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First Mover Americas: Ether's Breaking Out on Bullish Supply-Demand Picture
The latest price moves in crypto markets in context for Oct. 31, 2022.
Updated Nov 15, 2022, 11:55 a.m. Published Oct 31, 2022, 12:55 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
● CoinDesk Market Index (CMI): 1,041.51 +1.17%
STORY CONTINUES BELOW
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● Bitcoin (BTC): 20,733 +0.0%
● Ether (ETH): $1,624 +1.49%
● S&P 500 Futures: 3,893 -0.23%
● FTSE 100: 7,056.62 +0.13%
● US 10 Year Treasury Yield: 4.045% +0.028
CMI, BTC, ETH prices mark the 24hr change; S&P and FTSE are since Friday close
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.
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Ether (ETH) rallied 16% last week, registering its biggest weekly gain since July. It appears that the Ethereum blockchain's recent technological overhaul (aka the “Merge”) is beginning to have a bullish effect on the token price.ETH rose over 16% in the seven days up to Sunday, topping bitcoin's 5% rise.
Furious dogecoin trading over the weekend saw the Shiba Inu-themed coin reach a market capitalization of over $10 billion, almost doubling its value over what it was a week ago and making it one of the most liquidated coins among futures that track major cryptocurrencies. Dogecoin futures racked up over $89 million in liquidations since Friday, the same day Elon Musk – the self-proclaimed “dogefather” – confirmed his purchase of social network Twitter (TWTR).
Hong Kong is warming up to digital assets, according to a statement the city’s Legislative Council released to kick off FinTech week. The government is “open to the possibility” of virtual-asset exchange traded funds as well as tokenized securities, the statement says, pledging to protect investors with the right regulatory framework. The government says it’s ready to engage with virtual-asset service providers and invite them to the city.
Chart of the Day
- The above chart shows ether's daily price action going back to September 2021.
- Ether has recently outperformed bitcoin on the back of positive changes in demand-supply dynamics and now looks set to rise past a descending trendline, characterizing the 12-month bear market.
- A breakout may bring more chart-based traders to the market.
– Omkar Godbole
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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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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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