Little has changed from last week’s market summary. Bitcoin continues to consolidate just under $31,000 with a stronger case building here for a local top area being formed. Last week, bitcoin investment products saw another $100 million inflows while the GBTC discount continued to close above 30%. Bullish sentiment came with the BlackRock ETF news, but that excitement looks like it’s starting to fade. Further bullish momentum would need to take bitcoin past $32,500 to see a continuation upward. The latest U.S. ISM PMI data shows further economic contraction for the month of June, while the VIX has largely shown muted volatility throughout the summer so far. Today, we saw a massive rise in U.S. Treasury yields across the board and elevated volatility via the VIX reaching 17. Chances of a Fed rate hike of 25 basis points during the July 26 meeting have risen to 92%. All this is happening while equities faced some major resistance today. Since June, there’s been a large divergence in a declining trend of U.S. Net Liquidity and rising prices of SPX and BTC. Around $28,500 is a support area we would want to see bitcoin hold. Below that, the STH realized price is now at $27,700.
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The values are just specific data 30 days ago for each metric. When the metric is an average though like Hash Rate 7-day moving average, the "Last 30-Day" column shows the 7-day moving average value 30 days ago.
The values are just specific data 30 days ago for each metric. When the metric is an average though like Hash Rate 7-day moving average, the "Last 30-Day" column shows the 7-day moving average value 30 days ago.