Crypto Daybook Americas: Bitcoin ‘Calm Rarely Lasts’
Bitcoin (BTC) remains range-bound, frustrating traders despite continued ETF inflows and selling pressure from long-term holders. Low volatility, as indicated by Deribit’s DVOL falling below 40%, contrasts with higher volatility in equities markets like Tesla and Coinbase. Market maker Orbit Markets advises focusing on volatility trading rather than directional bets, suggesting volatility swaps or futures as suitable strategies. Perpetuals linked to Volmex Finance’s implied volatility indices are gaining traction on gTrader, nearing $1 million in trading volume.
President Trump’s call for interest rate cuts to 1% and Fed Chair Powell’s potential resignation are unlikely, barring significant labor market softening. Kazakhstan plans a crypto reserve managed by a National Bank affiliate, while Bhutan aims to boost tourism using crypto payments. Lido, an Ethereum liquid staking platform, implemented a two-way governance structure, enabling stETH holders to influence proposals.
The BNB Chain’s Maxwell hard fork enhances transaction speed and network scalability, while CME Group launches spot-quoted futures for Bitcoin, Ether, and major U.S. equity indices. Zilliqa launches a new staking platform offering high APRs. Robinhood Markets hosts its first international crypto keynote.
Tokenized securities are emerging as a key theme, with Dinari securing a U.S. broker-dealer license and Gemini already offering tokenized equities in Europe. Memecoin trading volumes have significantly decreased, impacted by competition from platforms like Raydium’s LaunchLab.
Bitcoin’s recent price increase is accompanied by lower open interest in offshore perpetuals, raising concerns about sustainability. Similar trends are observed in the ETH market. Funding rates remain mildly positive for most major coins, except XLM, which shows bearish sentiment.
On Derive, traders show downside fears with July 11 expiry put options. Deribit’s risk reversals indicate a lack of directional bias. The Dollar Index (DXY) nears a death cross, historically marking market bottoms. Various crypto equities show mixed performance. Spot BTC and ETH ETFs recorded significant inflows. Chainlink’s LINK token experienced net inflows to centralized exchanges. Canada rescinded its digital services tax. The Bank of Korea halted its CBDC project. Bhutan is leveraging Binance Pay for crypto-backed tourism.
