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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole was a senior reporter on CoinDesk's Markets team.

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Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

849
−13.9 1.6%
$16,791
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S&P 500 futures
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Treasury Yield 10 Years
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BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

Top Stories

Fir Tree Partners is suing Grayscale Investments to obtain details about the Grayscale Bitcoin Trust (GBTC) in order to investigate potential mismanagement and conflicts of interest. The hedge fund said it wants Grayscale to resume redemptions and cut its 2% fees for the trust, which is the largest publicly traded crypto fund in the world. GBTC is trading at a 43% discount to the price of the underlying bitcoin. (Grayscale and CoinDesk are both owned by Digital Currency Group.)

FTX founder Sam Bankman-Fried has hired high-profile defense attorney Mark Cohen, a former federal prosecutor who represented socialite Ghislaine Maxwell in her sex-trafficking trial. Although Bankman-Fried hasn't been formally charged with any wrongdoing, he is reportedly being probed by both U.S. federal prosecutors and the Securities and Exchange Commission for his actions at failed crypto exchange FTX and Alameda Research, FTX’s affiliated trading arm that he also owned.

Crypto exchange Binance generates 90% of its revenue from transaction fees, CEO Changpeng  Zhao said in an interview with TechCrunch. Zhao added that Binance had removed all ads from data site CoinMarketCap, which it acquired in 2020, to make for a cleaner experience. "We can turn that back on, that’ll give us $40 million a year. But we don’t need to today," Zhao said. It is estimated that Binance had about $20 billion in revenue in 2021, according to a Bloomberg analysis.

Chart of the Day

CoinDesk - Unknown

(Source: Arcane Research/ProShares)

  • The chart shows ProShares Short Bitcoin Strategy (BITI) exchange-traded fund has had outflows since late November.
  • Yet, the net short exposure remains elevated at equivalent of 6,230 BTC – well above the summer highs.
  • According to Arcane Research, the net short exposure in BITI peaks at market depths.
  • "Countertrading extreme BITI inflows could be a promising trading strategy," Arcane Research said in the weekly note.

– Omkar Godbole

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CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.