Forwarded from QCP Broadcast
QCP Asia Colour - 28 Jul 25
ETH is on a tear, inching towards the $4k mark for the first time since December last year. Momentum continues to build behind the ETH narrative as spot ETH ETF inflows continue to outpace BTC for seven consecutive days. With ETH’s market capitalisation still just one-fifth of BTC’s, it takes far less institutional and Corporate Treasury capital to move the needle.
While ETH may have dominated headlines in recent weeks, BTC has remained quietly resilient. Despite a deceleration in spot BTC ETF inflows, price action has held firm. Even Friday’s sale of 80,000 BTC by a long-time holder was absorbed relatively well by the market as traders were quick to buy the dip and fade the brief spike in vols.
BTC dominance remains anchored around 60%, barely budging over the past week; signalling a sustained conviction in BTC as a store-of-value asset, rather than wholesale rotation into alts. This also implies further room for ETH and other majors to gain market share. For context, during ETH’s all-time high in November 2021, BTC dominance stood below 45% while ETH’s was near 20%.
Still, positioning looks relatively stretched in the near term. Perpetual Open Interest sits near 1-year highs at $45 billion for BTC and $28 billion for ETH. Perp Funding rates are also above 15% across major exchanges. While not yet at levels that scream capitulation, it wouldn’t take much to trigger a cascade similar to last Friday. Notably, some large players have already taken profit on their bullish positions, including the unwind of a sizeable ETH 26SEP25 3.6k/4k/4.2k Call Fly. Around the same time, BTC 8AUG25 110k Puts were also bought up in size as a hedge against near-term downside.
Options flows and flattened risk reversals across front-end tenors point to markets expecting some profit-taking around the $4k and $120k region in ETH and BTC respectively. Yet with momentum, narrative strength, and macro tailwinds on our side, it's likely that hodlers and institutions will continue to buy the dip, similar to what we saw on Friday.
ETH is on a tear, inching towards the $4k mark for the first time since December last year. Momentum continues to build behind the ETH narrative as spot ETH ETF inflows continue to outpace BTC for seven consecutive days. With ETH’s market capitalisation still just one-fifth of BTC’s, it takes far less institutional and Corporate Treasury capital to move the needle.
While ETH may have dominated headlines in recent weeks, BTC has remained quietly resilient. Despite a deceleration in spot BTC ETF inflows, price action has held firm. Even Friday’s sale of 80,000 BTC by a long-time holder was absorbed relatively well by the market as traders were quick to buy the dip and fade the brief spike in vols.
BTC dominance remains anchored around 60%, barely budging over the past week; signalling a sustained conviction in BTC as a store-of-value asset, rather than wholesale rotation into alts. This also implies further room for ETH and other majors to gain market share. For context, during ETH’s all-time high in November 2021, BTC dominance stood below 45% while ETH’s was near 20%.
Still, positioning looks relatively stretched in the near term. Perpetual Open Interest sits near 1-year highs at $45 billion for BTC and $28 billion for ETH. Perp Funding rates are also above 15% across major exchanges. While not yet at levels that scream capitulation, it wouldn’t take much to trigger a cascade similar to last Friday. Notably, some large players have already taken profit on their bullish positions, including the unwind of a sizeable ETH 26SEP25 3.6k/4k/4.2k Call Fly. Around the same time, BTC 8AUG25 110k Puts were also bought up in size as a hedge against near-term downside.
Options flows and flattened risk reversals across front-end tenors point to markets expecting some profit-taking around the $4k and $120k region in ETH and BTC respectively. Yet with momentum, narrative strength, and macro tailwinds on our side, it's likely that hodlers and institutions will continue to buy the dip, similar to what we saw on Friday.
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Crypto Mumbles
https://x.com/dpycm/status/1949792377251438851
https://bonkrewards.com/
for those that locked it like me idt we're getting our bonk back because there is no withdraw or unlock 😭
for those that locked it like me idt we're getting our bonk back because there is no withdraw or unlock 😭
😢1
Forwarded from Zoomer News
Crypto Mumbles
https://x.com/iamkadense/status/1949657507762225152?s=46&t=nluSw7cwYGx8zFxfoYi5Iw
$50m sell pressure done
its time?
its time?