Share this article
First Mover Americas: BTC, ETH Consolidate Ahead of Ether ETF Decision
The latest price moves in crypto markets in context for May 23, 2024.
Updated May 23, 2024, 12:01 p.m. Published May 23, 2024, 12:01 p.m.
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
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
Bitcoin and ether consolidated recent gains early this morning ahead of the SEC's decision on VanEck's spot ETH ETF application later today. BTC is little changed, down about 0.8% in the last 24 hours at $69,600, while ETH has risen nearly 2.75% to over $3,800. The wider digital asset market, as measured by the CoinDesk 20 Index (CD20) is down just over 0.5%. The general outlook for the two largest cryptocurrencies remains bullish. BTC and ETH options on derivatives exchange Deribit continue to reveal a bias for calls, or contracts that allow traders to profit from price rises, according to data tracked by Amberdata.
BlackRock, Grayscale, and Bitwise filed amended 19b-4 forms with the SEC for their proposed spot ether ETFs, removing the staking provisions some commentators said were causing regulatory roadblocks. Staking is the process of locking specific cryptocurrencies for a set period to help support the operation of a blockchain for a reward. These rewards are considered mainly passive income among crypto traders. All ether ETF hopefuls have now filed their amended proposals ahead of an approval or disapproval decision expected today. Fidelity filed earlier this week, with VanEck, Franklin Templeton, Invesco Galaxy and ARK 21Shares following suit. Hashdex is the only issuer yet to file an amendment to its Ethereum ETF.
Shares in Nvidia reached a record high during Wednesday's post-market hours after the company beat analyst estimates to report record revenue of $26.04 billion for the first quarter. The rally might be a positive signal for cryptocurrencies, including tokens supposedly associated with AI technology. This is because, historically, the inflow of money into the crypto market and the so-called AI coins has been partly contingent on outsized gains in NVDA and the tech-heavy Nasdaq index. Top AI coins such as FET, ICP, RNDR and GRT traded mixed, having rallied in the lead-up to the NVDA announcement, according to data by CoinGecko.
Chart of the Day
- The chart shows SOL's seven-day put options on Deribit are again trading at a premium relative to calls.
- Investors seem to be preparing for a decline in prices in case the U.S. SEC rejects spot ether applications this week.
- A put option provides insurance against price drops.
- Source: Amberdata
- Omkar Godbole
Trending Posts
More For You
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.
More For You
Dogecoin, PEPE rocket as much as 25% as 2026 starts with a bang for memecoins
The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.
What to know:
- Dogecoin and Pepe led a significant meme coin rally, with Dogecoin rising 11% and Pepe surging 17% in a single day.
- The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.
- Traders are speculating on meme coins as a high-risk, high-reward opportunity amid uneven liquidity and a lack of clear macroeconomic catalysts.
Top Stories
