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First Mover Americas: BTC Muted After Crypto Goes Unmentioned in Musk-Trump Interview

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.

CoinDesk 20 Index: 1,900 −1.6% Bitcoin (BTC): $58,871 −1.5% Ether (ETH): $2,644 −1.0% S&P 500: 5,344.39 +0.0% Gold: $2,463 +0.0% Nikkei 225: 36,232.51 +3.45%

The digital asset market was muted after crypto went unmentioned during the X space between Elon Musk and Donald Trump. BTC traded at around $58,750 during the European morning, down just over 1% from its price of 24 hours ago. The broader crypto market, as measured by the CoinDesk 20 Index (CD20), dropped by a similar amount. The two-hour interview between the X owner Elon Musk and the Republican presidential candidate attracted over 1 million listeners and was highly anticipated by the crypto community, but cryptocurrency didn’t come up. On Polymarket, bettors priced a 65% chance of “crypto” being mentioned with over $600,000 in stakes on the topic.

One bitcoin analyst sees renewed losses in the short term, with the price falling by $5,000 from the going market rate of around $58,500. “Bitcoin is likely to fall by $5K rather than rise by the same amount,” Alex Kuptsikevich of FxPro said in an email. Kuptsikevich’s bearish take stemmed from bitcoin’s failure to keep gains above $60,000 in the wake of the death cross, a bearish crossover of the 50- and 200-day simple moving averages. “Bitcoin does not break above $60K and faces selling after it tried to break above the 50- and 200-day MAs late last week, showing seller dominance,” Kuptsikevich noted. He added that the 14-day relative strength index (RSI) no longer shows oversold conditions, which means scope for another leg lower, consistent with the recent seller dominance above $60,000.

Data from SoSoValue shows that daily net inflow into the U.S.-listed spot ether ETFs hit $4.93 million on Monday. Grayscale’s two funds posted no flows, while Fidelity’s FETH hit $3.98 million in inflow, Franklin Templeton’s EZET posted $1 million, and Bitwise’s ETHW clocked $2.86 million in positive flow. VanEck’s ETHV was the only one that posted an outflow of $2.92 million. Meanwhile, bitcoin ETFs posted a collective daily inflow of $27.87 million. Of the lot, Grayscale’s GBTC had an outflow of $11.7 million, while Bitwise’s BITB had an outflow of $17 million.

(Ethereum Gas Price Chart)

The median gas price for a low-priority transaction on the Ethereum blockchain has dropped to less than two gwei, the lowest in five years, and down from 83 gwei in March.

Its a sign of dwindling activity on the Ethereum mainnet and weakens the bullish case for the blockchain’s native token ether.

Source: Ethereum gas price chart

– Omkar Godbole

Edited by Omkar Godbole.