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First Mover Americas: Bitcoin Surpasses $71K, Reaches All-Time High
The latest price moves in crypto markets in context for March 11, 2024.
Updated Mar 11, 2024, 12:22 p.m. Published Mar 11, 2024, 12:20 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 (BTC) moved past $71,000 during the Asian hours, setting a new lifetime high. The leading cryptocurrency has been steadily rising since the approval of the spot bitcoin exchange-traded funds in the U.S. The token crossed $70,000 for the first time ever last week. Ether also crossed $4,000 on Monday. Meanwhile, the broader CoinDesk 20 index (CD20) jumped nearly 1%. The rally has lifted the annualized three-month futures premium on major exchanges, including Binance, to above 25%. The elevated premium could attract cash and carry traders, boosting market liquidity.
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Rising bitcoin prices have revived a crypto trading frenzy in South Korea, with volumes on local exchanges crossing those in the local stock market last week. Local media reported that trading volumes on South Korea-based crypto exchanges totaled a record 11.8 trillion won (KRW) on Sunday, or $9 billion at the going USD-KRW exchange rate. These topped Friday’s South Korean stock trading volume of 11.47 trillion won, or $8.7 billion. This figure is the combined transaction amount of Korea’s five largest won markets, including Upbit (8.8 trillion won), Bithumb (2.7 trillion won), Coinone (176.4 billion won), Gopax (55.2 billion won), and Coinone (32 billion won).
Indian cryptocurrency investment platform Mudrex plans to offer U.S. spot bitcoin exchange-traded funds (ETFs) to institutional and retail investors in India, CEO and co-founder Edul Patel said. “This is much more valuable to institutions, as this was already available to retailers,” Patel said in an interview with CoinDesk. Retail clients in the country could access spot-bitcoin ETFs through U.S. stock investing companies, but “as far as we know,” we are the first in India to offer this service to institutions, Patel said. “We are certainly the first Indian crypto platform to offer this service.” In the first phase, Mudrex will list four spot ETFs – BlackRock, Fidelity, Franklin Templeton and Vanguard.
Chart of the Day
- The chart shows annualized funding rates in the bitcoin perpetual futures market.
- Funding rates spiked to to 276% on Deribit early Monday as prices surged to new record highs above $71,000.
- The elevated funding rate suggests an overheated market.
- Source: Velo Data
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- 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.
Ce qu'il:
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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