  The latest moves in crypto markets, in context Edited by Omkar Godbole October 21, 2021 Sponsored by  (Price data as of October 21 @ 11:30 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Top Gainers: Top Losers:
The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
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Market Moves by Omkar Godbole A day after bitcoin clocked fresh record highs, crypto investors were rotating money into ether, the native token powering Ethereum's blockchain and other coins.
While bitcoin was trading back and forth in the range of $64,000 to $66,500, ether topped $4,300 for the fist time since May and looked set to reach a new record price above $4,400.
Other cryptocurrencies like Solona's SOL token, litecoin, 1INCH were flashing double-digit gains on a 24-hour basis, outperforming both bitcoin and ether by big margins.
“Our expectation is that capital will rotate into ethereum and major altcoins while bitcoin cools off slightly,” said Matthew Dibb, co-founder and COO of Stack Funds.
In traditional markets, the futures tied to the S&P 500 signaled moderate risk aversion with a 0.30% drop, as the anti-risk Japanese yen gained ground in the currency markets. Pullback Ahead? Market analysts are setting ambitious target in the wake of bitcoin's rally to new record highs, with some eyeing a move to $100,000 in coming weeks.
However, it may not be a smooth ride, as the derivatives market is beginning to show signs of overheating – often a recipe for price pullbacks.
Bitcoin’s average funding rate or the cost of holding long positions in the perpetual futures listed on major exchanges, including Binance, has risen to 0.06% – the highest in at least six months, according to data provided by Bybit. Exchanges calculate funding rates every eight hours.
“Participants need to pay close attention to the exchange funding rates represented by Bybit, where retail investors are more concentrated, and excessive rates may trigger another short-term price downturn,” Babel Finance mentioned in the weekly research note published Monday.  Meanwhile, bullishness is building in ether's derivatives market. The amount of money dedicated to ether futures listed on the Chicago Mercantile Exchange (CME) has risen past the $1 billion mark for the first time on record. The CME is considered synonymous with institutional activity.
Major exchanges have seen an increase in demand for for long-dated, out-of-the-money (OTM) or higher strike ether call options.
"Markets’ long-term attention seems to be shifting from BTC to ETH with potential ETH ETF release after BTC [ETF in the U.S.], coupled with ETH 2.0 catalyst,” QCP Capital wrote in its Telegram channel on Tuesday. Read the original story here: Options Traders Bet Big That Ether’s Turn for an ETF Is Coming Soon
Technician's Take by Omkar Godbole  Ether Eyes Record High Price Ether, the native token of Ethereum's blockchain, looks north, having breached a five-month old falling trendline and flipped the September high of $4,030 into support.  Bitcoin's 4-hour chart Source: TradingView) There is little resistance overhead on the way to $4,379 – the record reached in May. The cryptocurrency has rallied 40% this month. Read the original story here:
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BOLO Be on the lookout for the following events today:
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Breaking News: Bitcoin Breaks Previous All-Time-High of $64,888.99
"First Mover" team dives into the top stories impacting the crypto markets today: Bloomberg is reporting ProShares bitcoin futures ETF BITO debuts as second-highest traded fund ever with about $1 billion traded on the first day, Galaxy Digital Research reveals top 10 things that show crypto is booming in its latest report, and Alex Thorn, Galaxy Digital head of firmwide research, shares details of this report. Plus, an investigative report from CoinDesk Reporter Anna Baydakova on a black market for verified accounts on major exchanges, and Blockchain Association Executive Director Kristin Smith Blockchain's take on crypto regulations.
A Message from CoinDesk  What will 2022 bring? Crypto 2022 is CoinDesk’s ambitious effort to scope out what’s next. This week it's Policy Week, a week devoted to exploring the complex ways governments are interacting with the cryptocurrency ecosystem, and how policy decisions or lack thereof will affect the year ahead. Read more here.
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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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