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First Mover Americas: BTC Steadies, but 10% Monthly Loss Questions Nasdaq Rally
The latest price moves in crypto markets in context for June 25, 2024.
Updated Jun 25, 2024, 12:03 p.m. Published Jun 25, 2024, 12:03 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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The crypto market regained some poise early Tuesday as analysts said supply overhang concerns stemming from defunct exchange Mt. Gox's planned distribution of 140,000 BTC are overdone. Bitcoin traded above $61,000, having hit a low of $58,580 on Monday. The broader market gauge of the CoinDesk 20 Index (CD20) bounced to 2,083 points from 2,020. Still, BTC, a liquidity proxy for macro traders, is down almost 10% for the month, starkly contrasting with a 5% gain in Wall Street's tech-heavy index, Nasdaq. The differing trajectories might foreshadow a tightening of liquidity conditions in financial markets and be a bearish signal for Nasdaq. "If Bitcoin serves as a liquidity gauge, then it would tell us that liquidity in the market is falling and that the Nasdaq 100 should eventually follow suit and move lower as well," Mott Capital Management founder Michael Kramersaid in his daily analysis. “It may not be such a good sign for Nvidia, either, because Nvidia has tracked Bitcoin fairly well, too.”
Traders on the decentralized predictions platform Polymarket have already chosen a winner in the 2024 U.S. Presidential Elections, and it's not incumbent Joe Biden. A Polymarket contract asking who would win the election showed Republican candidate Donald Trump as the clear favorite, with a 57% chance of winning versus 35% for Biden. Meanwhile, another contract showed Biden winning the popular vote, which merely represents the proportion of votes cast for each candidate and carries no electoral weight. Trump’s favorable stance on crypto means BTC and the wider market could emerge as a bet on Trump’s presidency in the lead up to the Nov. 4 election.
The impending U.S.-based spot ether ETFs could see less demand than their already live BTC peers, broker Bernstein said in a report Monday, echoing recent comments by investment banking giant JPMorgan. "ETH should not see as much spot ETH conversion due to the lack of an ETH staking feature in the ETF," analysts Gautam Chhugani and Mahika Sapra wrote, adding that the basis trade will likely find takers over time and this should contribute to healthy liquidity in the ETF market. Spot ether ETFs are close to becoming available to investors in the U.S. after the Securities and Exchange Commission (SEC) approved key regulatory filings from issuers last month. The excitement surrounding their debut has investors anticipating higher ether price swings than bitcoin. Some analysts believe it is unfounded.
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- The notional open interest in bitcoin futures listed across centralized exchanges has declined by 14% to $37 billion since June 7.
- The decline represents the unwinding of carry/basis trades due to negative funding rates, according to analysts at Bitfinex.
- Source: Coinglass
- 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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Traders mull the bottom as bitcoin returns to week's lows below $86,000
One analyst isn't quite ready to call a bottom, but says bitcoin is surely in an oversold condition.
What to know:
- Bitcoin's early rally Wednesday seems a faint memory as the price has returned to the week's lows.
- Precious metals continue to get bid, with silver rushing to yet another new record and gold closing in on an all-time high.
- One analyst cautioned against reading too much into the current bitcoin price action due to year-end positioning and tax considerations.
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