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First Mover Americas: BTC Muted After Crypto Goes Unmentioned in Musk-Trump Interview
The latest price moves in crypto markets in context for Aug. 13 2024.
Updated Aug 13, 2024, 12:06 p.m. Published Aug 13, 2024, 12:06 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
CoinDesk 20 Index: 1,900 −1.6% : $58,871 −1.5% Ether : $2,644 −1.0% S&P 500: 5,344.39 +0.0% Gold: $2,463 +0.0% Nikkei 225: 36,232.51 +3.45%
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The digital asset market was muted after crypto went unmentioned during the X space between Elon Musk and Donald Trump. BTC traded at around $58,750 during the European morning, down just over 1% from its price of 24 hours ago. The broader crypto market, as measured by the CoinDesk 20 Index (CD20), dropped by a similar amount. The two-hour interview between the X owner Elon Musk and the Republican presidential candidate attracted over 1 million listeners and was highly anticipated by the crypto community, but cryptocurrency didn't come up. On Polymarket, bettors priced a 65% chance of "crypto" being mentioned with over $600,000 in stakes on the topic.
One bitcoin analyst sees renewed losses in the short term, with the price falling by $5,000 from the going market rate of around $58,500. "Bitcoin is likely to fall by $5K rather than rise by the same amount," Alex Kuptsikevich of FxPro said in an email. Kuptsikevich's bearish take stemmed from bitcoin's failure to keep gains above $60,000 in the wake of the death cross, a bearish crossover of the 50- and 200-day simple moving averages. "Bitcoin does not break above $60K and faces selling after it tried to break above the 50- and 200-day MAs late last week, showing seller dominance," Kuptsikevich noted. He added that the 14-day relative strength index (RSI) no longer shows oversold conditions, which means scope for another leg lower, consistent with the recent seller dominance above $60,000.
Data from SoSoValue shows that daily net inflow into the U.S.-listed spot ether ETFs hit $4.93 million on Monday. Grayscale's two funds posted no flows, while Fidelity's FETH hit $3.98 million in inflow, Franklin Templeton's EZET posted $1 million, and Bitwise's ETHW clocked $2.86 million in positive flow. VanEck's ETHV was the only one that posted an outflow of $2.92 million. Meanwhile, bitcoin ETFs posted a collective daily inflow of $27.87 million. Of the lot, Grayscale's GBTC had an outflow of $11.7 million, while Bitwise's BITB had an outflow of $17 million.
Chart of the Day
- The median gas price for a low-priority transaction on the Ethereum blockchain has dropped to less than two gwei, the lowest in five years, and down from 83 gwei in March.
- Its a sign of dwindling activity on the Ethereum mainnet and weakens the bullish case for the blockchain's native token ether.
- Source: Ethereum gas price chart
- 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.
O que saber:
- 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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