Gold Surges Past $4,000 as Bitcoin Drops Amid Market Volatility
Crypto Market Overview
- Bitcoin (BTC) lost 1.25% in value as the broader crypto market declined by 3%, driven by profit-taking after a recent rise of over 7.7%.
- The U.S. Dollar Index (DXY) reached a two-month high, impacting Bitcoin negatively.
- Gold surged past $4,000 per ounce for the first time, with inflows into gold ETFs at their highest since late 2022.
- Political risks and fiscal concerns in France, Japan, and the U.S. have contributed to the current market dynamics.
- Japanese government bond yields hit a 17-year high, potentially affecting global financial conditions and risk appetite.
- Institutional interest in Bitcoin remains strong, with U.S.-listed spot ETFs adding significant inflows.
Market Movements
- ETH decreased by 0.62% to $4,484.06.
- CoinDesk 20 index dropped by 0.22% to 4,228.30.
- BTC dominance stood at 59.11%.
- Total value locked on BNB Chain increased to $9 billion, reflecting growth potential.
Derivatives Positioning
- Most major tokens saw a drop in futures open interest, except for AVAX which rose by 2%.
- CME ether futures open interest decreased slightly but remained high compared to BTC.
- Bitcoin options market showed a slight negative skew, indicating a higher cost for puts.
Economic Indicators
- DXY increased by 0.38% to 98.95.
- Gold futures climbed by 1.43% to $4,061.80.
- Global stock indices showed mixed movements, with some declines noted in major indices like the DJIA and Nasdaq.
ETF Flows
- Spot BTC ETFs recorded daily net flows of $875.6 million, with cumulative net flows reaching $62.09 billion.
- Spot ETH ETFs had daily net flows of $420.9 million, with total holdings at approximately 6.79 million ETH.
