SpaceX · Bitcoin · Coinbase · Ethereum · CoinDesk
Bitcoin stalls as open interest decline raises questions about rally's staying power
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Bitcoin BTC $ 63,044.71 stalled on Tuesday, falling for the first time this month and breaking the longest stretch of gains since March.
Key facts
- Ether (ETH) tracked the larger cryptocurrency, dropping to $1,770 after hitting a high of $1,830 on Monday
- The total crypto market has grown by 8.4% since July 1, and is now worth $2.16 trillion
- Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B
- U.S. equities fell in pre-market trading on Tuesday, with Nasdaq 100 index futures losing 0.9% since midnight UTC as the decline from June's record high continues
Summary
Bitcoin retreated from a two-week high of $64,500 as falling open interest, weak ETF flows and a negative Coinbase premium raise doubts about whether the advance has legs. Shorts were again targeted, with over $500 million in leveraged positions wiped out in 24 hours, confirming that July's gains are largely driven by the short-squeeze setup identified in late June rather than fresh bullish conviction. The altcoin market continues to fragment, with ETHFI and LIT up more than 30% over the past week while FET, KASPA and WLD posted losses, a dynamic that CoinMarketCap's Altcoin Season indicator only partially captures. Ether (ETH) tracked the larger cryptocurrency, dropping to $1,770 after hitting a high of $1,830 on Monday.