The future trend of the crypto market may depend on changes in interest ratesđą
In crypto, the mini-crash in prices earlier coincided with a large drop in CME BTC futures contracts, showing that the position flush-out was not just limited to a crypto native audience, but to the mainstream investing audience as well. Much of the long positions were built up thanks to a string of positive news including the initial SEC vs Ripple ruling, the launch of Coinbase's 'Base' L2, the Paypal stablecoin, and of course anticipation of the spot BTC ETF approvals. As such, with long positions much cleaner than it's been in a few months, we expect hope to see another bottoming process being formed in prices here, though we wouldn't base surprised to see another leg further heading into September if real rates were to see another spike higher heading into Q4.
