Bitcoin Reaches $116,430 Amid Bullish Market Sentiment
Bitcoin (BTC) reached $116,430, its highest this month, supported by renewed demand for risk assets following disappointing jobs market data. The Federal Reserve is expected to cut rates by 25 basis points in September, with a 93.4% probability according to the CME FedWatch tool.
Key developments include:
- Strong corporate earnings and a declining U.S. dollar are boosting equity markets.
- The State of Michigan Retirement System increased its exposure to Bitcoin through spot ETFs.
- Bitcoin's 30-day implied volatility dropped to 36.5%, the lowest since October 2023, indicating reduced price fluctuations.
- Geopolitical risks remain, including tariffs imposed by Trump on India and ongoing tensions surrounding Ukraine.
What to Watch
- Circle webinar on Aug. 7 discussing new stablecoin frameworks.
- FTX distribution record date on Aug. 15 for certain claims.
- Launch of nano SOL and nano XRP perpetual futures by Coinbase Derivatives on Aug. 18.
Market Movements
- BTC remained stable at $115,030.54 (+1.29% over 24 hours).
- ETH rose to $3,727.41 (+4.97%).
- CoinDesk 20 index increased by 0.67% to 3,846.17.
Derivatives Positioning
- Bitcoin futures open interest stands at $78.5 billion, indicating strong institutional engagement.
- Ethereum futures open interest rose to $48.18 billion, reflecting renewed institutional interest.
- Altcoin positioning shows XRP open interest rising to $7.33 billion.
Crypto Stats
- BTC Dominance: 61.6%
- Open Interest for CME Futures: 138,150 BTC
- Total fees: 5.88 BTC / $674,584
ETF Flows
- Spot BTC ETFs had daily net flows of $91.6 million, totaling $53.73 billion cumulatively.
- Spot ETH ETFs saw daily flows of $35.1 million, totaling $9.15 billion cumulatively.
Amid these developments, investors should stay informed about market trends and geopolitical influences that may affect crypto investments.