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First Mover Americas: Traders Are Turning to Ether
The latest price moves in crypto markets in context for Dec. 6, 2023.
Updated Mar 9, 2024, 5:43 a.m. Published Dec 6, 2023, 1:39 p.m.
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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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Key derivatives market metrics show sophisticated traders are turning their attention to ether from the recent market standout, bitcoin , hinting at a potential outperformance of Ethereum's native token in the coming weeks. Bitcoin has rallied over 60% this quarter, while ether, the supposedly deflationary currency with bond-like appeal and an ESG-compliant label, has lagged big time, gaining just 35%, CoinDesk data show. The performance gap is even wider over larger time frames, with bitcoin boasting a 163% year-to-date gain versus ether's 89%.
IBM has released a cryptographic signing technology for handling digital assets in cold storage, reducing the risks associated with manual procedures while keeping assets at arm's length from an internet connection. The tech giant said in a statement on Tuesday that its IBM Hyper Protect Offline Signing Orchestrator (OSO) helps protect high-value transactions by offering additional security layers, including disconnected network operations, time-based security and electronic transaction approval by multiple stakeholders. In recent years, IBM has been applying its gravitas in key management, specifically its confidential computing suite of technologies, to digital assets and cryptocurrencies.
Asset manager BlackRock and crypto investment firm Bitwise both filed amended S1 forms with the Securities and Exchange Commission (SEC) on Monday, answering further questions probably asked by the regulator in earlier conversations. While it is unclear which topics the SEC asked applicants to provide further information for, analysts had predicted that changes to the prior filings would be made following several meetings between the SEC and applicants last week. The filings signal that both parties are “working hard to iron things out,” Bloomberg Intelligence’s James Seyffart wrote on X. Amendments by the other 11 applicants, including Fidelity, Franklin and WisdomTree, are likely to follow soon, he said.
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- The chart shows the most active bitcoin options of the past 24 hours.
- While calls have seen the most volume, some traders have traded puts at strikes $41,000 and $41,500.
- The flows are consistent with options skew, which shows traders are looking to protect themselves from a potential price slide.
- Source: Velo Data
- Omkar Godbole
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Key bitcoin price levels to watch as downward pressure builds
As bitcoin remains in a downtrend, several technical and onchain levels stand out as critical areas of support.
What to know:
- The 100-week moving average at $87,145 remains the main line of defense.
- Below this, the cost basis of U.S. spot bitcoin ETF buyers at $84,099 has provided support during recent consolidation.
- A sustained break below $80,000 would likely open the door to a revisit of the April 2025 low near $76,000.
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