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First Mover Americas: BTC Holds Stable at $70K
The latest price moves in crypto markets in context for April 12, 2024.
Updated Apr 12, 2024, 12:07 p.m. Published Apr 12, 2024, 12:04 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.
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Bitcoin is stable, trading above $70,000 as bitcoin spot exchange-traded funds (ETFs) total net inflow comes to $91 million. BlackRock saw inflows of $192 million on Thursday, while outflows from the Grayscale Bitcoin Trust (GBTC) picked up again. Almost $125 million flowed out of GBTC on Thursday, according to on-chain data. Up to Thursday, the bitcoin ETFs had reported a total weekly outflow of $227.9 million. Some industry participants say continued outflows from GBTC put selling pressure on BTC and drive down prices while others have a wait-and-see approach, highlighting that outflows are to be expected from GBTC, given its higher fee structure.
The stewards of the TON ecosystem formed a partnership with HashKey Group, the parent company of the Hong Kong-licensed crypto exchange of the same name. One of the aims of the partnership is to increase provision for Asia-Pacific users of messaging app Telegram's wallet to enter and leave the service with both fiat currencies and crypto. The TON blockchain started life as an in-house project by Telegram in 2018 and was abandoned two years later following legal action from the SEC. Members of the community then formed the TON Foundation to continue its development, with Telegram's endorsement.
Recent news that the U.S. Securities and Exchange Commission (SEC) is investigating companies associated with the Ethereum Foundation is consistent with the view that there is no more than a 50% chance of spot ether exchange-traded fund (ETF) approval in May, JPMorgan (JPM) said in a research report on Thursday. The bank reiterated its view that approval of these products is unlikely next month, a position first expressed in January. The SEC must make final decisions on some ETF applications by May 23. The regulator approved spot bitcoin ETFs in January, stirring speculation in some quarters that versions for ether, the token of the Ethereum blockchain, may follow suit. “If there is no spot ether ETF approval in May, then we assume there is going to be litigation against the SEC after May,” analysts led by Nikolaos Panigirtzoglou wrote.
Chart of the Day
- The chart shows prices for bitcoin, gold and the U.S. dollar index (DXY) since October.
- Bitcoin's rally has stalled since setting record highs above $73,000 in mid-March, while gold continues to clock new lifetime highs, brushing aside the resurgent DXY.
- Analysts remain confident of bitcoin's prospects as U.S. debt concerns will likely force the Fed to cut rates this year.
- Source: TradingView
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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.
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Eric Trump's American Bitcoin and Anthony Pompliano's ProCap Add to BTC Holdings
The shares of both bitcoin-related firms are posting modest early gains Wednesday, but remain sharply lower over the past several days.
What to know:
- American Bitcoin (ABTC) added 416 bitcoin in the past week, raising its holdings to 4,783 coins.
- ProCap Financial (BRR) — whose SPAC merger was completed last week — marginally lifted its holdings to 5,000 bitcoin.
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