Momentum continues to fade as BTC remains rangebound between $109,500 and $107,200, settling near $108,750.
Spot flows cooled: Yesterday, Bitcoin ETFs saw $101 million outflow; Ethereum ETFs saw $19 million in outflows, with institutional demand wavering over the past few days.
Long-term holder selling remains elevated (30-day SMA > 22,000 BTC/day) with persistent distribution now acting as a structural headwind.
Options Open Interest (OI) rose to an all-time high while put demand also rose. This signals short-term options that could amplify intraday moves.
Critical bands: short-term holders’ cost basis $113.1k, 0.85 quantile $108.6k, 0.75 quantile ~$97.5k. Losing the 0.85 band risks deeper drawdowns.
The uptake follows a launch pitched to Bitget's 125 million users as institutional-grade yield without leaving the exchange, where USDC depositors can earn up to 18% APY and BTC holders around 3%.
Tokyo and Washington's first joint currency intervention in 15 years is designed to do the one thing that would remove the entire premise behind Metaplanet's bitcoin treasury.
Spot HYPE funds led every non-bitcoin crypto ETF category by inflows relative to assets in May and June. JPMorgan says that lead disappeared in July and hasn't come back
