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First Mover Americas: Bitcoin ‘Ordinals’ Boom Prompts NFT Activity Surge

The latest price moves in crypto markets in context for Feb. 20, 2023.

Updated Feb 21, 2023, 2:43 p.m. Published Feb 20, 2023, 1:12 p.m.
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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.

Latest Prices

CoinDesk Market Index (CMI) 1,180 +10.2 ▲ 0.9% $24,829 +131.0 ▲ 0.5% $1,709 +12.8 ▲ 0.8% S&P 500 futures 4,080.25 −7.3 ▼ 0.2% FTSE 100 8,001.30 −3.1 ▼ 0.0% Treasury Yield 10 Years 3.83% ▼ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

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Hong Kong’s Securities and Futures Commission (SFC) has published its proposed rules for crypto trading platforms. The regulator is seeking comments on whether to allow licensed platforms to serve retail investors and what consumer protection measures to offer. The new rules would also mean all platforms would need to apply for a license, including existing ones. Platforms “should begin to review and revise their systems and controls to prepare for the new regime,” the SFC said. It was misconstrued through a tweet last week that the city was set to offer crypto trading to retail investors, which is not the case. Hong Kong’s new Virtual Asset Service Providers (VASP) licensing regime kicks in at the start of June, but it only permits exchanges to provide access to professional investors.

Hong Kong (Shutterstock)
Hong Kong (Shutterstock)

Helium is set to entirely shift to the Solana blockchain by March 27, developers have said. That’s prompted a rally of the decentralized wireless network’s HNT tokens, which are up nearly 6% at $3 in the last 24 hours. Following the migration, HNT, MOBILE and IOT will all be issued on the Solana network and continue to be the tokens in the Helium ecosystem. A new version of the Helium wallet app will become available, and users will also have the option of using Solana-based wallets like Phantom and Solfare.

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Crypto-focused hedge fund Galois Capital has shut down after losing a sizable portion of its assets during FTX’s collapse last year. Galois told CoinDesk last November that the $40 million stuck on FTX amounted to around half of its funds. The FT reported earlier today that Galois is selling its bankruptcy claims for 16 cents on the dollar. In other FTX-related news, founder Sam Bankman-Fried and other execs have been subpoenaed by bankrupt brokerage Voyager Digital’s unsecured creditors. Their lawyers are investigating FTX's attempt to bail out Voyager when it went bankrupt last July.

Chart of the Day

(Amberdata)
(Amberdata)
  • The chart shows weekly volumes for bitcoin and ether options listed on Deribit since February 2022.
  • Last week, bitcoin options volume totaled $5.4 billion, the highest in three months, while the notional volume in ether options was $3.1 billion.
  • "Market participants continue showing preference over Bitcoin," Amberdata's Greg Magadini said.
  • Traders opened long positions in bullish calls at $26,000, $28,000 and $30,000 with conviction in the second half of last week, Magadini added.
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- Omkar Godbole

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