First Mover Americas: Bitcoin Ticks Along Above $34K
The latest price moves in crypto markets in context for Oct. 30, 2023.
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The Chicago Mercantile Exchange (CME) is now the second-largest bitcoin futures exchange, with only Binance holding a greater market share, according to data from Coinglass. Notional open interest (OI) – the value locked in the number of active or open contracts – on CME reached $3.54 billion compared with Binance’s $3.83 billion. Open interest in CME’s cash-settled futures contracts surpassed 100,000 BTC for the first time and the exchange’s share in the BTC futures market rose to a lifetime high of 25%. The ascent of a regulated, mainstream financial exchange is a sign for some observers that the recent rally in the crypto market is institutionally led.
Thai bank Kasikorn, also known as K-Bank, said it has acquired a 97% stake in crypto exchange Satang at a valuation of 3.705 billion Thai baht ($102.8 million), a month after the creation of its $100 million fund targeting Web3 and fintech investments. Following the closure of the deal, Satang will be re-branded to Orbix, along with three new subsidiaries: Orbix Custodian, fund manager Orbix Invest and blockchain tech developer Orbix Technology. K-Bank rival Siam Commercial Bank has also been targeting inroads into the digital asset industry, last month inking a partnership with Hashed, one of Thailand’s biggest Web3 investors.
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- The year-on-year percentage change in the U.S. consumer price index from 2013 to date looks eerily similar to the 1970s.
- If history is a guide, inflation may rebound in the coming months, boosting demand for perceived store-of-value assets.
- Bitcoin, widely considered digital gold, is set to undergo its fourth mining-reward halving in April next year. Reward halvings have historically presaged major bull runs.
- Source: Game of Trades
- Omkar Godbole
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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.