Crypto Market

BTC and ETH Market Insight

Compared to the Bitcoin ETF launch, the ETH ETF launch was relatively subdued. On the first day of trading, Grayscale's Ethereum Trust experienced significant outflows of $481 million, followed by another $326 million on the second day. Prior to the ETF launch, ETH had been overbought with unchanging fundamental aspects such as revenue and user growth. Active addresses on Solana hit a new ATH. Solana's trailing 30-day DEX volume has exceeded Ethereum's for the first time, and the SOL/ETH ratio is steadily increasing. More and more signs of institutional adoption: the State of Michigan Pension disclosed holdings of Bitcoin ETF worth $6.6 million.   

Options Market

A strong resilience was observed this week on BTC with rising dip-buying activities and $69k high re-tested. This strength is even more noteworthy given the distribution of Mt. Gox repayment entered the market and global equity markets largely pulled back. ETH, on the other hand, underperformed but started to show signs of recovery. BTC’s front-end IV rose ahead of Trump’s speech at the Bitcoin Conference, higher than ETH’s while the mid and long term IVs remained rather aligned. Call skew on BTC reflected a strong bullish sentiment. For ETH, the demand for downside protection rose which pushed skew towards neutrality.  

Altcoins and Blockchain News

• Trump: If elected, will establish a national strategic Bitcoin reserve and will not sell any government-held bitcoins.

   

• According to SoSoValue data, the total net outflow of Ethereum spot ETF on July 26 was $163 million. Grayscale's Ethereum Trust ETF ETHE had a net outflow of $356 million in a single day, with ETHE's historical net outflow currently at $1.514 billion.

   

• Under Nomura Securities' Laser Digital: a fund alternative to Ethereum spot ETF is planned to be launched in September.

   

• BlockFi has received approval from a U.S. court to fully repay customer funds.

   

• Solana DeFi derivatives platform Zeta Markets announced that it will launch ZEX airdrop, distributing 20 million tokens to over 14,000 early stakers.

   

• According to DefiLlama data, the total market value of stablecoins has surged to over $164 billion for the first time since the Terra collapse in May 2022.

   

• JD.com: Will issue a cryptocurrency stablecoin pegged to the Hong Kong dollar at a 1:1 ratio in Hong Kong.

   

• Web3 AI platform Assisterr announced the completion of a $1.7 million seed round financing, with participation from Web3.com Ventures, Moonhill Capital, and other institutions.

Marco

The major benchmarks ended mixed for a second consecutive week: the DJIA added +0.7%, the S&P 500 -0.8%, and the NASDAQ -2.1%. The decline in Tesla and Google earnings reports contributed to the losses over the week. The technology giants have lagged recently over the market, and the small-caps plus mid-caps stocks have outperformed the broad market.