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In June, there was a notable surge in crypto trading volumes, marking the first increase in three months. This positive trend was driven by the optimism generated after BlackRock and several other asset managers submitted proposals for spot bitcoin exchange-traded funds (ETFs). According to a report from CCData, the combined trading volumes of both spot and derivative markets on centralized exchanges experienced a significant 14% rise, reaching a total of $2.71 trillion. The report stated that this upturn in trading volume was the first monthly growth observed since March. In addition to BlackRock, other prominent U.S. institutions such as Fidelity, Invesco, and WisdomTree also filed or resubmitted proposals for spot bitcoin ETFs to the U.S. Securities and Exchange Commission (SEC) during the same month.

Bitcoin's fortune is no longer intertwined with the movement of the U.S. stock markets. According to data monitored by crypto derivatives analytics firm Block Scholes, the 90-day rolling correlation between changes in bitcoin's spot price and fluctuations in Wall Street's tech-heavy equity index, Nasdaq, as well as the broader S&P 500, has dwindled to almost zero. This represents the lowest correlation observed in the past two years. Andrew Melville, a research analyst at Block Scholes, stated in an email, "It [the correlation] is now at the lowest level observed since July 2021, when BTC was between its twin peaks in April and November,"

According to Bloomberg, Binance Australia's office was subjected to a search by the Australian Securities & Investments Commission (ASIC), the country's financial regulator. This development follows the cancellation of the company's derivatives license in April. An investigation revealed that Binance had categorized clients as professional wholesale investors, allowing them to receive fewer regulatory protections compared to regular retail customers. In response, a spokesperson from Binance Australia stated in an email to CoinDesk, "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,”

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  • The chart reveals a significant increase in notional open interest, which represents the monetary value invested in the number of active bitcoin options contracts. The amount has skyrocketed to $13.8 billion.
  • According to Glassnode, market participants are actively seeking exposure to risk-defined derivative instruments.
  • Glassnode monitors open interest across Deribit, CME, FTX, and OKX.

Source Coindesk