Bitcoin Price Drops After Hitting Record High of $124,000
Bitcoin (BTC) approached a record high of $124,000 before dropping to close at $117,600 due to disappointing U.S. PPI inflation data and uncertainties regarding U.S. Treasury Secretary's stance on bitcoin purchases.
Key points:
- Four all-time highs set in 2025; recent pullbacks are reducing in magnitude.
- Upcoming U.S. retail sales report expected to show 0.7% increase, impacting potential September rate cuts.
- $12 billion in bitcoin options expiring at the end of August, concentrated between $120,000 and $124,000 strike prices.
What to Watch
- Aug. 15: FTX distribution date for certain claim holders.
- Aug. 18: Launch of nano SOL and nano XRP perpetual futures by Coinbase Derivatives.
- Aug. 20: Qubic’s first halving event with significant changes to emission rates.
Market Movements
- BTC: $118,739.67, up 0.68%
- ETH: $4,622.44, up 1.9%
- CoinDesk 20: 4,257.98, up 1.33%
Liquidations
- $1 billion liquidated in past 24 hours, primarily in ETH pairs.
- AERO token rose 4.5%, benefiting from integration with Coinbase.
Derivatives Positioning
- Open interest for BTC remains high at $32.5 billion, led by Binance and Bybit.
- Funding rates are low, suggesting potential for new leveraged positions.
ETF Flows
Spot BTC ETFs saw daily net flows of $230.8 million, total holdings around 1.29 million BTC. Spot ETH ETFs had daily net flows of $639.6 million, totaling approximately 6.27 million ETH.
In the Ether
- Investor rotation into altcoins may accelerate in September as Bitcoin dominance declines.
- Circle plans to offer 10 million Class A shares at $130 each.
- Hong Kong regulator tightens custody standards for licensed crypto exchanges.