First Mover Americas: BTC, ETH Little Changed Ahead of Ether ETF Decision
The latest price moves in crypto markets in context for May 20, 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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Traders are also going to be eyeing Nvidia's earnings, scheduled for Wednesday. Bitcoin trades strongly in correlation with Nvidia, as do artificial intelligence-themed tokens, which surged in February as the chip designer reported better-than-expected earnings. NVDA has risen over 90% year-to-date, with analysts expecting the company to report a big increase in revenue for the quarter ending in April. The direct correlation between Nvidia and ether market movement isn't as strong as it once was during the mining boom. Still, the rising tide of bitcoin and AI tokens – should Nvidia's earnings remain strong – will likely lift all boats.
Genesis will return 77% of customer assets, worth $3 billion in cash and crypto, to its creditors. Parent company DCG will not be among them. The lender's holding company filed for bankruptcy in January 2023 following the fallout from events in the crypto market the year before. In the immediate aftermath of the filing, the market was skeptical that customers would be made whole and the bankruptcy proceedings would be completed in an expedient manner. Bankruptcy claims marketplace Xclaim initially listed Genesis claims at 35% of their value in January 2023. As of today, Genesis claims for bitcoin or ether are trading at 97%-110% for claims over $10 million, while claims under $1 million are trading at 74%-94%.
Chart of the Day

- The chart shows the ratio between Wall Street's tech-heavy index, Nasdaq, and the broader S&P 500 index.
- The ratio has moved past a five-month-long descending trendline, signaling Nasdaq outperformance ahead.
- Since 2016, the inflow of money into the crypto market has been at least partly contingent on optimism toward technology stocks relative to the broader market.
- Source: TradingView
- 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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