Crypto Market Pulse - July 15, 2024

LAST WEEK RECAP:

• U.S. CPI was -0.1% MoM and 3% YoY in June, lower than 0.1% and 3.1% estimated. U.S. Core CPI increased 0.1% MoM and 3.3% YoY in June, lower than 0.2% and 3.4% estimated. The annual increase for the core rate was the smallest since April 2021.
• The US PPI increased 0.2% MoM in June v.s. 0.1% estimated, and core PPI was 0% MoM in June v.s. 0.1% estimated. June’s annual PPI was 2.6%, and its annual core PPI was 3.1%.
• German government sells off all of its BTC, totaling $2.9 billion.
• Trump to speak at Bitcoin Conference in Nashville on July 27.
• The SEC ended investigations into Hiro Systems (Stacks) and Paxos regarding its BUSD stablecoin.
• US BTC ETFs recorded six consecutive days of inflows last week.
• Trump injured after shots fired at rally.

LEGACY MARKETS – DXY

DXY started coming down last week. This is good for equities and crypto overall, and ideally, it will fall to a range low (100-102).

LEGACY MARKETS – VIX

VIX is still stabilizing on the lows, with equities trading new all-time highs and crypto finally rebounding.

BTC WEEKLY VIEW

After the German government ran out of selling, bitcoin price started rebounding pretty fast. With the Trump events over the weekend, BTC managed to close the weekly back out of the 52-58k range, opening up the path to new ATHs.

ETH WEEKLY VIEW

With all the issues for the spot ETF launch out of the way, it seems that the ETH ETF will actually launch this week.

ETH/BTC

ETH/BTC is still consolidating in its new uptrend. With the spot ETF most likely launching this week, it seems a given that ETH/BTC will trend upwards further.

TOTAL3 USD MARKET STRENGTH

After the BTC recovery, alts mostly stayed stable. Some have rallied with BTC, but most are still building new price bases. They are likely waiting for ETH to make a larger wave to get some trickle down in the more general altcoin market.

TOTAL3 BTC MARKET STRENGTH

TOTAL3/BTC is still chopping near range lows. For a general alt season to start, we’d want this ratio to break out of the range (above the red-marked area).

SUMMARY

• Direct selling pressure from the German government is gone. MT.GOX distributions are known, but the potential selling pressure from this event is much more ambiguous, as most of the claims have already been sold to larger parties.
• The ETH ETF seems poised to launch this week. If the inflows are large and ETH rallies, it could revitalize the market after its recent slump.

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post was prepared by Kairon Labs Trader Patrick Li and Joshua Van de Kerckhove

Edited by: Marianne Dasal