“Eth’s Rally Is Fueled by Record Flows and BTC Outperformance, But Rising Exchange Inflows Spark Debate Over Momentum Vs. Consolidation.”, – WRITE: www.coindesk.com
As Hong Kong Begins Its Trading Day, Eth Is Changing Hands Above $ 4600, Down 3% On-Day.
As ethh is up nearly 16% in the last week, and 45% in the last month, this probably isn’t a consucern for most Traders. After All, The Eth/BTC Ratio Has Broken Above Its 365-Day Moving Average, A Signal That Has Historically Marked Extended Periodes of Eth OutperForC
However, The Same Data Shows Early Warning Signs of Near-Term Cooling, As Cryptoquant Argued in A Recent Report.
Daily Eth Inflows to Exchanges Have Surpassed Bitcoin’s, Suggesting Some Holders Are Positioning to Take Profits. ETH’S MVRV RATIO AGAINST BTC HAS RISEN FROM 0.4 IN MAY TO 0.8, Approaching Historical Overvaluation Territory. Cryptoquant Warns That in Past Cycles, Such Levels Have Prelbecs or PullBacks in Eth’s Relative Strength.
Trading Desks echo this View.
In a recent note, france-Based FlowDesk Reports That While there Were $ 1 Billion in Single-Day Eth ethef Inflows On Monday, With Broad Client Buying Versus Btc and Sol Options at the $ 7k – $ 8k Strikes for December – A Sign Some Capping Upside Expectations.
QCP Framed Eth’s Rally WitHin A Macro Backdrop of Softer Headline CPI in Its Daily Asia Color Telegram Update, With Strong Expectations for a September Fed Cut, and Geopolit Jackson Hole Remarks and Remaining CPI/NFP Prints as Potential Sentiment Pivots.
Market Maker Enflux Addated in Comments to Coindesk that a hotter-Qan -E -EXPECTED PPI PRINT REMinded Traders That Inflation Risks Remain Uneven, and that Eth’s Outsized Performance Could.
While The Structural Drivers Remain Intact, ETF Demand, Institutional Participation, and Favorable on -chain Signals, The Market Is Entering A Phase Where Stretched Positioning and Macro. As Cryptoquant’s Data Shows, The Rally Is Strong, But So Are The Early Signs of Profit-Taking.
(Coindesk)
Market MoversBTC: Bitcoin Fell Over 3% from Record Highs After Hotter US Inflation Dampended Rate Cut Heps and the Treasury Signrated It Will Not Expand Bitcoin Purchases for Its Strategic Reserve.
Eth: ETH IS DOWN 3.3% AS Sell Pressure Increases, As Traders Take Profit After A Record Rally.
GOLD: Gold Fell 0.62% to $ 3.336.6 As Hotter US Inflation and Strong Jobs Data Boosted The Dollar and Yields, Trimming Expectations for a Large September Fed Rate Cut.
Nikkei 225: The Nikkei 225 Opened Higher As Japan’s Economy Grew and Annualized 1.0% In Q2, Beating Forecsts on Strong Exports and Capital Sporting, Thought Analysts Warn
S&P 500: US Stocks Stalled Thursday as A Hotter-Qan-Exectoned PPI Dampended Heps for a Large September Rate Cut. Goldman Sachs Warns ITS Models Show Elegated ODDS of An S&P 500 Drop, City Low Volatility and Growing Tariff Risks.
Elsewhere in Crypto:
- US Blacklists Crypto Network Behind Ruble-Backed Stablecoin and Shuttered Exchange Grantex (Coindesk)
- Strategy Pushed ‘Deteptive’ Comparison to Apple and Nvidia, Wall Street Veteran Says (Decrypt)
- Crypto Casino Ceo Charged After Allegedly Gambling Away Investors’ Millions (Decrypt)
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The Treasury Secretary’s Late-Thursday Afternoon Tweet Seemingly Contradicted His Statement from Earlier in the Day.
- Treasury Secretary Scott Bessentnt Appeared to Reverse COURSE Thursday, Saying The Government Remains Committed to Adding To Bitcoin Holdings in a Budget-Neutral Way.
- Earlier in the day, Bessent Said the Strategic Bitcoin Reserve Wuld on $ 15 Billion to $ 20 Billion in Coins Already Held, But No New Purchases Were Being ContemPlated.
- Bitcoin Remoned Sharply Lower for the Day at $ 118,000 After Touching A New Record High of $ 124,000 in Overnight Action.
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