Bitcoin Rises 0.9% in July as Market Sentiment Remains Subdued
Bitcoin (BTC) rose 0.9% in the last 24 hours, recovering from a dip after reaching a record monthly close in June. Historically, BTC has increased in July for seven out of ten years, averaging around 7%. Market maker Wintermute reported that Bitcoin's daily funding rate indicates subdued investor sentiment despite strong returns in July.
Factors to watch include:
- The upcoming U.S. payrolls report, which may signal Federal Reserve interest rate decisions.
- Publicly listed firms purchased approximately 131,000 BTC in Q2, an 18% increase compared to previous quarters.
Key Dates
- July 2: Trading begins for REX-Osprey Solana Staking ETF on Cboe BZX Exchange.
- July 15: Launch of Lynq’s real-time digital asset settlement network for institutions.
Market Overview
- BTC is priced at $107,684.07 with a 24-hour change of +1.09%
- ETH is at $2,449.08 with a 24-hour change of -0.36%
- DXY index is down to 96.94, indicating dollar weakness.
Derivatives Positioning
- BTC futures open interest remains flat at around $25 billion.
- XRP's open interest has reached a four-week high of $1.4 billion.
- Negative funding rates observed in SOL, BCH, SUI, XLM, and SHIB markets.
Token Unlocks
- July 2: Ethena (ENA) unlocks 0.67% of circulating supply valued at $10.58 million.
- July 11: Immutable (IMX) unlocks 1.31% valued at $10.61 million.
- July 12: Aptos (APT) unlocks 1.76% valued at $51.69 million.
- July 15: Starknet (STRK) unlocks 3.79% valued at $14.39 million.
- July 15: Sei (SEI) unlocks 1% valued at $15.63 million.
- July 16: Arbitrum (ARB) unlocks 1.87% valued at $31.76 million.
Technical Analysis
- Bitcoin cash (BCH) shows potential for a breakout, indicating a bullish shift in momentum.
ETF Flows
Spot BTC ETFs
- Daily net flows: -$342.2 million
- Cumulative net flows: $48.61 billion
Spot ETH ETFs
- Daily net flows: $40.7 million
- Cumulative net flows: $4.27 billion
Source: Farside Investors
Notable Developments
- Iran reportedly prepared to mine the Strait of Hormuz amid tensions.
- Visa and Mastercard are advancing stablecoin integrations ahead of legislative approvals.
- Bitcoin CME futures premium has declined, indicating bearish sentiment.