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Since it’s the last day of July, why not look back on this month and summarise what happened from a market perspective?
I won’t blame you for forgetting some of the big events that took place this month, including Bitcoin topping with fresh, top heights (though it’s a slight receding), but passing of acts of genius, ETH has risen 56% over the past month.
Speaking of ETH, Kraken’s OTC desk states: “ETH has crucially broken a long-standing pivot at $2,813, a level that has been capping prices for over a year.
However, in the short term, we sGiven the deadlines for Trump’s tariffs and other macroeconomic factors, what starts volatile in the holme from August to August. With that in mind, Kraken’s OTC report suggests that momentum has already softened due to Bitcoin.
Good news: Bitcoin was able to bounce off the first dip after Galaxy dropped 80,000 BTC for its client.
“One core explanation behind resilience lies in the continued strong accumulation from BTC financial vehicles and ETP throughout July,” K33 said. This “helped offset the effect of sales orders across a wide range of markets. This resilience rekindled risk appetite with enduring future interest rising to 2024 quarter highs, despite the remaining neutral funding rate.”
I don’t think anyone would be surprised by the following statistics that K33 pointed out. Chill This month, July is against the trend.
“The average daily trading volume over the past week is $4 billion, reflecting a 12% decline from last week’s levels, but well above the May-June levels,” K33 said.
As mentioned above, the first week of August may not be that smooth, but volatility may not stay here.
Looking at CME data, K33 analyst said, “The future August premium in July reflected confidence initially, but was compressed after expanding to a level not seen after May, signaling careful medium-term positioning during seasonal quiet periods.”
At least we are at the tail end of the summer dog age.
