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

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Inflows of $2.2 billion were nearly double the amount in 2022. James Butterfill of CoinShares said that most of the money was invested in the last quarter as the SEC began to warm up towards the launch of bitcoin-based exchange-traded products in the United States.

Ether Prices could rise in the next few weeks. Crypto lender Celsius is restructuring its business and will unstake its holdings in the second largest cryptocurrency. Previously, the company had said that staking would be included in its operations. The company has been selling its staking rewards to the public market in order to cover the costs of the reorganization. The firm announced in an X message that it would unstake its existing ETH holdings which had provided the estate with valuable staking reward income. This will offset some of the costs incurred during the restructuring process. “The significant unstaking activity in the coming days will unlock Ethereum to ensure timely distributions for creditors.”

It recorded nearly $800 million in trading volume in the last 24 hours. This is its highest to date. data shows that the trading volume reached nearly $800,000,000 in the last 24 hours. This is its highest ever. In exchange for rewards, staking involves locking up coins on a cryptocurrency network. Users can earn between 15% and 17% per year, minus fees, by using TIA with native platforms. Demand for the cryptocurrency seems to be driven by its unusually high return compared with the so called risk-free rate (4%) offered by the U.S. Treasury 10-year note. The market capitalization for TIA was just under $2 billion on Friday. This means that as the valuations grow in a bullish market, participants can make money both from the inflated rewards and their initial staked capital.

Chart of the Day

  • The chart below shows the 1% market depth of bitcoin, which is the collection of orders to buy and sell within 1% of mid-price (the average of the bid/ask/offer price).
  • Market depth is a measure of order book liquidity that shows how easy it can be for traders to deal in large quantities with stable prices.
  • The 1% decline in market depth that was brought about by the demise of Alameda in late 2022 did not allow the bitcoin to rebound 60% in the last three months in 2023.
  • Some analysts predict that the situation may improve after the launch of spot ETFs.
  • Source: Kaiko

– Omkar Godbole

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Sheldon Reback is the editor.