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Yahoo
7 days ago
- Business
- Yahoo
Altcoin Season Hope Dim as Traders Unwind Bullish Bets: Crypto Daybook Americas
By Omkar Godbole (All times ET unless indicated otherwise) Bitcoin's (BTC) consolidation continues to take the wind out of the bull run in the broader market that had raised hopes for the so-called alt season marked by prolonged outperformance of alternative cryptocurrencies. Over the past 24 hours, major altcoins have experienced a significant decline, led by a double-digit drop in the payments-focused XRP and an 8% slide in SOL. The CoinDesk 80 Index, which tracks the performance of altcoins, has dropped over 7% while the CoinDesk 20 Index, which is dominated by bitcoin and ether, has declined by 4%. "The crypto market took a nosedive, losing almost 4% of its market cap over the last 24 hours. Without bitcoin's growth, altcoins, which had been driving the market upwards in previous days, found themselves on sale. Forty-eight of the top 100 altcoins are losing double-digit rates over 24 hours, while only three are growing," Alex Kuptsikevich, chief market analyst at FxPro, said in an email. Amid all this, social media is abuzz with posts about some $2 billion worth of ether waiting to be unstaked, with over 475 Ethereum validators awaiting exit. (check chart of the day section). Some are drawing parallels with January 2024, when large unstaking marked a temporary price top. The latest surge in unstaking appears to be driven by the soaring ether borrowing rates on decentralized platforms like Aave, which have diminished the appeal of looping strategies designed to boost ether staking yields. Typically, these strategies involve users depositing liquidity staking (LST) or liquid restaking tokens (LRT) as collateral on platforms like AAVE and borrow ETH. The borrowed ETH is again converted to LRT and LSTs and redeposited, creating a loop. The strategy works when staking yields are greater than borrowing costs. However, with borrowing costs on the rise, the loop is likely being reversed, leading traders to rush to repay loans, exit LST/LRT, and reclaim ETH. "The real trigger is soaring ETH borrowing rates since July 16 (peaking at 18%). This forced mass unwinding of ETH leverage loops on Aave, as negative yield spreads crushed profitability. Traders rushed to repay loans, exit LST/LRT positions, and reclaim ETH — causing depegs and queue congestion," pseudonymous observer Degen Station noted on X. It added that arbitrageurs are now scooping up LSTs and LRTs at a discount to redeem them for ether, worsening the issue, while demand for new staking remains strong. To cut to the chase, the large queue for unstaking is not necessarily a bearish signal. In other key news, Tether CEO Paolo Ardoino said that the company is planning to re-enter the U.S. with stablecoin offerings for payments, interbank settlements, and trading. In traditional markets, major currencies traded flat against the U.S. dollar, except for the risk-sensitive AUD/USD pair, which crossed above resistance at 0.66. Traders were closely watching for signs of sustainability as failure could be a harbinger of broad-based risk aversion. Stay Alert! What to Watch Crypto July 28: Starknet (STRK), an Ethereum layer-2 validity rollup (zk-rollup), launches v0.14.0 on mainnet. July 31, 12 p.m.: A live webinar featuring Bitwise CIO Matt Hougan and Bitzenship founder Aleesandro Palombo discussing bitcoin's potential as the next global reserve currency amid de-dollarization trends. Registration link. Aug. 1: The Helium Network (HNT), now running on Solana, undergoes its halving event, cutting annual new token issuance to 7.5 million HNT. Aug. 15: Record date for the next FTX distribution to holders of allowed Class 5 Customer Entitlement, Class 6 General Unsecured and Convenience Claims who meet pre-distribution requirements. Macro July 24, 8:15 a.m.: The European Central Bank will announce its interest rate decision, with President Christine Lagarde's press conference following 30 minutes later. Livestream link. Main Refinancing Operations (MRO) rate Est. 1.9% vs. Prev. 2.15% July 24, 9:45 a.m.: S&P Global releases (flash) July U.S. data on manufacturing and services activity. Composite PMI Prev. 52.9 Manufacturing PMI Est. 52.6 vs. Prev. 52.9 Services PMI Est. 53 vs. Prev. 52.9 July 24, 4 p.m.: President Donald Trump will visit the Federal Reserve headquarters, highlighting his public disagreements with Chair Jerome Powell and Fed monetary policy. July 25, 8:30 a.m.: The U.S. Census Bureau releases June manufactured durable goods orders data. Durable Goods Orders MoM Est. -10.8% vs. Prev. 16.4% Durable Goods Orders Ex Defense MoM Prev. 15.5% Durable Goods Orders Ex Transportation MoM Est. 0.1% vs. Prev. 0.5% Aug. 1, 12:01 a.m.: New U.S. tariffs take effect on imports from trading partners that failed to reach agreements by the July 9 deadline. These increased duties could range from 10% to as high as 70%, impacting a wide range of goods. Earnings (Estimates based on FactSet data) July 29: PayPal Holdings (PYPL), pre-market, $1.30 July 30: Robinhood Markets (HOOD), post-market, $0.31 July 31: Coinbase Global (COIN), post-market, $1.39 July 31: Reddit (RDDT), post-market, $0.19 July 31: Sequans Communications (SQNS); pre-market, N/A Aug. 5: Galaxy Digital (GLXY), pre-market, $0.19 Aug. 7: Block (XYZ), post-market, $0.67 Aug. 7: Hut 8 (HUT), pre-market, -$0.08 Aug. 27: NVIDIA (NVDA), post-market, $1.00 Token Events Governance votes & calls Rocket Pool DAO is voting to finalize Saturn 1's implementation. Approval by a 75% supermajority will ratify key protocol changes, including new transaction designs and a potential revenue share to the pDAO treasury. Voting ends July 24. Aavegotchi DAO is voting on a proposal to sell its treasury of around 16 million GHST at a discount to VC firm Rongming Investment for around $3.2 million in USDC, dissolve the DAO, and distribute funds to active members. The VC firm aims to scale Aavegotchi globally while Pixelcraft retains IP ownership. Voting ends July 25. Lido DAO is voting on a new system that lets validator exits be triggered automatically through the execution layer, not just by node operators. It includes tools for different authorization pathways, emergency controls, and built‑in limits to prevent misuse. The update is expected to make staking more decentralized, secure, and responsive. Voting ends July 28. GnosisDAO is voting on a proposal to provide $30 million per year, paid quarterly, to Gnosis Ltd., now a non-profit, to sustain its ~150‑person team building critical Gnosis Chain infrastructure, products (like Gnosis Pay and Circles), business development, and operations. Voting ends July 28. Aavegotchi DAO is voting on funding three new features for the official decentralized application: a Wearable Lendings UI, Gotchis Batch Lending and a BRS Optimizer. Voting ends July 29. NEAR Protocol is voting on potentially reducing NEAR's inflation from 5% to 2.5%. Two-thirds of validators must approve the proposal for it to pass, and if so, it could be implemented by late Q3. Voting ends Aug. 1. July 29, 10 a.m.: to host a bi-quarterly analyst call. Unlocks July 25: Venom (VENOM) to unlock 2.84% of its circulating supply worth $12.36 million. July 28: Jupiter (JUP) to unlock 1.78% of its circulating supply worth $29.04 million. July 31: Optimism (OP) to unlock 1.79% of its circulating supply worth $21.48 million. Aug. 1: Sui (SUI) to unlock 1.27% of its circulating supply worth $163.66 million. Aug. 2: Ethena (ENA) to unlock 0.64% of its circulating supply worth $18.92 million. Aug. 9: Immutable (IMX) to unlock 1.3% of its circulating supply worth $13.36 million. Aug. 12: Aptos (APT) to unlock 1.73% of its circulating supply worth $52.59 million. Token Launches July 24: (XU3O8) to be listed on KuCoin, MEXC, and others. July 24: Aspecta (ASP) to be listed on Binance Alpha, OKX, KuCoin, BingX and others. July 24: Rent (REKT) to be listed on Conferences The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. July 24: Decasonic's Web3 Investor Day 2025 (Chicago) July 25: Blockchain Summit Global (Montevideo, Uruguay) July 28-29: TWS Conference 2025 (Singapore) Aug. 6-7: 2025 (Rio de Janeiro, Brazil) Aug. 6-10: Rare EVO (Las Vegas) Aug. 7-8: bitcoin++ (Riga, Latvia) Aug. 9-10: Baltic Honeybadger 2025 (Riga, Latvia) Aug. 9-10: Conviction 2025 (Ho Chi Minh City, Vietnam) Token Talk By Shaurya Malwa PENGU surged to a record $0.044, reclaiming the title of top Solana meme token after overtaking BONK in a rally timed with the fourth anniversary of the Pudgy Penguins NFT collection. The token jumped 21% in 24 hours, extending a multiday rally and overtaking its previous all-time high of $0.042 from January. South Korean traders are driving momentum, with 38% of PENGU volume now in KRW pairs, up from 32% earlier this month, a significant concentration of localized demand. Open interest in PENGU futures is at a record high, indicative of expectations of further volatility. The Pudgy Penguins NFT floor price has almost doubled to 16.2 ETH, reinforcing the connection between token price and NFT ecosystem strength. PENGU's rally comes amid weak sentiment around PUMP following its underwhelming post-ICO performance, pushing attention and liquidity toward other Solana memecoins. The token is increasingly being viewed as a proxy for meme market sentiment, combining high liquidity, exchange access, cultural mindshare and ties to a top-tier NFT IP. Derivatives Positioning Open interest in BTC, ETH, XRP and SOL offshore perpetual has declined along with prices in the past 24 hours. Yet, funding rates hold positive. This combination indicates that the market swoon is predominantly driven by the unwinding of bullish bets rather than outright shorts. On the CME, the annualized three-month basis in BTC futures has ticked up to nearly 9%, the highest since May. However, open interest remains locked in familiar ranges. ETH CME futures open interest has pulled back slightly from the record 2.08 billion ETH to 1.87 billion ETH. Basis, meanwhile, has topped 10% for the first time since the end of May, indicating a bullish sentiment. On Deribit, the put bias in short-dated BTC risk reversals has strengthened, indicating fears of deeper price pull back. ETH options continue to show a bullish call bias across all tenors. Surprisingly, XRP risk reversals remain bullish despite the sharp price drop in the past 24 hours. Market Movements BTC is up 0.49% from 4 p.m. ET Wednesday at $118,534.04 (24hrs: -0.09%) ETH is up 1.9% at $2,607.45 (24hrs: -1.15%) CoinDesk 20 is up 0.41% at 3,934.83 (24hrs: -3.55%) Ether CESR Composite Staking Rate is down 2 bps at 2.95% BTC funding rate is at 0.0091% (9.9645% annualized) on KuCoin DXY is up 0.14% at 97.35 Gold futures are down 0.86% at $3,368.50 Silver futures are down 0.32% at $39.38 Nikkei 225 closed up 1.59% at 41,826.34 Hang Seng closed up 0.51% at 25,667.18 FTSE is up 1.00% at 9,151.80 Euro Stoxx 50 is up 0.56% at 5,374.36 DJIA closed on Wednesday up 1.14% at 45,010.29 S&P 500 closed up 0.78% at 6,358.91 Nasdaq Composite closed up 0.61% at 21,020.02 S&P/TSX Composite closed up 0.19% at 27,416.41 S&P 40 Latin America closed up 1.86% at 2,639.18 U.S. 10-Year Treasury rate is up 1 bps at 4.398% E-mini S&P 500 futures are unchanged at 6,402.00 E-mini Nasdaq-100 futures are up 0.33% at 23,387.75 E-mini Dow Jones Industrial Average Index are down 0.30% at 45,078.00 Bitcoin Stats BTC Dominance: 62.1% (0.33%) Ether to bitcoin ratio: 0.3055 (unchanged) Hashrate (seven-day moving average): 908 EH/s Hashprice (spot): $59.59 Total fees: 4.19 BTC / $496,766 CME Futures Open Interest: 149,260 BTC BTC priced in gold: 35.2 oz. BTC vs gold market cap: 9.87% Technical Analysis The DeFi dominance index, which measures the share of decentralized finance coins in the total crypto market, is currently showing a classic "breakout and re-test" pattern. This technical setup, characterized by a re-test of the breakout point, typically signals that the index is consolidating before a potential significant rally. Crypto Equities Strategy (MSTR): closed on Wednesday at $412.67 (-3.22%), unchanged in pre-market Coinbase Global (COIN): closed at $397.81 (-1.64%), unchanged in pre-market Circle (CRCL): closed at $202.41 (+2.07%), -1.6% at $199.18 Galaxy Digital (GLXY): closed at $31.03 (+6.6%), -0.1% at $31 MARA Holdings (MARA): closed at $17.57 (-11.62%), +0.23% at $17.61 Riot Platforms (RIOT): closed at $14.34 (+0.49%), -0.49% at $14.27 Core Scientific (CORZ): closed at $13.49 (+0.07%), +0.37% at $13.54 CleanSpark (CLSK): closed at $12.45 (-3.04%), unchanged in pre-market CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $27.34 (-0.8%) Semler Scientific (SMLR): closed at $39.32 (-2.16%) Exodus Movement (EXOD): closed at $34.21 (-1.5%) SharpLink Gaming (SBET): closed at $25.81 (-5.8%), +0.66% at $25.98 ETF Flows Spot BTC ETFs Daily net flows: -$85.8 million Cumulative net flows: $54.44 billion Total BTC holdings ~1.3 million Spot ETH ETFs Daily net flows: $332.2 million Cumulative net flows: $8.67 billion Total ETH holdings ~5.24 million Source: Farside Investors Overnight Flows Chart of the Day The queue for unstaking ether now consists of 652,298 ETH with waiting time of over 11 days. While You Were Sleeping FTX to Start Next Round of Creditor Repayments on Sept. 30 (CoinDesk): FTX, the bankrupt crypto exchange formerly led by Sam Bankman-Fried, has repaid nearly $6.2 billion to creditors. The next distribution will be handled by BitGo, Kraken and Payoneer. Crypto Industry Asks President Trump to Stop JPMorgan's 'Punitive Tax' on Data Access (CoinDesk): A plan by JPMorgan to charge companies like Plaid and MX for linking bank accounts to crypto exchanges threatens fiat on-ramps, with Plaid alone facing fees that could wipe out most of its revenue. 'Wall Streetization' of Bitcoin: BTC Volatility Index and the S&P 500 VIX Boast Record 90-Day Correlation (CoinDesk): Institutional crypto traders are mirroring equity option strategies, reshaping bitcoin's volatility signals into sentiment gauges and decoupling them from price trends, leading to record alignment with Wall Street fear metrics. BTC, XRP, SOL, ETH Witness 'Long Squeeze' as Futures Open Interest Slides With Prices (CoinDesk): Positive funding rates and declining futures exposure suggest bullish traders are being cleared out — not replaced — pointing to a leverage reset rather than a shift in sentiment. Chinese and EU Leaders Are About to Meet — but the U.S. Is Complicating Things (Financial Times): EU officials challenged Beijing over its $142 billion trade surplus and ties to Moscow, while China defended its stance and warned Brussels against tariffs or restricting market access through supply chain controls. How a Chinese Border Town Keeps Russia's Economy Afloat (The New York Times): China's booming imports of Russian energy, timber and grain now feed its manufacturing sector as Beijing replaces Western buyers across key sectors of the post-sanctions economy. In the Ether
Yahoo
08-07-2025
- Business
- Yahoo
Stone Cold BTC Drains Bull Mood From Long-Term Options: Crypto Daybook Americas
By Omkar Godbole (All times ET unless indicated otherwise) It's said that price is the best measure of appeal of any asset. To the dismay of bitcoin (BTC) bulls, the largest cryptocurrency's price hasn't gone anywhere in over 50 days, trading directionless above $100,000. That stagnation has, unusually, eroded the call bias in long-term options. Risk reversals derived from Deribit-listed options expiring in June next year are nearly zero, indicating that calls (bullish) and puts (protective) are trading at similar levels. Historically, long-term risk reversals have tended to be positive, indicating a bias for calls. "This [risk reversal] could easily go negative as BTC continues to see downside 'risk-off' volatility only," Greg Magadini, director of derivatives at Amberdata, said in an email. "Continued institutional structural flows (sell the call, buy the protective put) can also help push this risk reversal negative long-term." Speaking of institutional flows, analysts noted that consistent purchases by Strategy (MSTR) and other companies are failing to offset the general decline in spot demand for BTC. Blockchain analysis has recently indicated that long-term holding wallets are taking profits. Some traders are focusing on next Tuesday's U.S. consumer price data after a decline in July Fed rate-cut odds following Friday's hotter-than-expected jobs report. Meanwhile, pop culture and politics have collided with crypto, as rapper Drake name-dropped bitcoin in his latest track and Elon Musk announced the formation of the America Party, which, he said, would embrace BTC. "These aren't just celebrity endorsements, they're indicators of where the Overton window is shifting," Mena Theodorou, a co-founder at crypto exchange Coinstash, said in an email. "Crypto's cultural relevance is clearly growing, and this kind of mainstream attention, whether from artists or entrepreneurs, tends to filter through to investor confidence over time." In other news, Ethereum co-founder Vitalik and researcher Toni Wahrstätter proposed EIP-7983 to set a new gas limit for transactions on the blockchain. This is aimed at making it resilient to certain denial-of-service (DoS) attacks, improving stability and offering predictable transaction costs. Russia introduced a national registry for cryptocurrency mining equipment, effective today to standardize the use of Bitcoin and Ethereum mining equipment and enhance compliance with regulations. In traditional markets, oil prices dropped early Monday as OPEC increased production, but pared losses later due to a tight physical oil market. Stay alert! Crypto July 9, 11 a.m.: The Isthmus hardfork activates on Celo (CELO) mainnet, an Ethereum layer-2 network, aligning its L2 stack with Ethereum's Pectra upgrade and improving scalability, interoperability and security through key Ethereum Improvement Proposals. July 14, 10 p.m.: Singapore High Court hearing on WazirX's Scheme of Arrangement, marking a critical step in the exchange's restructuring after the $234 million hack on July 18, 2024. July 15: Alchemist (ALCH) staking update launches, allowing token holders to stake ALCH for access to advanced features, premium benefits, and ecosystem rewards, potentially boosting token utility and demand. July 15: Lynq is expected to launch its real-time, interest-bearing digital asset settlement network for institutions. Built on Avalanche's layer-1 blockchain and powered by Arca's tokenized U.S. Treasury fund shares, Lynq enables instant settlement, continuous yield accrual and improved capital efficiency. Macro July 7: Day 2 of 2 of the 17th BRICS Summit (Rio de Janeiro, Brazil). July 7: President Trump meets Israeli Prime Minister Netanyahu at the White House to discuss finalizing a 60-day Gaza ceasefire and staged release of hostages held by Hamas. July 8, 8 a.m.: The Brazilian Institute of Geography and Statistics releases May retail sales data. Retail Sales MoM Prev. -0.4% Retail Sales YoY Prev. 4.8% July 9, 12:01 a.m.: End of the 90-day freeze on U.S. reciprocal tariffs announced on April 2. This marks the deadline for trade partners to finalize agreements to avoid higher duties. Treasury plans to notify countries that have yet to secure deals. July 9, 8 a.m.: Mexico's National Institute of Statistics and Geography (INEGI) releases June consumer price inflation data. Core Inflation Rate MoM Prev. 0.3% Core Inflation Rate YoY Prev. 4.06% Inflation Rate MoM Prev. 0.28% Inflation Rate YoY Prev. 4.42% July 9, 10 a.m.: U.S. Senate Banking Committee holds a hybrid hearing titled 'From Wall Street to Web3: Building Tomorrow's Digital Asset Markets' with CEOs of Blockchain Association, Chainalysis, Paradigm and Ripple testifying. Livestream link. July 9, 2 p.m.: Release of Federal Open Market Committee (FOMC) minutes from the June 17–18 meeting. Earnings (Estimates based on FactSet data) None in the near future. Governance votes & calls Compound DAO is voting on invoking the early termination clause of its 2025 security partnership with OpenZeppelin, giving the required 60-day notice and paving the way for a formal RFP process managed by the Compound Foundation on behalf of the DAO. Voting ends July 7. Polkadot Community is voting on launching a non-custodial Polkadot branded payment card to 'to bridge the gap between digital assets in the Polkadot ecosystem and everyday spending.' Voting ends July 9. Compound DAO is running multiple votes on whether to adopt an Oracle Extractable Value (OEV) solution for Ethereum Mainnet, Unichain, Base, Polygon, Arbitrum, Optimism, Scroll, Mantle, Ronin, and Linea. Delegates can choose between implementing Api3, Chainlink's Secure Value Relay (SVR), or maintaining the current setup without OEV. Voting for all of these ends July 12. Unlocks July 11: Immutable (IMX) to unlock 1.31% of its circulating supply worth $10.28 million. July 12: Aptos (APT) to unlock 1.76% of its circulating supply worth $50.55 million. July 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $14.51 million. July 15: Sei (SEI) to unlock 1% of its circulating supply worth $14.67 million. July 16: Arbitrum (ARB) to unlock 1.87% of its circulating supply worth $31.13 million. July 18: Official TRUMP (TRUMP) to unlock 45.35% of its circulating supply worth $782.73 million. July 18: Fasttoken (FTN) to unlock 4.64% of its circulating supply worth $88.8 million. Token Launches July 7: OKX to delist trading pairs with Bitcoin SV (BSV), Guild of Guardians (GOG), DIA (DIA), BONE, and Orchid (OXT). The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through July 17. July 10-13: Mallorca Blockchain Days (Palma, Spain) July 16: Invest Web3 Forum (Dubai) July 20: Crypto Coin Day 7/20 (Atlanta) July 24: Decasonic's Web3 Investor Day 2025 (Chicago) July 25: Blockchain Summit Global (Montevideo, Uruguay) July 28-29: TWS Conference 2025 (Singapore) By Shaurya Malwa BonkFun overtook Pumpfun to become the top Solana-based token launchpad, grabbing 55.2% market share. The platform has facilitated over $540 million in volume across 175,000 token launches, generating $34 million in fees. Pumpfun, which debuted in January 2024, now holds a 34.9% share with $341 million in volume, down from a previous dominant position. BonkFun's fee model drives demand: 58% of fees go toward buying BONK, with 50% of that burned and the rest used for rewards and reserves. This structure creates constant buy pressure on BONK, a large-cap memecoin still trading below its peak. At current rates, BONK buybacks could reach hundreds of millions annually, tightening token supply. Smaller rivals like Believe, Jup Studio and Moonshot trail far behind in volume and user traction. BTC open interest (OI) in perpetuals on offshore exchanges has held largely flat in the past 24 hours. For ETH, however, open interest rose alongside positive funding rates, implying a demand for bullish bets. Kucoin has seen over 20% increase in OI in ETH futures. Open interest in XRP perpetuals rose 6% on Sunday, the most in four weeks. Funding rates for BNB, TRX, BCH and XLM remain negative, indicating a bearish sentiment for these tokens. On Deribit, call bias has drained from longer term BTC risk reversals. ETH's June 2026 expiry calls still trade at a slight premium of over 1% to calls. Block flows on Deribit featured BTC call spreads and longs in September and December higher strike BTC call options BTC is up 0.97% from 4 p.m. ET Friday at $108,770.30 (24hrs: +0.71%) ETH is up 2.97% at $2,565.19 (24hrs: +2.21%) CoinDesk 20 is up 2.46% at 3,101.28 (24hrs: +1.46%) Ether CESR Composite Staking Rate is up 5 bps at 2.93% BTC funding rate is at 0.0003% (0.3362% annualized) on Binance DXY is up 0.22% at 97.39 Gold futures are down 0.71% at $3,319.30 Silver futures are down 0.89% at $36.76 Nikkei 225 closed down 0.56% at 39,587.68 Hang Seng closed down 0.12% at 23,887.83 FTSE is down 0.03% at 8,820.67 Euro Stoxx 50 is up 0.37% at 5,308.17 DJIA closed on Thursday up 0.77% at 44,828.53 S&P 500 closed up 0.83% at 6,279.35 Nasdaq Composite closed up 1.02% at 20,601.10 S&P/TSX Composite closed up 0.01% at 27,036.16 S&P 40 Latin America closed on Friday up 0.49% at 2,741.39 U.S. 10-Year Treasury rate is up 1.2 bps at 4.352% E-mini S&P 500 futures are down 0.38% at 6,300.00 E-mini Nasdaq-100 futures are down 0.52% at 22,941.75 E-mini Dow Jones Industrial Average Index are down 0.07% at 45,065.00 BTC Dominance: 65.23% (-0.11%) Ether to bitcoin ratio: 0.02359 (0.21%) Hashrate (seven-day moving average): 880 EH/s Hashprice (spot): $58.92 Total Fees: 4.01 BTC / $435.096 CME Futures Open Interest: 151,005 BTC BTC priced in gold: 32.7 oz BTC vs gold market cap: 9.26% BONK's price has convincingly topped the 200-day simple moving average (SMA) confirming the bullish trend. Prices failed to establish a foothold above the key average in mid-May, which led to a deeper sell-off. The latest breakout has shifted focus to resistance at $0.00002583, the high on May 12. Strategy (MSTR): closed on Thursday at $403.99 (+0.43%), -0.41% at $402.35 in pre-market Coinbase Global (COIN): closed at $355.8 (+0.38%), -0.74% at $353.17 Circle (CRCL): closed at $188.77 (+6.07%), +1.79% at $192.15 Galaxy Digital (GLXY): closed at $21.75 (-2.12%), -0.64% at $21.61 MARA Holdings (MARA): closed at $17.66 (-0.79%), -0.68% at $17.54 Riot Platforms (RIOT): closed at $12.17 (-0.25%), -0.33% at $12.13 Core Scientific (CORZ): closed at $18 (+2.51%), -0.89% at $17.84 CleanSpark (CLSK): closed at $12.25 (-1.84%), -0.57% at $12.18 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $26.03 (+3.5%) Semler Scientific (SMLR): closed at $40.45 (+2.3%), -1.71% at $39.76 Exodus Movement (EXOD): closed at $32.8 (+11.41%, +3.02% at $33.79 Spot BTC ETFs Daily net flows: $601.8 million Cumulative net flows: $49.62 billion Total BTC holdings ~1.25 million Spot ETH ETFs Daily net flows: $148.5 million Cumulative net flows: $4.42 billion Total ETH holdings ~4.16 million Source: Farside Investors The chart shows trading volumes in bitcoin's spot and futures markets have dropped to $5 billion and $31.2 billion, the lowest for both in over a year. Activity typically slows during the summer, often leading to weak order book depth, which makes the market price vulnerable to few large orders. Trump Threatens Extra 10% Tariffs on BRICS as Leaders Meet in Brazil (Reuters): On Sunday, Brazilian President Lula called on BRICS to spearhead institutional reforms, citing rising global instability since the G20 and framing the group as a modern successor to nonaligned powers. Bitcoin Whales Scoop Up BTC as Price Nears Record High in Sign of Growth Expectations (CoinDesk): Glassnode data suggests that large bitcoin holders are accumulating as the price nears $109,000, while smaller investors continue to sell, signaling a supply shift from retail to potentially institutional wallets. Metaplanet Picks Up Additional 2,205 BTC, Holdings Now Cross 15,555 Bitcoin (CoinDesk): Metaplanet's latest bitcoin purchase totaled 34.49 billion yen ($213 million), raising its total investment to 225.82 billion yen at an average price of 14.52 million yen per bitcoin. The Blockchain Group Bolsters Bitcoin Reserves With $12.5M BTC Acquisition (CoinDesk): The firm confirmed acquiring 116 BTC for about 10.7 million euros ($12.51 million), raising its total holdings to 1,904 BTC and achieving a year-to-date BTC yield of roughly 1,348%. China and Russia Keep Their Distance From Iran During Crisis (The New York Times): Alexander Gabuev of the Carnegie Russia Eurasia Center said the Iran crisis showed how Russia and China prioritize self-interest over coordination, lacking the alliances or shared values seen among U.S. partners. Trump and Netanyahu to Meet as New Middle East Tests Loom (The Wall Street Journal): Trump sees Israel-Hamas talks and Iran's recent military and diplomatic setbacks as an opening to pursue Saudi-Israel normalization, though progress hinges on Netanyahu's Gaza war stance and Iran's nuclear position. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-07-2025
- Business
- Yahoo
Crypto Daybook Americas: Bitcoin Posts Record Monthly Close, but Euro Steals the Show
By Omkar Godbole (All times ET unless indicated otherwise) Bitcoin (BTC) ended June above $107,000 at a record monthly close. Still, the largest crypto's 2.5% monthly gain failed to match the euro's advance against the dollar, the most liquid FX pair in the world. The eurozone currency rose nearly 4% against the greenback last month, hitting its highest since September 2021. That prompted some traders to switch to euro-pegged stablecoins, resulting in a notable increase in their market values. The euro's momentum highlights the continued broad-based decline in the U.S. currency, which means financial conditions will likely remain easy, even though the weakness hasn't done much to lift a directionless BTC. The prolonged range play has been widely attributed to selling by wallets with a history of holdings coins for over a year. The profit-taking continued on Monday, with on-chain realized gains hitting the $2.4 billion mark. BTC was recently trading 0.6% lower over 24 hours at $106,500. Other tokens, including XRP, DOGE, SOL and ETH, followed suit, while BCH, ALGO, and PAXG stood out. Some analysts called for patience in the wake of continued institutional adoption. On Monday, Germany's savings bank network said it will enable crypto trading for clients within a year. Strategy disclosed another major BTC purchase last week, acquiring $531 million worth of BTC. "While short-term momentum has faded, medium-term signals remain bullish, especially with corporate treasuries accelerating their accumulation pace. We slightly reduced exposure to protect capital but remain constructive — especially on altcoins with room to catch up," Valentin Fournier, lead research analyst at BRN. That said, the third quarter has historically been bitcoin's weakest. Moreover, liquidity tends to be weaker as well due to summer holidays, which raises the likelihood of exaggerated price moves. Remember the yen-led crash in BTC from $70,000 to $50,000 in late July to early August last year? This calls for caution even as analysts maintain the long-term constructive outlook. In other news, American Bitcoin, a crypto firm backed by Eric Trump, raised $220 million to buy bitcoin and mining equipment. An FTX creditor posted on X that claims under $50,000 received 120% payouts in February and May 2025. Bloomberg ETF analysts James Seyffart and Eric Balchunas said that there's a 95% chance the U.S. SEC will approve spot ETFs for LTC and XRP this year. In traditional markets, analysts awaited the Fed Chairman Jerome Powell's speech later Tuesday and Friday's nonfarm payrolls. Stay alert! Crypto July 2: Shares of the REX-Osprey Solana Staking ETF (tSSK) are expected to begin trading on the Cboe BZX Exchange, making this the first U.S.-listed ETF to combine SOL price exposure with on-chain staking rewards. Macro Day 2 of 3: ECB Forum on Central Banking (Sintra, Portugal) July 1, 9 a.m.: S&P Global releases June Brazil data on manufacturing and services activity. Manufacturing PMI Prev. 49.4 July 1, 9:30 a.m.: 'High Level Policy Panel' discussion chaired by Fed Chair Jerome H. Powell at the ECB Forum on Central Banking in Sintra, Portugal. Livestream link. July 1, 9:45 a.m.: S&P Global releases (final) June U.S. data on manufacturing and services activity. Manufacturing PMI Est. 52 vs. Prev. 52 July 1, 10 a.m.: The Institute for Supply Management (ISM) releases June U.S. services sector data. Manufacturing PMI Est. Est. 48.8 vs. Prev. 48.5 July 1, 10 a.m.: The U.S. Bureau of Labor Statistics releases April U.S. labor market data (i.e. the JOLTS report). Job Openings Est. 7.3M vs. Prev. 7.391M Job Quits Prev. 3.194M July 2, 9:30 a.m.: S&P Global releases June Canada data on manufacturing and services activity. Manufacturing PMI Prev. 46.1 July 3, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases June employment data. Non Farm Payrolls Est. 110K vs. Prev. 139K Unemployment Rate Est. 4.3% vs. Prev. 4.2% Government Payrolls Prev. -1K Manufacturing Payrolls Est. -6K vs. Prev. -8K July 3, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended June 28. Initial Jobless Claims Est. 240K vs. Prev. 236K Continuing Jobless Claims Est. 1960K vs. Prev. 1974K July 3, 9 a.m.: S&P Global releases June Brazil data on manufacturing and services activity. Composite PMI Prev. 49.1 Services PMI Prev. 49.6 July 3, 9:45 a.m.: S&P Global releases (final) June U.S. data on manufacturing and services activity. Composite PMI Est. 52.8 vs. Prev. 53 Services PMI Est. 53.1 vs. Prev. 53.7 July 3, 10 a.m.: The Institute for Supply Management (ISM) releases June U.S. services sector data. Services PMI Est. 50.5 vs. Prev. 49.9 Earnings (Estimates based on FactSet data) None in the near future. Governance votes & calls GnosisDAO is voting on renewing its partnership with Nethermind for Gnosis Chain maintenance and development, proposing 750,000 DAI funding for the first year from June, with 4% annual increases. Voting ends July 2. Radiant DAO is voting on potentially compensating users whose wallets were drained via unlimited token approvals in the October 2024 hack. If passed, a follow-up plan would outline stablecoin conversions, claim contracts on Arbitrum, and phased repayments. Voting ends July 2. Arbitrum DAO is voting on lowering the constitutional quorum threshold from 5% to 4.5% of votable tokens. This aims to match decreased voter participation and help well-supported proposals pass more easily, without affecting non-constitutional proposals, which remain at a 3% quorum. Voting ends July 4. Polkadot Community is voting on launching a non-custodial Polkadot branded payment card to 'to bridge the gap between digital assets in the Polkadot ecosystem and everyday spending.' Voting ends July 9. Unlocks July 1: Sui (SUI) to unlock 1.3% of its circulating supply worth $122.75 million. July 2: Ethena (ENA) to unlock 0.67% of its circulating supply worth $10.59 million. July 11: Immutable (IMX) to unlock 1.31% of its circulating supply worth $10.65 million. July 12: Aptos (APT) to unlock 1.76% of its circulating supply worth $52.7 million. July 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $14.42 million. July 15: Sei (SEI) to unlock 1% of its circulating supply worth $15.73 million. July 16: Arbitrum (ARB) to unlock 1.87% of its circulating supply worth $30.33 million. Token Launches July 4: Biswap (BSW), Stella (ALPHA), Komodo (KMD), LeverFi (LEVER), and LTO Network (LTO) to be delisted from Binance. The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through July 17. Day 2 of 4: Ethereum Community Conference (Cannes, France) Day 2 of 6: World Venture Forum 2025 (Kitzbühel, Austria) Day 1 of 6: Bitcoin Alaska (Juneau, Alaska) July 4-5: The Bitcoin Paradigm 2025 (Neuchâtel, Switzerland) July 4–6: ETHGlobal Cannes (Cannes, France) July 10-13: Mallorca Blockchain Days (Palma, Spain) July 16: Invest Web3 Forum (Dubai) July 20: Crypto Coin Day 7/20 (Atlanta) July 24: Decasonic's Web3 Investor Day 2025 (Chicago) July 25: Blockchain Summit Global (Montevideo, Uruguay) July 28-29: TWS Conference 2025 (Singapore) By Francisco Rodrigues While all eyes were on the introduction of Robinhood's tokenized stocks and on Kraken and Bybit's xStocks debut, a layer-2 network built to streamline DeFi quietly launched its mainnet yesterday. Katana's mainnet went live after it saw pre-deposits near $250 million, according to DeFiLlama data. The blockchain is backed by GSR and Polygon Labs. The non-profit Katana Foundation says the chain attacks three chronic pain points: thin liquidity, erratic yields and capital flight. It does so by folding yield generation into the base layer. When users bridge USDC, ETH, WBTC, AUSD or USDT, Katana's VaultBridge pushes those funds into lending pools such as those on Morpho and Sushi, then sends the earnings back to depositors and app builders. A separate mechanism called chain-owned liquidity captures transaction fees to bankroll the network over time. Katana is distributing its native token, KAT, through liquidity mining. KAT is non-transferable for now, but the team expects an exchange listing by next year. Holders will be able to lock tokens for vKAT and share in staking rewards. Perpetual funding rates for most tokens major tokens, including BTC and ETH, held marginally positive. XRP led with near 10% rates while XLM and ADA showed bias for shorts with sub-zero readings. On the CME, BTC and ETH futures basis remained locked in the annualized 7% to 10% range. On Deribit, risk reversals out to August-end expiry showed a bias for protective puts, with subsequent tenors showing a mild bias for calls. In ETH's case, bearishness in the short-term tenors was more pronounced. Block flows over the OTC desk Paradigm showed demand for the September expiry BTC $180K call option. BTC is down 0.91% from 4 p.m. ET Monday at $106,629.81 (24hrs: -0.96%) ETH is down 1.81% at $2,458.53 (24hrs: +0.15%) CoinDesk 20 is down 2.37% at 3,010.77 (24hrs: -0.17%) Ether CESR Composite Staking Rate is up 7 bps at 2.96% BTC funding rate is at 0.0048% (5.3042% annualized) on Binance DXY is down 0.47% at 96.42 Gold futures are up 1.49% at $3,357.10 Silver futures are up 1.81% at $36.50 Nikkei 225 closed down 1.24% at 39,986.33 Hang Seng closed down 0.87% at 24,072.28 FTSE is down 0.17% at 8,745.89 Euro Stoxx 50 is down 0.30% at 5,287.47 DJIA closed on Monday up 0.63% at 44,094.77 S&P 500 closed up 0.52% at 6,204.95 Nasdaq Composite closed up 0.47% at 20,369.73 S&P/TSX Composite closed up 0.62% at 26,857.11 S&P 40 Latin America closed up 1.41% at 2,694.58 U.S. 10-Year Treasury rate is down 2.9 bps at 4.197% E-mini S&P 500 futures are down 0.26% at 6,237.50 E-mini Nasdaq-100 futures are down 0.33% at 22,817.75 E-mini Dow Jones Industrial Average Index are down 0.13% at 44,331.00 BTC Dominance: 65.34% (0.19%) Ethereum to bitcoin ratio: 0.02307 (-0.6%) Hashrate (seven-day moving average): 869 EH/s Hashprice (spot): $57.97 Total Fees: 4.22 BTC / $455,433 CME Futures Open Interest: 147,470 BTC BTC priced in gold: 32.2 oz BTC vs gold market cap: 9.12% BTC fell 1% Monday, narrowly missing the bull flag breakout. The decline produced a bearish outside day candle, with a price range wider than the preceding day's candle. Bearish outside day candles appearing after notable price gains, as in BTC's case, signal renewed bearish trends. Strategy (MSTR): closed on Monday at $404.23 (+5.3%), -1.64% at $397.59 in pre-market Coinbase Global (COIN): closed at $350.49 (-0.83%), -1.53% at $345.12 Circle (CRCL): closed at $181.29 (+0.48%), +1.98% at $184.88 Galaxy Digital (GLXY): closed at $21.90 (+9.66%), +3.47% at $22.66 MARA Holdings (MARA): closed at $15.68 (+4.32%), -1.85% at $15.39 Riot Platforms (RIOT): closed at $11.3 (+7.11%), -1.59% at $11.12 Core Scientific (CORZ): closed at $17.07 (+2.52%), -1.52% at $16.81 CleanSpark (CLSK): closed at $11.03 (+3.37%), -1.81% at $10.83 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $22.74 (+4.74%) Semler Scientific (SMLR): closed at $38.74 (+0.62%), +0.15% at $38.80 Exodus Movement (EXOD): closed at $28.83 (-3.42%), +1.14% at $29.16 Spot BTC ETFs Daily net flows: $102.1 million Cumulative net flows: $48.95 billion Total BTC holdings ~1.25 million Spot ETH ETFs Daily net flows: $31.8 million Cumulative net flows: $4.23 billion Total ETH holdings ~4.1 million Source: Farside Investors The dollar value of the total stablecoin transactions crossed above the $4 trillion mark in June, the most since January, according to data source Artemis. The data shows that while BTC's price didn't do much in the month, adoption of stablecoin continued unabated. Mexico and Brazil Seek Deeper Trade Ties to Expand Beyond US and China (Financial Times): Trump-era tariffs and new leftist governments have created a rare opening for Latin America's two largest economies to revisit a limited trade pact and explore deeper commercial integration. Trump Crypto Venture Raises $220 Million for Bitcoin Mining (Bloomberg): American Bitcoin raised $220 million from private investors including $10 million in bitcoin. Majority owner Hut 8 Corp. plans to take it public through a merger with Gryphon Digital Mining. XRP, TRX, DOGE Lead Majors With Positive Funding Rates as Bitcoin's Traditionally Weak Quarter Begins (CoinDesk): Perpetual funding rates indicate a bullish sentiment for top altcoins, with XRP showing the strongest demand, while rates for market leaders bitcoin and ether are marginally positive. Robinhood, Kraken-Backed Global Dollar (USDG) Comes to Europe (CoinDesk): USDG is regulated by the EU's Markets in Crypto-Assets (MiCA) framework, Finland's Financial Supervisory Authority and Singapore's Monetary Authority. MiCA requires issuer Paxos to hold reserves with European banking partners. The Dollar Has Its Worst Start to a Year Since 1973 (The New York Times): Trump's tariff policy, rising national debt, and the moves toward de-dollarization have reduced the dollar's appeal, even amid high interest rates and a booming stock market. ARK Invest Sold $95M of Coinbase Shares After COIN's Surge to Record Highs (CoinDesk): Monday's $43.8 million sale brings ARK's total to 270,984 COIN shares offloaded over three sessions, as the stock's surge above $380 triggered sales to keep COIN under 10% in its ETFs.
Yahoo
30-06-2025
- Business
- Yahoo
Asia Morning Briefing: ETH Bulls Eye $3K as Validator Backbone Upgrade Rolls In
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. As Asia begins a new trading week, ETH is trading close to $2500, up 11% in the seven days, according to CoinDesk market data, outperforming BTC. Market observers have attributed ETH's outperformance versus bitcoin and other major cryptocurrencies to a string of bullish headlines in the past few weeks. Stablecoins have regulatory clarity thanks to the GENIUS Act – and Ethereum is home to the most stablecoin deposits; ETH exchange-traded funds (ETFs) continue to see sizable flow. Technical analysis by CoinDesk's analyst Omkar Godbole indicates a potential bullish case is forming on-chain, with traders increasingly viewing $ 3,000 ETH as a possibility in the near future. But behind the scenes, something more fundamental is happening. Ethereum's validator architecture, the backbone of its proof-of-stake security model, is undergoing a quiet transformation that could cement ETH's role as Wall Street's favorite programmable asset. At the center of that shift is distributed validator technology, or DVT, a system that allows Ethereum validators to be split across multiple operators and machines, making them far more resilient, secure, and decentralized. Obol Labs is one of the leading teams behind the technology. 'Ethereum is coming back in favor because it's the most secure and battle-tested blockchain,' said Anthony Bertolino, head of ecosystem at Obol Labs. 'And security comes from validators. The most advanced and secure ones now are distributed validators.' Obol's technology eliminates a long-standing problem in Ethereum staking: single points of failure. Traditional validators rely on a single node to propose and attest to blocks. If that node goes offline or is misconfigured, the validator is penalized, or slashed in Ethereum parlance. Obol's system uses threshold cryptography and an 'active-active' architecture so that even if some nodes fail, the validator keeps running without interruption. This upgrade is not just a technical improvement. It is an institutional requirement. As Ethereum sees inflows from ETFs, funds, and structured finance products, staking infrastructure needs to meet the standards of traditional capital allocators. Blockdaemon, for instance, recently announced that it is integrating Obol's distributed validator technology into its staking infrastructure. Blockdaemon is a $100 billion name for institutional crypto. 'Historically, institutions had to choose between performance and security,' Bertolino said. 'Now they get both.' Momentum is building fast. Lido, Ethereum's largest staking protocol with $22 billion in total value locked, is preparing to approve distributed validator use across its 'Curated Set' — the collection of professional node operators who manage over 30 percent of all staked ETH. A new governance proposal would allow these operators to use either Obol or SSV in intra-operator setups, and eventually expand usage across thousands of validators. This move builds on the success of Lido's Simple DVT Module, which has already deployed over 9,600 DVT-powered validators with a 97.5 percent effectiveness score, outperforming the network average. 'These clusters are already showing better uptime, higher effectiveness, and similar yields to conventional setups,' Bertolino said. 'This is the infrastructure shift that makes Ethereum staking enterprise-grade.' For Ethereum, the implications go beyond validator design. DVT mitigates one of the network's core criticisms, that its staking layer is increasingly centralized, and helps fulfill the vision of Ethereum to be neutral, distributed infrastructure. "Institutions are thinking about two things. How do I secure the assets, and how do I generate attractive yield? Historically, you had to choose one. DVT gives you both,' Bertolino said. And Wall Street continues to pay attention. Coinbase shares have surged 84% in the past two months, far outpacing bitcoin's 14% gain and raising red flags about overvaluation, according to 10x Research, covered late last week by CoinDesk. In a Friday note, Head of Research Markus Thielen recommended a short COIN/long BTC trade, arguing that Coinbase's fundamentals—mainly trading volumes—don't justify the rally. 'While Coinbase hasn't quite breached the +30% overvaluation threshold, it's approaching fast,' Thielen wrote, suggesting options strategies or pair trades to exploit the potential reversal. 10x's model finds 75% of COIN's price action is tied to bitcoin's price and volumes, meaning recent gains likely reflect excessive speculation. The report notes other bullish catalysts, including Circle's IPO and U.S. stablecoin legislation, are likely priced in, while Korean investor momentum is fading. 'This rare deviation suggests Coinbase's valuation is extended and vulnerable to mean reversion,' Thielen said, warning that COIN could soon follow other overheated crypto stocks lower. BTC: Bitcoin is trading above $108K as Asia opens its trading week, but analyst Michaël van de Poppe says it must break $109K resistance to sustain momentum, with the rally fueled more by leveraged futures than spot demand. ETH: Ethereum broke above $2,440 with strong volume support, signaling bullish momentum amid new U.S. stock market highs, improving global liquidity, and easing geopolitical tensions. Gold: Gold is trading at $3,248.26, down slightly, as Australia cuts its commodity export earnings forecast due to weak iron ore and gas prices despite surging gold. Nikkei 225: Nikkei 225 futures are trending higher with an expectation that the White House will reach trade deals with Japan and other export-heavy Asian economies. Bitcoin Alkanes: The Next Big BTC Innovation After Ordinals and Runes? (Decrypt) Why is XRP Up Today? Trio of Catalysts Sees Token Outperform Wider Crypto Market (CoinDesk) Vitalik Buterin Warns Worldcoin May Still Pose Risks Despite Zero-Knowledge Protections (Vitalik Buterin blog)Sign in to access your portfolio
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24-06-2025
- Business
- Yahoo
Ether's Leverage-Driven Rally Faces Breakdown Risk, Matrixport Warns
Ether's ETH recent rally may be on shaky ground with one firm warning that last week's price surge was largely fueled by speculative futures positions instead of a bump in organic demand. In a note on Monday, Matrixport opined that 'leveraged traders have pushed [ETH's] price higher in the absence of fundamental support,' adding that this made the asset more susceptible to the 'outsized decline' the asset saw over the weekend. Ether slumped over 8% in a Saturday sell-off, leading losses among majors as traders reacted to the U.S. attack on Iranian nuclear sites in a surprise airstrike. The firm pointed to last week's sharp drop in ETH as evidence of this position-driven fragility and warned that elevated leverage levels could continue to pressure prices. At press time, ETH traded near $2,248 — down from last week's high above $2,400 — as derivatives data showed traders aggressively hedging downside risk. Options market signals echo that caution, as CoinDesk analyst Omkar Godbole noted over the weekend. According to data from Amberdata, ETH's 25-delta risk reversals — a measure comparing the cost of puts versus calls — have skewed negative across June to July expiries. This suggests investors are paying up for protection against downside volatility. QCP Capital further noted in a weekend market update that 'risk reversals in both BTC and ETH continue to show a preference for downside protection,' adding that long holders are actively hedging their spot in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
