Crypto Markets Rally Following Trump’s Executive Order on 401(k) Investments

Crypto markets experienced a rally, with the CoinDesk 20 index rising 5.3%. Bitcoin increased by 1.3% to $116,500.

The uptick followed President Trump signing an executive order allowing broader investments in 401(k) retirement plans, including cryptocurrencies. This could potentially unlock $8.7 trillion in assets.

  • James Butterfill of CoinShares noted the significant access this provides to crypto for retirement investors.
  • Jake Ostrovskis from Wintermute highlighted that even a small allocation to Bitcoin and Ethereum could dramatically increase market demand.

Ethereum also saw notable activity, hitting a new record for average daily transactions. Ether's price surged 4.6% to near $3,900, bolstered by SEC clarifications on liquid staking models.

In traditional finance, the S&P 500 fell while the Nasdaq gained slightly. Investors are anticipating upcoming inflation reports that may influence Federal Reserve interest rate decisions.

Upcoming Events

  • Aug. 15: Record date for FTX distribution to eligible claim holders.
  • Aug. 18: Coinbase Derivatives will launch nano SOL and nano XRP futures.

Market Movements

  • BTC down 0.43% at $116,701.75
  • ETH up 0.68% at $3,900.02
  • CoinDesk 20 up 2.2% at 4,046.33

Key Stats

  • BTC Dominance: 60.82%
  • Total BTC futures open interest: $80.65 billion
  • Public companies control $11.77 billion in ETH

Technical Insights

  • ETH/SOL ratio testing key resistance; potential breakout may lead to further gains for ETH.

Crypto Equities

  • Coinbase Global closed at $310.79 (+2.38%)
  • Galaxy Digital closed at $28.09 (+2.74%)

ETF Flows

  • Spot BTC ETFs: Daily net flows of $277.4 million
  • Spot ETH ETFs: Daily net flows of $222.3 million

This summary encapsulates recent developments in crypto markets, highlighting significant regulatory changes, market movements, and future events impacting investment strategies.