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.
CoinDesk 20 Index: 2,066.01 +1.2%
Bitcoin (BTC): $68,101.44 3.96%
Ether (ETH): $2,629.35 +1.16%
S&P 500: 5,815.26 -0.76%
Gold: $2,678.07 +0.65%
Nikkei 225: 39,180.30 -1.83%
Bitcoin rose above $68,000, extending the weekly gain to over 8%. BTC has gained nearly 4% in the last 24 hours, comfortably outperforming the wider digital asset market, which is around 1.4% higher, as measured by the CoinDesk 20 Index.The cryptocurrency teased a move above $68,000 during the U.S. morning on Tuesday before falling as low as $64,800 only an hour later. Spot bitcoin ETFs recorded inflows of $371 million on Tuesday, making it three days in a row that they have registered over $250 million of gains, the first time such instance since July 16, according to SoSoValue.
BTC futures open-interest on the Chicago Mercantile Exchange has hit a new all-time high of 172,430 BTC ($11.6 billion). In the past five trading days, CME has seen open interest ramp up by 25,125 BTC, marking one of the highest recorded changes in recent years. – A somewhat similar spike in open interest was seen in June 2023, when , bitcoin surged from approximately $25,000 to $30,000. Vetle Lunde, senior analyst at K33 Research, noted that active and direct market participants are driving this growth on the CME, and it’s not coming from futures-based ETFs such as ProShares Bitcoin ETF (BITO). Lunde also pointed out that activity is structured around the November expiry, following the U.S. election.
Grayscale Investments has filed to turn its multi-token fund, the Grayscale Digital Large Cap Fund (GDLC), into an ETF, adding to its offerings of crypto ETFs after the conversion of its bitcoin and ether funds earlier this year. The fund tracks the CoinDesk Large Cap Select Index which measures the market cap weighted performance of five of the largest cryptocurrencies, including bitcoin, ether, solana, XRP, and avalanche. Once approved and converted into an ETF, the fund which currently trades over the counter, will trade on the New York Stock Exchange, which submitted a 19b-4 filing with the SEC on Tuesday.
The chart shows a session-wide breakup of bitcoin’s 30-day gain of 15.5%.
Prices have risen across time frames, with European hours bringing the most gains, followed by Asia Pacific.
That starkly contrasts the first-quarter rally when most gains happened during the North American trading hours.
Source: Velo Data
– Omkar Godbole