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First Mover Americas: Bitcoin Due for Big Move, Solana's TVL Tanks After Mango Exploit
The latest price moves in crypto markets in context for Oct. 12, 2022.
Updated Nov 7, 2022, 5:26 p.m. Published Oct 12, 2022, 12:30 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), the world’s largest cryptocurrency by market value, remains at the $19,000 level after hitting a low of $18,860 on Tuesday. The cryptocurrency has been holding fairly resilient recently, compared to the rest of financial markets: The S&P 500 and Nasdaq declined Tuesday in a volatile session, with the Nasdaq falling into its second bear market of the year.
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On Wednesday, U.S.stocks appeared on track for a modest recovery.
According to Bitfinex analysts, bitcoin might be gearing up for a significant price move, with coins apparently being pulled down from centralized exchanges; that’s typically seen as moving the cryptocurrency to storage, which means the owners have little intention of selling out of positions anytime soon.
The largest bitcoin outflows in the last three months occurred over three days during the last week (Oct. 1-4), according to data from Bitfinex.
“This buying pressure most likely indicates that many traders and investors bought the recent rally and are anticipating soon-to-be new highs,” said Bitfinex.
But crypto trading adviser at CEC Capital Laurent Kssis, predicts the move will be downward.
“The crypto market is currently unfavorable as a protection of any sort and it seems people are purely speculating that a rally will occur,” said Kssis in an interview with CoinDesk. “Without any convincing evidence that the crypto market has any impetus I remain bearish for the near term.”
Ether (ETH) gained 2% on the day, holding the $1,300 level. Hedera Hashgraph (HBAR), a distributed ledger technology, surged 10%.
CoinDesk Market Index
Biggest Gainers
Asset Ticker Returns DACS Sector Terra LUNA +16.7% Smart Contract Platform Numeraire NMR +12.41% DeFi Celsius CEL +9.33% Currency
Biggest Losers
Asset Ticker Returns DACS Sector Rally RLY -3.85% Culture & Entertainment Injective INJ -2.63% DeFi Maker MKR -2.53% DeFi
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
Solana's TVL Drops to $1B After Mango Exploit
By Omkar Godbole
- Mango Markets, a Solana-based decentralized exchange, apparently accounted for 8% of the total TVL locked in the Solana DeFi ecosystem before it was exploited early Wednesday.
- Solana's TVL has declined from $1.3 billion to $1 billion, with Mango losing $104 million in an exploit.
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.
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How a 'perpetual’ stock trick could solve Michael Saylor’s $8 billion debt problem
The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long-dated leverage.
What to know:
- Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
- The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
- Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.
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