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First Mover Americas: Cryptocurrency Trading Volumes Increase for First Time in 3 Months
The latest price moves in crypto markets in context for July 5, 2023.
Updated Jul 5, 2023, 2:33 p.m. Published Jul 5, 2023, 12:45 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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Crypto trading volumes rose in June for the first time in three months amid optimism following the filing of spot bitcoin exchange-traded-fund (ETF) proposals by BlackRock and other asset managers. The combined spot and derivative trading volumes on centralized exchanges climbed 14% to $2.71 trillion, according to a report by CCData. This was the first monthly increase in trading volume since March, said the report. Among other high-profile U.S. institutions that filed or refiled last month with the U.S. Securities and Exchange Commission (SEC) for spot bitcoin ETFs were Fidelity, Invesco and WisdomTree.
Bitcoin's fortune is no longer tied to movement in the U.S. stock markets. The 90-day rolling correlation of changes in bitcoin's spot price to changes in Wall Street's tech-heavy equity index, Nasdaq and the broader S&P 500 has declined to near zero, the lowest in two years, according to data tracked by crypto derivatives analytics firm Block Scholes. "It [the correlation] is now at the lowest level observed since July 2021, when BTC was between its twin peaks in April and November," Andrew Melville, research analyst at Block Scholes, said in an email.
Binance Australia’s office was searched by that country's financial regulator, the Australian Securities & Investments Commission (ASIC), on Tuesday, according to a report in Bloomberg. The story, citing anonymous sources, comes after the company’s derivatives license was canceled in April following an investigation into how it classified clients as professional wholesale investors in order to be saddled fewer regulatory protections than if they were regular retail customers. "We are cooperating with local authorities and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner,” a Binance Australia spokesperson told CoinDesk in an e-mailed statement.
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- The chart shows notional open interest, or the dollar amount locked in the number of active options contracts tied to bitcoin, has surged to $13.8 billion.
- Market participants are seeking exposure to risk-defined derivatives instruments, per Glassnode.
- Glassnode tracks open interest on Deribit, CME, FTX and OKX.
- Omkar Godbole
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BlackRock exec says 1% crypto allocation in Asia could unlock $2 trillion in new flows
During a panel discussion at Consensus in Hong Kong, Peach pointed to massive capital pools in traditional finance as ETF adoption spreads across Asia.
What to know:
- Even a 1% crypto allocation in standard portfolios across Asia could translate into nearly $2 trillion of inflows, highlighting how modest shifts in asset allocation could transform the digital asset market, according to the head of APAC iShares at BlackRock, Nicholas Peach.
- BlackRock's iShares unit, whose U.S.-listed spot Bitcoin ETF IBIT has rapidly grown to about $53 billion in assets, is seeing strong demand from Asian investors as ETF adoption accelerates across the region.
- Regulators in markets such as Hong Kong, Japan and South Korea are moving toward broader crypto ETF offerings, but industry leaders say investor education and portfolio strategy will be critical to channeling traditional finance capital into digital assets.
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