The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk markets reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Friday! Here’s what you need to know today in crypto: |
| BlackRock's Ethereum ETF plan was confirmed in a Nasdaq filing on Thursday. Ether prices surged following the BlackRock filing.UBS Group’s wealthy clients can now trade some crypto ETFs in Hong Kong. |
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CoinDesk Market Index (CMI): 1,454 +1.4%
Bitcoin (BTC): $36,877 +0.4%
Ether (ETC): $2,099 +9.8%
S&P 500: 4,347.35 −0.8%
Gold: $1,959 −0.3%
Nikkei 225: $1,959 −0.3% |
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BlackRock wants to create an ETF that holds Ethereum's ether (ETH), a plan that deepens the world's largest asset manager's commitment to cryptocurrencies. Following the news, the ETH price surged to the highest level of the day (Thursday), nearing $2,100 and up about 3% compared with just before the filing came out. It later gave back about half that gain, though it remains about 9% higher than 24 hours before. The company's plan was revealed in a filing by Nasdaq, the U.S. exchange where BlackRock will seek to list the product, which will need regulatory approval. Earlier on Thursday, it emerged that the corporate entity "iShares Ethereum Trust" had been registered in the state of Delaware; iShares is the name of BlackRock's ETF division. |
BlackRock CEO Larry Fink (Michael M. Santiago/Getty Images) |
Ether's (ETH) BlackRock (BLK)-prompted surge past $2,000 on Thursday stole the spotlight from bitcoin (BTC), which is down slightly on the day, at around $36,500, while ether is now around $2,100.According to David Lo, head of financial products at Bybit, ether could push further. “Historically, ETH often makes significant gains following a peak in Bitcoin's value, a pattern that may repeat here giving us a price target of around $2500,” said Lo. “After that, there may be a final rotation of profits into lower-cap coins before a cooling-off period, which may involve an overall 10-30% correction.” Swiss bank UBS' wealthy clients can now take on exposure to three crypto exchange-traded funds (ETFs) through the lender's Hong Kong platform, according to a Bloomberg report citing a person familiar with the matter. The ETFs, Samsung Bitcoin Futures Active, CSOP Bitcoin Futures and CSOP Ether Futures ETFs, are all authorized by Hong Kong's securities regulator, the Securities and Futures Commission (SFC). Together, they boast assets worth around $72 million. Significantly, the news comes a day after HSBC, one of the world's largest banks, said it plans to start a digital assets custody service for institutional clients. |
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Market Insight: CME Topples Binance as Top Bitcoin Futures Exchange |
On Thursday, the Chicago Mercantile Exchange (CME) took the top spot on the list of biggest bitcoin (BTC) futures exchanges, replacing Binance for the first time in two years. CME ranked first among futures and perpetual futures exchanges with an open interest (OI) of roughly $4.07 billion, up some 4% in the past 24 hours and representing a 24.7% market share, CoinGlass data shows. Meanwhile, OI on Binance fell to $3.8 billion, down 7.8% during the same period. CME offers trading in traditional futures contracts with pre-determined expiry. Binance and other exchanges offer conventional futures and perpetual contracts, or futures with no expiry. The change in rankings occurred as the crypto market endured a major leverage flush out amid wild price swings, which saw the aggregate bitcoin open interest drop $2 billion from $12 billion. The decline impacted Binance traders disproportionately more than CME market participants. |
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| The chart shows an annualized three-month basis in ether futures listed on Binance. The basis has risen to 9.2%, the highest since at least early 2022, indicating renewed bullish sentiment in the market.A positive basis means futures are trading at a premium to spot prices.Source: Velo Data |
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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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