Bitcoin Rises 0.6% as Gold Surpasses $3,500 Per Ounce
Bitcoin (BTC) increased by 0.6% in the last 24 hours, while the CoinDesk 20 Index rose by 0.4%. These gains were overshadowed by gold surpassing $3,500 per ounce, leading to a sell-off in long-dated government bonds.
Key market developments include:
- Japan's 30-year government bond yield reached a record 3.28%, with U.S. Treasuries nearing 5% and British gilts at 5.7%.
- Bitcoin volatility index (DVOL) dropped to 38.1, the lowest since late 2023.
- Spot bitcoin ETFs faced $751 million in net outflows last month, while spot ether ETFs gained $3.87 billion.
- A joint SEC and CFTC statement clarified rules for compliant spot crypto trading but did not significantly impact the market.
- Investors are cautious ahead of Friday's U.S. jobs report, which may influence Federal Reserve rate decisions.
What to Watch
- Sept. 3: American Bitcoin (ABTC) begins trading on Nasdaq.
- Sept. 3: Tellor (TRB) upgrades its mainnet to version 5.1.1.
- Sept. 4: Polygon transitions its mainnet token from MATIC to POL.
- Sept. 10: Comptroller Jonathan V. Gould discusses digital assets at a CoinDesk conference.
Market Movements
- BTC is down 0.1% at $111,323.58.
- ETH is up 0.82% at $4,348.94.
- CoinDesk 20 is up 0.59% at 4,046.65.
ETF Flows
Spot BTC ETFs saw daily net flows of $332.8 million, with cumulative net flows reaching $54.55 billion.
Spot ETH ETFs recorded daily net outflows of $135.3 million, totaling $13.4 billion in cumulative net flows.
Derivatives Positioning
- Total open interest across perpetual instruments is at $114 billion.
- Major liquidation clusters for BTC exist at $112,200 and $110,000.
- Put-call volume shows calls represent 51.6% of total contracts.
Token Events
- Governance votes are ongoing for Arbitrum DAO, Uniswap DAO, and Lido DAO.
- Unlocks scheduled for Immutable (IMX), Aptos (APT), Starknet (STRK), and others in September.
Notable Developments
- Bitcoin dominance has decreased to around 58%, indicating a shift towards altcoins.
- Altcoins such as ether (ETH) and solana (SOL) have seen significant gains over the past month.
- Institutional interest in altcoins is rising, with ETH futures volume hitting an all-time high.