This article was originally published in First Mover, CoinDesk’s daily newsletter. It puts the latest crypto market moves into context.

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Bitcoin is under pressure after spot exchange-traded fund (ETF) trading began in the U.S. on Thursday. According to data tracked by Paris-based Kaiko, the selling pressure is concentrated on Binance. The leading crypto exchange based on trading volume, OKX and Upbit. Bitcoin, the top cryptocurrency in terms of market value, was trading at $42,700 as of press time. This represents a 12% decline from its high price of $48,975 on Thursday. Price drop appears to be due traders profiting from long (buy) position initiated in anticipation of ETF debut. The cumulative volume delta (CVD), an indicator, shows that traders from Binance were the ones who led the “sell-the fact” pullback of bitcoin. The CVD measures the difference in buying and selling volume over time. This gives a sense of the overall bullish/bearish market pressure. Positive values show excess purchases, while negative numbers suggest the opposite.

HashKey Group has said that it “nearly met” its $100 million fundraising goal. The firm operates the Hong Kong based crypto exchange. The firm didn’t disclose who invested in the round, but now it has a valuation post-raise of $1.2 billion. This gives it “unicorn status”. A unicorn is a private company with a value of at least $1 billion.

Circle, a crypto issuer, saw a surge of remittances flowing through Asia using its USDC stablecoin. The company reported this in a report that highlighted how cryptocurrency is used for more than just speculative trade. USDC, a cryptocurrency pegged at the value the U.S. Dollar, is backed by liquid assets and cash equivalents. The report states that in 2022 USDC will flow into Asia worth $130 billion. Circle estimates that Asia-Pacific accounts for 29% (of all digital currency received globally) compared to North America at 19% and Western Europe at 22%. Circle also explains that these volumes include remittances, which are a major deal for developing markets like the Philippines, where there is a large diaspora. Circle’s report explains how they have partnered with coin.ph, a local exchange, to capture a portion of this $36 billion business.

Chart of the Day

  • This chart shows 24-hour trading in the ether option market.
  • The call selling (writing), with its measured activity, has been dominating the tape. Call options allow traders to profit from price increases or protect themselves against them.
  • Source: Amberdata

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Parikshit Miishra is the editor.