This article was originally published in First Mover (CoinDesk’s Daily Newsletter), which puts the latest crypto market moves into context. Subscribe today to receive it daily in your email.

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Bitcoin moved back up to $40,000. It had sunk as low as $39,000 on Tuesday after the U.S. listed the first bitcoin ETFs two weeks prior. Solana’s SOL, and Avalanche’s AVAX were the market leaders with gains of around 8.5% and 11.55%. The CoinDesk 20 Index is a liquid index which tracks the top tokens by capitalization. It has gained around 3% over the past 24 hours.

The cryptocurrency lender Nexo filed an arbitration case against the Republic of Bulgaria seeking $3 billion damages. It accused the country of “wrongful, politically motivated actions…involving oppressive and unjustified criminal investigations.” Nexo says that the investigations have damaged its reputation and brand, and caused it to lose business opportunities such as a possible initial public offering in the U.S. In December, the Bulgarian Prosecutor’s Office ended its investigation of Nexo’s alleged money-laundering offenses because it found no evidence.

The tokens, which were worth $7,100 when they were received, are now worth over $1 million in a crypto wallet labeled Donald Trump. Data shows that the tokens had a market cap of more than $85 million as of Wednesday. Meme coin makers sometimes use this strategy to attract attention by sending tokens into a wallet of a popular entity. Trump’s wallet is now worth $2.5 million. It contains over $750,000 in each ether, wrapped ether, and small amounts of other tokens.

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COD FMA Jan. 24 (Velo Data)(Velo Data)

  • Since the launch of the spot ETFs, the notional open-interest, or dollar value, locked into the number of bitcoin futures contracts at the Chicago Mercantile Exchange has fallen by $1.5 billion.
  • Reflexivity Research says the decline is due to the unwinding longs bets on ETF approvals, and entities that used BITO/CME Futures as a liquidity bridging instrument leading up to the ETF launch.
  • Participants who were authorized to buy bitcoin likely sold CME futures and BITO at the same time as they bought bitcoin, in order to hedge risks.
  • Source: Velo Data

Omkar Godbole

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Omkar Godbole is the editor.