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Bitcoin Price Hits Two-Month High Above $12,300
Bitcoin's price clocked two-month highs above $12,370 on Wednesday. The options market expects a continued rally.
Updated Sep 14, 2021, 10:21 a.m. Published Oct 21, 2020, 12:20 p.m.
Bitcoin's price reached a two-month high on Wednesday, taking month-to-date gain to over 13%.
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- The top cryptocurrency by market value rose to a high of $12,379 soon before press time – the highest level since Aug. 18, according to CoinDesk's Bitcoin Price Index.
- The rise represents a 3.5% gain on the day.
- Prices are now up over $2,000 from the lows near $10,000 seen in early September.
- "The bullish momentum is certainly picking up with support from large corporations buying into the market," Wayne Chen, CEO, and director of Interlapse Technologies told CoinDesk in a LinkedIn chat.
- Firms like Square, MicroStrategy, and Stone Ridge have recently disclosed bitcoin treasury investments, validating the cryptocurrency's appeal as a store-of-value asset.
- Options market data shows investors are expecting the price rally to continue.
- "Bitcoin is breaking out and the options market is preparing for a bigger rally," Skew's CEO Emmanuel Goh told CoinDesk in a Telegram chat.
- The bullish mood is evident from the negative one-, three-, and six-month put-call skews, which measure the cost of puts relative to that of calls.
- In other words, calls, or bullish bets, are drawing higher prices than puts, or bearish bets – a likely sign of investors positioning for a price rally.
- Notably, the one-month skew fell to -14% on Tuesday, the lowest level since Aug. 1, suggesting the most bullish mood in 2.5-months.
- Bitcoin's immediate resistance is located at $12,476 (August high). A violation there would expose the June 2019 high of $13,800.
Also read: UK-Listed Firm Mode Putting up to 10% of Cash Reserves Into Bitcoin
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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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