Share this article
Vibe Check: Coiling the Spring: CoinDesk Indices' Todd Groth
Periodic observations and market musings from Todd Groth, Head of Research, CoinDesk Indices
Updated Mar 8, 2024, 9:10 p.m. Published Feb 7, 2024, 2:04 p.m.
Coiling the Spring
We’ve regained 1650 levels on the CoinDesk 20 Index, as the digital asset market settles into familiar levels pre-bitcoin spot ETF launch and we’ve re-established a significant uptrend in the Bitcoin Trend Indicator (BTI). The indicator is an online tool, created by CoinDesk subsidiary CoinDesk Indices, to help investors determine where the price of bitcoin is going.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The market has also been shrugging off the recent move higher in U.S. interest rates, from last Friday’s January blowout jobs report (+353k vs +170k expected) and Jerome Powell’s 60 Minutes interview over the weekend.
“We're making good progress. The job is not done” said Powell on inflation, causing rates to shoot back upwards towards 4.1% on the U.S. 10-yr (from 3.9% days prior).
Another area where we’re making good progress but the job is not done? The CoinDesk 20, as we move upwards towards retesting the 1800 level and form a bullish pennant.
Need more color on what's happening in the markets? Check out these stories:
- BlackRock’s Bitcoin ETF Inflows Climb to Fifth-Highest Among All ETFs in 2024: Fidelity's spot ETF also garnered a ranking in the top 10 of fund inflows so far this year.
- Bitcoin Miner Selling Ahead of Halving Is Capping Prices: Bitfinex: Miner reserves saw continued net outflows since bitcoin ETF debut, falling to their lowest level since June 2021.
- SEC Delays Another Ether ETF Application: A decision for approving or denying a joint Ether ETF product has been pushed back, in line with analyst expectations.
More For You
What to know:
- 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
KindlyMD Turns to Kraken as Fourth Provider for Bitcoin-Backed $210M Loan at 8%
An SEC filing shows the Kraken facility will be used to retire an outstanding Antalpha loan and requires significant bitcoin collateral.
What to know:
- KindlyMD turned to Kraken for a $210 million loan “bearing a fee of 8% per annum” with maturity on Dec. 4, 2026.
- The company said it will use the proceeds to satisfy its obligations to Antalpha Digital in full.
- Kraken becomes the company’s fourth financing source this year following earlier arrangements with Yorkville Advisors, Two Prime and Antalpha.
Top Stories
