The latest moves in crypto markets, in context Was this newsletter forwarded to you? Sign up here. |
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Good morning, and welcome to First Mover. I’m Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights. This newsletter was produced by Parikshit Mishra. Let us know what you think of First Mover by replying to this email. |
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Bitcoin (BTC) opened its first day of trading in June at around $31,800. The world’s largest cryptocurrency by market capitalization is trading relatively flat and has not seen much price movement overnight. From this time a year ago, bitcoin is trading down 15%, where it was trading at around $37,000. |
June 1, 2021 BTC traded at a low of $35,699. (Trading View) |
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Ether is trading at $1,900 at the time of writing and is down 26% from this time a year ago. According to Charles Storry, head of growth at Phuture, a crypto index platform, the sell off is just beginning. “We are entering a 12-18 month bear market. I am bullish long term as this is short term fear and panic selling,” said Storry. Altcoins saw weakness over the last 24 hours after some experienced a rally on Tuesday. Cardano (ADA) has dropped 7%, Avalanche (AVAX) by 5.7% and Solana’s SOL by 5%. Tron’s TRX was the only gainer, climbing by 10% over the last 24 hours.
Optimism (OP), the token that powers the layer-2 Ethereum scaling solution Optimism, has dropped 65% from its listing price after its much anticipated airdrop.
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Bitcoin Dominance in Derivatives Open interest in bitcoin futures and perpetuals now account for 63% of the open interest in the crypto futures market. In early April, open interest was around 50%, according to data from Arcane Research. This has come as the global interest in the crypto market has seen a sharp decline. BTC futures accounting for 63% of the crypto market is the highest level since October 2021. Bitcoin’s dominance in the derivatives market mirrors the cryptocurrency’s dominance in the wider market, which has also trended higher over the month of May. |
Open interest in crypto futures vs bitcoin open interest dominance (Arcane Research). |
Joshua Lim, head of derivatives at Genesis Global Trading, said that this data suggests the speculative interest in altcoins is diminishing. “Alts have had a rough run and a lot of liquidations and de-risking has taken speculators out of the market,” said Lim. |
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The SEC wants to hear from investors, like you. As part of Grayscale’s filing to convert Grayscale Bitcoin Trust (Symbol: GBTC) to an ETF, the SEC provides a 240-day review period for anyone to submit comments for consideration.If you support the conversion, write to the SEC by clicking here. Your submission matters because: We can level the playing field. To date, the SEC has only permitted Bitcoin Futures ETFs, while rejecting “physically-backed” or Spot Bitcoin ETFs. The choice should be yours. If you’ve been waiting for the familiarity and protections of a Bitcoin ETF, we believe you should not be forced into a Futures-based product simply because it’s the only one that exists. You can help take GBTC to the next level, conversion to an ETF. It’s already the world’s largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company. Learn more here. This information should not be relied upon as investment advice or a recommendation regarding any security. Visit here for important disclosures. |
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The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: |
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Biggest Gainers Biggest Losers |
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Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges. |
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And check out the CoinDesk TV show “First Mover,” hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. - Rob Frasca, managing partner, Cosimo Ventures
- Sasha Ivanov, founder and lead developer, Waves
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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