Share this article
First Mover Americas: Binance Unveils Self-Custody Wallet
The latest price moves in crypto markets in context for Nov. 8, 2023.
Updated Nov 8, 2023, 1:01 p.m. Published Nov 8, 2023, 1:01 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.
Latest Prices
STORY CONTINUES BELOW
Ne manquez pas une autre histoire.Abonnez vous à la newsletter Crypto Daybook Americas aujourd. Voir toutes les newsletters
Top Stories
Binance has released a self-custody Web3 wallet that can be used to interact with the DeFi ecosystem. Users are required to use the Binance app to create a wallet, with the app serving as the venue for activities such as staking, lending and borrowing. The wallet will also use multiparty computation (MPC), which involves a private key being broken into three parts of which the wallet owner controls two, as a means of removing the need to memorize seed phrases. The new wallet appears to compete with TrustWallet, which the exchange bought in 2018. TrustWallet's native token (TWT) fell following Binance's announcement. TWT had experienced a positive week prior to this, thanks in part to Binance listing TWT futures on its exchange, which saw volume increase from around $80 million to $476 million on Monday.
HSBC said it plans to start a custody service of tokenized securities for institutional clients alongside Swiss crypto custodian Metaco. The service is set to go live in 2024 and will complement HSBC's existing platform for digital asset issuance and its recent tokenized physical gold offering, the bank said. HSBC pointed out that the service will not pertain to cryptocurrencies or stablecoins. Tokenization, the process of issuing and trading real-world assets on blockchains, is one of the most prominent ways in which major financial institutions are becoming involved in the digital asset industry. Boston Consulting Group estimated last year that tokenization could become a $16 trillion industry by 2030.
Grayscale's investment product linked to Chainlink's LINK token is trading at a 200% premium to spot prices, which suggests institutional demand. The Grayscale Chainlink Trust (GLNK) closed at $39 on Monday compared with $21 on Oct. 31. Each GLNK share holds just $12 worth of LINK, making it nearly three times pricier than the actual value of held assets. The product has historically traded at a premium of over 20%. While premiums have reached as much as 150% on two separate occasions since the product's launch in May last year, Monday's is its highest ever. LINK tokens themselves have surged over 76% in the last month.
Chart of the Day
- The chart shows the spread between Deribit's ETH DVOL and BTC DVOL indices. DVOL represents options-implied expectations for price turbulence over 30 days.
- The spread has narrowed to -0.6 from -11.6 on Oct. 23, a sign investor focus has shifted from market leader bitcoin to ether and other alternative cryptocurrencies.
- Source: Amberdata
- Omkar Godbole
Trending Posts
Plus pour vous
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.
Di più per voi
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.
Cosa sapere:
- 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.
Top Stories
