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First Mover Americas: Aptos Rallies While Major Cryptos Trade Lower
The latest price moves in crypto markets in context for Sept. 25, 2023.
Updated Sep 25, 2023, 12:46 p.m. Published Sep 25, 2023, 12:46 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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A token that’s designed to fool users into thinking it's an authentic version of Aptos temporarily shut down services on Korean exchange Upbit for the APT token after some were able to deposit and cash out the counterfeit coin. According to on-chain data, the token, which originated from the airdrop scam site ClaimAPTGift.com, is held by approximately 400,000 wallets. On X (formerly known as Twitter), one user highlighted a bug on Upbit that caused the exchange to accept the fake tokens because it didn’t thoroughly check the underlying source code.
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Aptos’ APT token was one of the only digital asset tokens trading in the green on Monday, rallying 10% over the past 24 hours. Bitcoin, the world’s largest cryptocurrency by market value, traded down almost 2% over the same time period. Chainlink’s LINK was the only other digital asset that gained on Monday, up 2% after a strong week last week. Looking forward, eToro analyst Simon Peters noted in a morning update that this week looks slow for cryptocurrencies due to few macroeconomic updates. “With little in the way of major macro updates this week, there is little to stir the market bar unplanned events,” said Peters. “The market is looking for signals to take a direction and has been moving fairly flat for some time now.”
On Friday at 08:00 UTC, a total of 1.217 million and ether options contracts with a notional value of $4.8 billion will expire on leading crypto options exchange Deribit. Roughly 10% or 117,000 contracts out of the total are tied to bitcoin, while the rest are ether options. On Deribit, one options contract represents one BTC and one ETH. Options are derivatives that give the purchaser the right to buy or sell the underlying at a predetermined price at a later date. These derivatives contracts will be valuable or worthless depending on how the top two cryptocurrencies trade by the end of the week. Both seasoned traders and retail investors track monthly and quarterly options expiries, given their propensity to influence markets ahead of and following the settlement.
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Chart of the Day
- The chart shows gaming and cryptocurrency trading platform Rollbit's revenue from casino games, sportsbook and futures trading has increased 10% or more in the past 30 days.
- The uptick in revenue contradicts the downtrend in Rollbit's RLB token. The cryptocurrency's price has decreased by 44% in the past four weeks, per Messari.
- "While Rollbit's revenue is steadily increasing, the token price is going down. $1.3M worth of RLB was bought back & burned only last week. I expect the RLB price to eventually catch up to the fundamentals," pseudonymous crypto analyst The DeFi investor said.
- Source: Rollbit.com
- 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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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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