The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Bitcoin Pizza Day! Here’s what you need to know today in crypto: |
- Bitcoin is hovering around $70,000 following IBIT inflows of $290 million.
- Ether's market cap rose by over $70 billion on Tuesday.
- WisdomTree to list BTC and ETH ETPs on the London Stock Exchange.
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CoinDesk 20 Index: 2,517 −0.8%
Bitcoin (BTC): $70,058 −1.7%
Ether (ETC): $3,735 −1.4%
S&P 500: 5,321.41 +0.3%
Gold: $2,418 −0.2%
Nikkei 225: $2,418 −0.2% |
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Bitcoin hovered around the $70,000 mark during the European morning, a slight drop following Tuesday's rally to as high as $71,400. BTC is currently priced at $70,069, around 1.6% lower over 24 hours. The CoinDesk 20 Index (CD20), offering a measurement of the broader digital asset market, fell about 0.5%. BlackRock's spot bitcoin ETF (IBIT) recorded over $290 million in inflows on Tuesday, its highest one-day figure since April 5 and nearly three times the previous high this month: $93 million on May 16. As a whole, ETFs took on nearly $300 million in net inflows on Tuesday. |
Ether's market cap rose by over $70 billion on Tuesday, not far off the entire market value of Solana's sol token at around $80 billion. The ether price surged more than 19% on Monday for a total of $439 billion, according to data source TradingView. The surge followed renewed hopes that a spot ether ETF will be approved in the U.S. Analysts say the gap between ether and rivals like SOL will widen in the coming months as a potential spot ETF launch opens the token to mainstream institutional adoption. At the time of writing, ETH is priced at $3,726, a decrease of just over 0.8% in the last 24 hours. WisdomTree has been given the green light to list bitcoin and ether ETPs on the London Stock Exchange. The asset manager said it was among the first applicants to have its prospectus given the go-ahead by the FCA. The Physical Bitcoin (BTCW) and Physical Ethereum (ETHW) ETPs are expected to start trading on May 28 and will be available only to professional investors. They will carry fees of 35 basis points. The FCA said in March it would not object to requests from financial institutions seeking to list ETPs for professional investors, a partial lift on the ban it put in place in 2020. The products however remain out of bounds for retail investors. |
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Market Insight: Ether Has 1 in 5 Chance of Tapping $5K by End-June |
Ether has a 20% chance of rallying to $5,000 by the end of June, according to dominant DeFi options protocol Lyra. This week, traders on Lyra have snapped up ether call options expiring in June and July at strikes above $5,000, revealing a bullish outlook. Options are derivative contracts that let you decide to purchase or sell the underlying asset in the future at a price agreed upon today. A call gives the right to buy, and a put option offers the right to sell. Traders typically buy call options to profit from or hedge against price rallies and prefer puts when anticipating a price drop. "Lyra options markets are implying a ~20% chance of ETH reaching $5,000 by June 28," Nick Forster, Lyra's founder and former Wall Street options trader, told CoinDesk in an email. "There is a 20% chance of ETH moving above $5,500 by July 26, as traders have increased positioning post the ETF speculation." |
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- The chart shows the share of BTC/USDT trading that occurred during the U.S. hours (13:00 to 20:00 UTC) in the first four months of the year, starting from 2015.
- The U.S. share has steadily increased, reaching a record high of 46% in 2024 as the debut of spot ETFs in the U.S. opened the doors to mainstream institutional adoption.
- "The new ETFs calculate their net asset value (NAV) against dedicated benchmarks at the US close each weekday, thereby boosting arbitrage and price discovery," Paris-based Kaiko said in the weekly newsletter, explaining the concentration of activity during the American hours.
- Source: Kaiko
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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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