Bitcoin Demand Surpasses Supply as Market Anticipates August Slowdown

Bitcoin (BTC) has decreased by 3% in the past 24 hours, now approximately 7% below its all-time high from June 14. Historically, double-digit corrections are common during bull markets, with a maximum drawdown of 30% since January 2023.

Key points include:

The CME Bitcoin Futures gap between $114,355 and $115,670 may be significant as prices often return to fill these gaps.
MicroStrategy (MSTR) plans to raise $2 billion through the sale of 28 million Stretch (STRC) shares, equating to potential demand for about 21,500 BTC at a price of $115,000.
On-chain data indicates demand is outpacing supply, with over 210,000 BTC sold by long-term holders and around 250,000 BTC purchased by short-term holders since early July.
Bitcoin has risen about 8% in July, aligning with historical trends where it averages a 7% increase during this month.
Ether (ETH) has increased by over 46%, trading near $3,725, marking the third instance of surpassing 40% growth since November, though previous months have seen declines after similar spikes.

Upcoming Events

July 28: Launch of Starknet (STRK) v0.14.0 on mainnet.
July 31: Webinar on Bitcoin's potential as a global reserve currency.
Aug. 1: Helium Network (HNT) halving event.
Aug. 1: Hong Kong's Stablecoins Ordinance takes effect.
Aug. 15: FTX distribution record date for certain claims.

Market Overview

BTC is down 2.39% to $115,912.54.
ETH is down 0.41% at $3,721.30.
CoinDesk 20 index is down 1.94% at 3,940.10.
Open interest for BTC derivatives is at an all-time high of $34.1 billion, with Binance leading at $14.2 billion.

Bitcoin Stats

BTC Dominance: 61.46%
Hashrate: 914 EH/s
CME Futures Open Interest: 147,320 BTC

Token Events

Governance votes ongoing for Aavegotchi DAO and Lido DAO.
Unlocks scheduled for Jupiter (JUP), Optimism (OP), Sui (SUI), Ethena (ENA), Immutable (IMX), and Aptos (APT).

Investors should monitor market movements closely as liquidity typically decreases in August.