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First Mover Americas: Once-Bouncing Bitcoin Now Just Rolls Like Ball
The latest price moves in crypto markets in context for Oct. 11, 2022.
Updated Apr 9, 2024, 11:31 p.m. Published Oct 11, 2022, 12:35 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.
Price Point
Bitcoin (BTC) and ether (ETH) both started the day trading down on Tuesday, with traditional markets still in the lurch.
STORY CONTINUES BELOW
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The CoinDesk Market Index slipped 0.7% over the past 24 hours. Bitcoin lost 1.5%, hovering just above the $19,000 mark, and ether fell 2.3%. Stock futures fell and bonds sold off. European shares declined for a fifth straight day.
Altcoins took a larger hit, with ethereum classic (ETC) down 8.5%, NEAR down by 8% and XRP by 6%.
Crypto funds saw outflows totaling $5 million last week, fueled by sizable redemption from “short” investment products, or those designed to profit from price declines, according to data from CoinShares.
Bitcoin witnessed a fourth consecutive week of inflows totaling $12 million, while short-bitcoin investment products saw outlaws totaling a record $15 million.
CoinDesk Market Index
Biggest Gainers
Asset Ticker Returns DACS Sector Injective INJ +7.43% DeFi Ribbon Finance RBN +4.36% DeFi Celsius CEL +4.09% Currency
Biggest Losers
Asset Ticker Returns DACS Sector Request REQ -6.25% Currency LCX LCX -5.07% Currency Stellar XLM -4.99% Currency
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.
Chart of the Day
Bitcoin Bouncing Ball
By Omkar Godbole
- Bitcoin's price structure resembles the path of a dropped ball that bounced off the floor.
- The ball is losing energy with every bounce from price support (around $18K) and could soon fizzle into a flat forward roll.
- The longer the flat forward roll continues, the bigger the risk of gravity eventually taking a toll as it did in November 2018.
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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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Crypto ETFs with staking can supercharge returns but they may not be for everyone
From yield potential to custody risks, here’s how direct ETH and staking funds compare for different investor goals.
What to know:
- Investors can now choose between owning ether directly or buying shares in a staking ETF that earns rewards on their behalf.
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- Grayscale’s Ethereum staking ETF recently paid $0.083178 per share, yielding $3.16 in rewards on a $1,000 investment.
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