Bitcoin Volatility Rises as PCE Inflation Data Approaches
Crypto Daybook Americas will not be published on Monday due to the Labor Day holiday. It will return on Tuesday.
Bitcoin BTC has decreased by nearly 3% to $109,800 in the last 24 hours, impacting the broader market including ETH. The current price movements are within established valuation ranges.
Key highlights:
- BTC's volatility is rising from multiyear lows, with 30-day implied volatility surpassing the 100-day moving average for the first time since mid-June.
- This increase may signal potential volatility in September, influencing both crypto and traditional markets.
- U.S. core PCE data, expected later today, could influence Fed policy and risk sentiment; a lower than expected release may support investor confidence.
- ETH ETFs have seen over $1 billion in net inflows this week, significantly outpacing BTC ETF inflows of $567 million.
- The U.S. 10- and two-year Treasury yield spread has widened, which could support bullish positions in gold and bitcoin.
What to Watch:
- Aug. 29: Stellar Development Foundation livestream on NEAR Intents.
- Aug. 30: Conflux CFX hard fork upgrade.
- Sept. 1: Starknet STRK mainnet upgrade.
- Sept. 2: Tellor TRB mainnet upgrade.
- Sept. 4: Polygon’s token migration from MATIC to POL.
Market Movements:
- BTC is down 1.87% at $109,828.05.
- ETH is down 2.66% at $4,013.41.
- CoinDesk 20 index down 2.52% at 4,168.55.
ETF Flows:
- BTC ETFs saw daily net flows of $178.9 million, cumulative net flows of $54.34 billion.
- ETH ETFs had daily net flows of $39.1 million, cumulative net flows of $13.7 billion.
Technical Analysis:
- XRP's price remains within the Ichimoku cloud, indicating indecision in market direction.
- A drop below the cloud may confirm a bearish trend shift.