Crypto Market Update

As expected, BTC -1.00% and the wider crypto market moved lower on the news that the Mt. Gox trustee had transferred BTC -1.00% out of the trustee wallets to partner exchanges. However, the market has since rebounded, with BTC -1.00% pushing $65k after touching $62.5k in the early morning hours. ETH 1.69% has also rallied, though it is slightly lagging despite the upcoming launch of ETH 1.69% ETFs next Tuesday. ETF flows continued to impress, with another $300 million of inflows across all BTC -1.00% ETF products yesterday. SOL 0.20% has rebounded nicely and is currently looking to break the $160 level. Major outperformers in the top 100 include memecoins such as PEPE, WIF 7.24% , and BONK 1.43% , as well as Bitcoin L2 CORE and the decentralized storage network AR 0.45% . In traditional markets, small caps continue to outpace the broader indices despite a hotter-than-expected retail sales number this morning. The DXY is slightly higher on the day, seemingly driven by relative weakness in the JPY, even as rates have moved lower.

Kraken Confirms Receipt of Gox Coins

Kraken has received BTC -1.00% and BCH 1.16% transfers from the Mt. Gox Rehabilitation Trustee for creditor repayments. According to an email confirmed by Kraken and shared in the Mt. Gox creditors Telegram group, these funds will be distributed to creditors within 7-14 days. Earlier, approximately 48,641 BTC -1.00% ($3.1 billion) was transferred to an address likely associated with Kraken, according to Arkham. The Trustee, Nobuaki Kobayashi, announced repayments to over 13,000 creditors have been made, with additional distributions expected. Other exchanges like Bitbank and SBI VC Trade have already distributed their funds, while BitGo, Bitstamp, and Kraken have varying payout deadlines.

ETH ETFs To Launch Next Week

Spot Ethereum ETFs are expected to begin trading on Tuesday, July 23, following confirmation from multiple sources, including Bloomberg’s Senior ETF Analyst Eric Balchunas. Balchunas reported that the SEC has requested final S-1 filings from issuers, with effectiveness expected on Monday after close for a Tuesday launch. Firms like BlackRock and Fidelity have been preparing for this launch, working with the SEC since May. Despite the news, ETHBTC is lower over the past 24 hours, possibly suggesting a current lack of bullishness surrounding the post-launch flows.

Technical Strategy

Ripple has begun to show some technical improvement this week following its rally to the highest levels in three months. XRP -1.87% has achieved a minor breakout above minor resistance peaks from April-May which has carried this up above $0.55. While this remains largely rangebound over the last year, its pickup in relative strength this week makes this important to watch carefully as this tests an important downtrend from 2023 highs. This currently intersects at 0.65, making this the first real area of importance on this rally. The ability to exceed 0.65 would allow for a push up to $0.95 to test last July’s peaks. Overall, while XRP -1.87% has some work to do before expecting this follow-through might continue, this week’s push to new three- week highs has helped to jump-start momentum and should allow for additional progress in the days ahead.

Daily Important Metrics Crypto Size Bullish signal is tied to the crypto market growing Market cap 2.34T +$46B (2.03%) BTC Dominance 53.80 % (0.00%) Stablecoins Increase in circulating stablecoins is a Bullish signal In Circulation +$113B (0.29%) In Exchanges +$20B (0.21%) BTC Metrics A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC Exchanges +$3.0M (-0.04%) Funding Rates Positive funding rates indicate traders are Bullish Aggregate -0.0232 (-0.4075) Binance +0.9989 (0.0009) Bitfinex +0.4549 (0.3442) Bitmex -0.2005 (-0.6424) ByBit -0.1746 (-0.3988) Deribit +0.2487 (-0.3475) Huobi -0.2019 (-0.2019) Kraken +0.6530 (-0.1368) Mean -0.0232 (-0.4075) OKex +0.5513 (0.3171) Sentiment BMI : 57 (100.00%) Futures A positive spread between Futures Prices and Spot Prices is Bullish CME Price $63,995 (1.96%) Spot Basis +$518 (0.82%) Volume 820,500 (65.16%) Open Interest 290,643 (-1.53%) Options all exchanges Higher open interest change in a bull market is bullish for the sector Volume 47,544 (123.36%) Open Interest 236,771 (4.53%) Vol. Put/Call Ratio 0.7882 (3.15%) OOI Put/Call Ratio 0.4947 (7.09%) All metrics as of 2024-07-16 12:00:23 All Funding rates are in bps Crypto Prices Symbol Market Cap Last Price Daily Change Year to Date Relative to BTC YTD BTC $1.28T $64,851 2.96% 53.55% ETH $417B $3,465 2.88% 52.28% -0.83% SOL $74B $159 3.86% 56.06% 1.63% DOGE $391,765 $0.0004 -25.44% -99.56% -99.71% All prices as of 2024-07-16 11:54:23 Exchange Traded Products (ETPs) Symbol Prem. to Nav Last Price Daily Change Year to Date Relative to BTC YTD BITW -32.38% $38 0.64% 60.94% 4.82% ETHE -2.64% $32 1.63% 67.51% 9.09% News Quick Bits The Block Decentralized GPU network platform Aethir brings in $36 million in first-year revenue The firm aims to cut the costs typical of single data centers by pooling GPU processing power from a vast network of computers. The Block Japan’s Metaplanet buys additional $1.2 million worth of bitcoin, shares surge 26% The Tokyo-listed firm saw its stock surge 25.8% during the morning session amid news that it has purchased an additional 21.877 BTC. Market Data CoinDesk First Mover Americas: Bitcoin Retreats as Mt. Gox Moves $3B of BTC The latest price moves in bitcoin (BTC) and crypto markets in context for July 16, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets. The Block US spot bitcoin ETFs see $300 million inflows on seventh consecutive day of positive flows BlackRock’s IBIT, the biggest spot bitcoin ETF by net asset value, recorded the largest net inflows of the day with $117.25 million. Fundraising and M&A The Block Crypto-AI startup Mira raises $9 million in seed funding Crypto-AI startup Mira has raised $9 million in a seed round co-led by Bitkraft Ventures and Framework Ventures. The Block Bitcoin-backed stablecoin developer Bima Labs raises $2.25 million seed round Bima Labs, the developer of the Bitcoin-backed stablecoin USBD, has raised $2.25 million in a seed funding round. Mining CoinDesk U.S.-Listed Bitcoin Miners' Share of Global Hashrate Reached Record in July: JPMorgan The aggregate market cap of the fourteen bitcoin miners listed in the U.S. that the bank tracks rose 29% since the end of June, the report said.