First Mover Americas: Ether, Meme Coins Lead Recovery While Bitcoin Remains Subdued
The latest price moves in crypto markets in context for June 19, 2024.
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.
Latest Prices
Top Stories
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 disappointingin 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
- 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
Trending Posts
More For You
需要了解的:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
DOT Sinks 2% After Breaking Key Support
The Polkadot token erased earlier gains amid elevated volume, falling from a high of $2.09 to $1.97.
What to know:
- DOT collapsed through ascending trendline support around the $2.05 level on a massive 284% volume surge.
- The token broke decisively below the support level to trade 2% lower over the last 24 hours.
