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First Mover Americas: BlackRock’s ETF Demand Ranks Among Top 5
The latest price moves in crypto markets in context for Feb. 7, 2024.
Updated Mar 9, 2024, 5:51 a.m. Published Feb 7, 2024, 1:01 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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Only 17 days after its launch, the BlackRock iShares Bitcoin Trust (IBIT) became one of the top five exchange-traded funds (ETFs) of 2024 based on inflows, according to data from Bloomberg Intelligence. The only funds beating IBIT's $3.2 billion of year-to-date inflows are mammoth longstanding index ETFs from iShares and Vanguard that offer exposure to the S&P 500 or the total stock market. In the No. 1 spot, with $13 billion in inflows, is the iShares Core S&P 500 ETF (IVV), which has a whopping $428 billion of assets under management (AUM). No. 2, with $11.1 billion in inflows, is the Vanguard 500 Index Fund ETF (VOO), which has nearly $398 billion in AUM.
Bitcoin continued to trade in a tight range on Wednesday while ether gained around 2% over the past 24 hours. Altcoin saw the most significant gains, climbing 5%. Hedera announced a five-year partnership with the Saudi Ministry of Investment Association on Tuesday to support local tech startups. The company will launch DeepTech, a $250 million venture studio to support Saudi firms that focus on blockchain, Web3 and AI. Monero’s XRM lost 8% after Tuesday's 30% slump to a 20-month low prompted by crypto exchange Binance saying it will stop listing the privacy token as of Feb. 20.
Liquidity provider B2C2 secured regulatory approval in Luxembourg as a virtual asset service provider (VASP) as the London-based firm looks to expand its presence in the European Union. Approval allows B2C2 to offer over-the-counter (OTC) spot crypto services to institutional clients. It becomes the 12th VASP to be added to Luxembourg's Commission de Surveillance du Secteur Financer’s (CSSF) public register. The company already has a license from France's Autorité des Marchés Financiers (AMF), acquired when it bought Paris-based Woorton in August last year. The moves come as the EU prepares to implement its Markets in Crypto Assets (MiCA) regulation this year. Once it kicks in, the 27-nation trading bloc will be the first major jurisdiction worldwide to introduce comprehensive, tailored rules for the sector.
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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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Bitcoin pushes above $90,000 as traders eye change in pattern
Particularly hard-hit in 2025's final sessions, crypto-related stocks are bouncing in this year's first trading day.
What to know:
- Bitcoin rose above $90,000 during U.S. trading hours on Friday.
- It's a notable change in trend, as crypto prices late in 2025 were typically on the defensive while American stocks traded.
- Strategy, Coinbase, Hut 8 and Galaxy Digital were among the crypto-related stocks seeing strong gains.
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