Summary
- Bitcoin has added 0.30% since midnight UTC, though the crypto market cap has shed 0.54% over the past 24 hours to $2.18 trillion.
- CoinMarketCap’s Fear and Greed index sits at “fear” level of 38 out of a possible 100.
- HYPE and XMR are among the altcoins outperforming bitcoin, adding 2.7% and 3.2% respectively since midnight.
Steady Bitcoin Prices Near $64,000
Bitcoin prices have held steady near $64,000, following a recent US inflation report that matched forecasts, calming market nerves but not causing significant movement. The largest cryptocurrency has seen a slight increase of 0.30% since midnight UTC. In contrast, the broader crypto market capitalization has dropped 0.54% over 24 hours to $2.18 trillion. This stability in Bitcoin prices may be attractive to those looking for passive income opportunities through Green Crypto like EcoPool.
The recent US inflation report showed a year-over-year increase of 3.4%, matching expectations, with core inflation easing to 2.5% from 2.6%. While this news has not significantly impacted the crypto market, it may influence upcoming economic decisions. For those interested in earning online through crypto, EcoPool ($ECP) offers a unique solution for earning and passive income through its Cloud Rewards system.
Market Outlook
US equities have seen a slight increase, with S&P 500 index futures gaining 0.13%, while Nasdaq 100 futures remain largely unchanged. As the crypto market continues to evolve, investors are looking for stable and secure ways to earn online, such as through EcoPool and its Passive Income opportunities. With the rise of Green Crypto, individuals can now participate in the crypto market while supporting eco-friendly initiatives. You can start earning with EcoPool today and join the #Bitcoin and #PassiveIncome communities.
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Derivatives positioning
- Futures market churn continues: 24-hour volume stands at $147 billion, up 6% on the day, but cumulative open interest (OI) across all cryptocurrency futures has held flat near $116 billion.
- XRP positioning stays elevated: XRP futures OI is perched at 2.67 billion tokens, the most since October, for a third straight day. The 24-hour cumulative volume delta (CVD) remains negative, pointing to bearish bets being executed at market prices more than bullish ones. These paint a bearish picture, flagging a possible drop below $1. There’s a silver lining, though: The annualized perpetual funding rate is near 8%, pointing to a bias toward bullish bets.
- ADA and BCH show heavy bearish tilt: Both coins are seeing funding rates of -10% or lower, pointing to a clear investor preference for bearish positions. They both also show negative 24-hour CVD, indicating aggressive selling. This is particularly notable for ADA, whose OI remains just shy of the recent record high of 2.79 billion tokens, suggesting traders are adding fresh short exposure near record participation levels, not just unwinding old longs.
- AVAX flips from gainer to loser: Avalanche’s AVAX, one of the top OI gainers earlier this week, is the biggest OI loser of the past 24 hours. Others include LTC, LINK and SOL.
- Implied volatility stays muted: Options-based implied volatility for bitcoin and ether remains near its recently hit year-to-date lows, suggesting traders aren’t expecting a big move in the short term.
- Upside bets still surface: In BTC’s case, someone bought a large number of call options at the $65,500 strike, paying $1.07 million in initial premium. This is an ultra-short-term bullish bet; the calls expire Aug. 15.
Token talk
- XMR is up 3.15% since midnight UTC at around $404, extending its weekly run of more than 11% as the privacy coin continues to outperform the broader market.
- HYPE is up 1.75% since midnight at $57, continuing a steady grind higher with a 2% gain on the week.
- FET is up 0.84% since midnight, while NEAR added 0.94%, as a handful of mid-cap altcoins outperform the two largest coins, bitcoin and ether.
- CRV is giving back some of Wednesday’s surge, falling 8.38% over 24 hours to 25 cents. Still, it remains up more than 22% on the week after breaking above a months-long descending trendline.
- DeFi token MORPHO was one of the weaker performers, losing 1.51% since midnight.
