Overview
You are reading the Crypto Daybook Americas, your essential morning brief on overnight movements in the cryptocurrency markets and expectations for the day ahead. Subscribe to receive it directly in your inbox at 7 a.m. ET for comprehensive insights. Subscribe here.
It is often said that the best gauge of an asset’s allure is its price. Unfortunately for Bitcoin (BTC) supporters, the largest cryptocurrency has remained stagnant for over 50 days, hovering just above the $100,000 mark, disheartening investors looking for momentum.
Stagnant bitcoin is eroding bull demand. (Eszter Miller/Pixabay)
Additionally, this ongoing stagnation has surprisingly diminished call bias in long-term options trading, with risk reversals from Deribit options for June 2026 nearing zero. This trend indicates a balancing of puts and calls, a significant shift from the historical preference for bullish options.
Greg Magadini, Director of Derivatives at Amberdata, noted: > “This [risk reversal] could easily go negative as BTC continues to see downside ‘risk-off’ volatility only. Continued institutional structural flows (selling calls, buying protective puts) could also drive this risk reversal negative long-term.”
Meanwhile, analysts remarked on how consistent buying by firms such as MicroStrategy (MSTR) has not mitigated the growing decline in spot demand for Bitcoin. Recent blockchain analyses show that long-term holding wallets are beginning to take profits, which could signal an inflection point in market dynamics.
Market Influences
Market eyes are on the upcoming U.S. consumer price data due next Tuesday, following a drop in the likelihood of Fed rate cuts stemming from last Friday’s employment report. Additionally, the intersection of pop culture and politics with the crypto space has become more pronounced, as rapper Drake sparked interest by mentioning Bitcoin in his recent song and Elon Musk announced intentions for his America Party to support BTC.
Additional Noteworthy Updates
- Ethereum co-founder Vitalik Buterin and Toni Wahrstätter have proposed EIP-7983 to introduce a new gas limit for transactions, enhancing blockchain stability and cost predictability.
- Russia has established a national registry for cryptocurrency mining equipment, aimed at standardizing operations and adhering to regulatory standards.
Traditional Market Movements
Oil prices fell early on Monday but later recovered losses due to a constrained physical market. Stay alert for market shifts!
What to Watch
- July 9: Activation of the Isthmus hardfork on Celo’s mainnet, a significant Ethereum layer-2 network upgrade.
- July 14: High Court hearing on WazirX’s restructuring plan post-2024 security breach.
- July 15: Significant updates in various DeFi staking protocols.
