer to perpetual spring,” shared Diogo Mónica, co-founder at Anchorage Digital, referring to the many spot ETF applications.

“Between recent price action and movement toward spot Bitcoin ETF approval, the long-term outlook for Bitcoin is the most promising it has been in recent memory—and institutions are just getting started,” Mónica added.

Elsewhere, crypto trading firm QCP Capital said in a Telegram broadcast that the anticipation of a spot bitcoin ETF was currently driving outsized demand for the asset.

“Steps taken by Blackrock, including a DTCC listing and tickerization (IBTC), gave the market hope that the SEC approval is imminent,” QCP said. “However, we do not think that this signals an impending SEC decision in the coming week.”

“Instead, we believe the SEC will avoid playing the role of kingmaker, sticking with its own precedent set during the BTC/ETH futures ETF approval process and will wait to approve multiple managers at the same time,” the firm opined.

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Exchange Review - March 2025

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.

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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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Consensus 2025: Zak Folkman, Eric Trump

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  • Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.