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Crypto trading volume grew for the first three months in June amid optimism after BlackRock and other asset management firms filed proposals to create exchange-traded funds (ETFs) to hold bitcoin. According to a CCData report, the combined spot and derivative volumes on centralized markets climbed 14% to reach $2.71 trillion. The report said that this was the first increase in monthly trading volume since March. Fidelity Securities, Invesco and WisdomTree were among the other prominent U.S. financial institutions to file or refile for spot bitcoin ETFs with the U.S. Securities and Exchange Commission last month.

Bitcoin’s fortune no longer depends on the movement of U.S. stocks. According to Block Scholes, the 90-day rolling correlation between changes in bitcoin spot price and Wall Street’s tech equity index Nasdaq, as well as the S&P 500, has dropped to nearly zero. This is the lowest level in the last two years. The correlation is at its lowest point since July 2021 when BTC’s two peaks were in April and in November, according to Andrew Melville in an email.

The Australian Securities & Investments Commission, or ASIC, searched Binance Australia on Tuesday,, according to a Bloomberg report. According to anonymous sources, the story comes after the company’s derivatives licence was canceled in early April, following an investigation about how it classified customers as wholesale professional investors so that they would be subjected to fewer regulatory safeguards than regular retail clients. Binance Australia’s spokesperson said in an email to CoinDesk that the company is working with local authorities, and they are focused on meeting local regulations in order to provide their users in Australia with a compliant service.

Chart of the Day

  • Chart showing the notional open interest or dollar amount locked into the number of active option contracts linked to bitcoin has soared to $13.8 Billion.
  • Glassnode reports that market participants want to be exposed to derivatives with defined risk.
  • Glassnode tracks interest in Deribit, CME FTX, and OKX.

– Omkar Godbole

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