First Mover Americas: Ether, Meme Coins Lead Recovery While Bitcoin Remains Subdued

Jamie Crawley is a CoinDesk news reporter based in London.

ETH has climbed over 4% in the last 24 hours, trading at $3,540 at the time of writing. The CoinDesk 20 Index added around 1.6%. DOGE is nearly 3.5% higher following its slump on Tuesday, while fellow meme coin SHIB is also up over 3%. Bitcoin remains subdued, trading around $65,400, a lift of 0.2% from 24 hours ago. Spot bitcoin ETFs in the U.S. experienced a further $152.4 million worth of outflows on Tuesday.

These long-term bitcoin holders are displaying few signs of renewed demand, indicating an ongoing absence of upside for the world's largest cryptocurrency. “Traders are still not increasing their bitcoin holdings and large holders’ demand growth is still missing strength,” analysts wrote. Market observers say crypto miners may be increasingly looking at the booming AI sector instead of bitcoin to ply their trade, prompting a sale of their bitcoin rewards instead of holding.

It means the recent bitcoin price pullback is mainly driven by unwinding of bullish bets or profit taking rather than renewed bearish bets.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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