Today, the crypto market saw a rebound, with Bitcoin returning to $67,300 and Ethereum returning to $3,250.
Altcoins as a whole are also rebounding, with SATS, RATS, and PYTH performing the strongest, rising by more than 15%.
The news worth noting is:
1. On July 25, nine US Bitcoin ETFs increased their holdings by 960 bitcoins, worth approximately US$62.14 million.
Although Bitcoin is falling, the sentiment of U.S. stock investors remains stable and they continue to buy Bitcoin.
2. The total outflow of Ethereum spot ETF reached US$263 million on July 25.
Yesterday, a total of 95,836 Ethereums flowed out of spot ETFs, of which Grayscale's ETHE outflowed 140,214 Ethereums, while the other eight US spot ETFs had a net inflow of 44,366 Ethereums, less than half of ETHE's sale.
This means that ETHE investors did not leave the market because of high management fees, but because they were not optimistic about the future trend of Ethereum.
3. CoinDesk tweeted that the ETH ETF does not have a staking function, depriving investors of their source of income, and hoped that regulators would allow this key function of Ethereum.
In the long run, I think it is only a matter of time before Ethereum spot ETF staking is opened. Once staking is opened, Ethereum will become an interest-bearing asset, which will benefit projects in the Ethereum ecosystem.
4. Franklin Templeton expects the Solana ETF to be launched soon.
Analysts predict that if the SOL ETF is approved, it could receive a final decision by mid-March 2025.
After the Ethereum spot ETF was approved, Solana ETF has become the focus of market attention. Recently, the projects in the Solana ecosystem have performed very strongly and are worthy of our special study.
5. Bitstamp has begun paying compensation to Mentougou.
At present, there are still 79,600 bitcoins in Mentougou that have not been transferred to the exchange. The bitcoins in the exchange still need a slow release process.
In the past 24 hours, Mentougou has not continued to release bitcoins to exchanges.
6. The current US presidential election has also added some uncertainty. Although Trump has a high chance of being elected, the support rate of Democratic candidate Harris is also rising.
According to the latest polls, Harris leads Trump with 44% support, compared to 42%.
But Trump still has a big lead on Polymarket, with a 62% chance of Trump winning the election and a 36% chance for Harris.
7. According to Coinglass data, the total liquidation of the entire network in the past 24 hours was US$332 million, of which US$276 million was for long orders and US$56.21 million was for short orders. The liquidation was mainly for long orders.
In addition, according to Coinglass data, based on the current mainstream CEX contract positions, if Bitcoin falls below $60,000, mainstream CEX will have $385 million in long orders liquidated.
If Bitcoin rebounds and breaks through $68,000, mainstream CEX will have $888 million in short orders liquidated.
This means that subsequent market fluctuations may be large. At this time, you must not touch contract trading and be careful of the double-explosion of long and short positions.
8. Judging from the miner data, miners have increased their selling of Bitcoin at the current price, especially the sale of 16,578 Bitcoins the day before yesterday, which is close to the level when FTX collapsed at the end of 2022.
Some analysts believe that miners’ capitulation is about to end as the 30-day moving average of Bitcoin’s hash rate has a tendency to break through the 60-day moving average.
9. Bitcoin mining company Marathon Digital Holdings announced the purchase of $100 million worth of Bitcoin, bringing its balance sheet holdings to more than 20,000 BTC.
They also stated that they would adopt a comprehensive HODL strategy, retaining all mined Bitcoins and making additional purchases regularly. This shows that large investors are continuously buying and locking up Bitcoins.
10. Banana Gun posted on the X platform that it did not conduct any airdrop activities.
Any airdrop activity claiming to be from Banana Gun is currently a scam, and the project has also reminded the community that there has been an increase in impersonation scams after its Binance listing.
11. Huobi HTX will take the fifth round of snapshots for users’ TRX and USDT assets in their spot accounts at 12:00 on July 30. After the snapshot, airdrops will be distributed according to the rules.
In general, the recent poor financial reports of large US technology companies have led to a decline in the Nasdaq index. The entire crypto market has also followed the decline of US stocks, but today there is a trend of stopping the decline and rebounding.
Next, we can pay attention to the core PCE data released tonight. The market now expects the Federal Reserve to cut interest rates in September, but if the inflation data fluctuates, it is hard to say.
In addition, there is Trump’s speech at the Bitcoin Conference at 2 a.m. on July 28. We can look forward to what surprising remarks he will make.
