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First Mover Americas: Ether, Meme Coins Lead Recovery While Bitcoin Remains Subdued

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.

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(CoinDesk)
(CoinDesk)

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The digital asset market ticked upward during the European morning with ether reclaiming $3,500. ETH has climbed over 4% in the last 24 hours, trading at $3,540 at the time of writing. The CoinDesk 20 Index (CD20) added around 1.6%. DOGE is nearly 3.5% higher following its slump on Tuesday, while fellow meme coin SHIB is also up over 3%. Bitcoin remains subdued, trading around $65,400, a lift of 0.2% from 24 hours ago. Spot bitcoin ETFs in the U.S. experienced a further $152.4 million worth of outflows on Tuesday.

Wallets tracked by CryptoQuant show whales sold over $1.2 billion worth of BTC in the past two weeks. These long-term bitcoin holders are displaying few signs of renewed demand, indicating an ongoing absence of upside for the world's largest cryptocurrency. “Traders are still not increasing their bitcoin holdings and large holders’ demand growth is still missing strength,” analysts wrote. Market observers say crypto miners may be increasingly looking at the booming AI sector instead of bitcoin to ply their trade, prompting a sale of their bitcoin rewards instead of holding. Both sectors rely extensively on powerful computing chips to generate and maintain data.

Bitcoin and crypto-linked stocks are underrated and ripe for institutional adoption, according to broker Bernstein. While BTC and bitcoin ETFs may have shown promise before disappointing in recent months, Bernstein predicts ETF approval by major wirehouses and large private bank platforms in the second half of the year. Bitcoin ETF inflows are expected to accelerate in the third and fourth quarters, the report said, and the next leg of adoption will be driven by large advisers approving ETFs and allocation headroom from existing portfolios. Bernstein has outperform ratings for bitcoin-adjacent publicly traded firms like MicroStrategy, Robinhood and miners Riot Platforms and CleanSpark.

Chart of the Day

(VeloData)
(VeloData)
  • Cumulative open interest in bitcoin perpetual futures trading on major exchanges has declined from $6.07 billion to $5.10 billion in two weeks.

  • It means the recent bitcoin price pullback is mainly driven by unwinding of bullish bets or profit taking rather than renewed bearish bets.

  • Source: VeloData

- Omkar Godbole

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