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The crypto market is closing out July on the back foot, with bitcoin falling 1.31% since midnight UTC to $63,870 and ether (ETH) dropping 1.40% to $1,890 after struggling to regain the $2,000 level it touched earlier this month.
The performance is diverging from equities, with South Korea’s Kospi surging by more than 15%. Nasdaq 100 and S&P 500 index futures are also in the green.
The conflict in the Middle East and hawkish comments from the Federal Reserve committee have dented crypto’s recovery hopes this week. The CoinDesk 20 Index has dropped 2.34% since midnight Monday, though with a gain of 8.7% since June, it’s still positive for the first month in three and by the most in a year.
Derivatives positioning
- Taker long-short futures volume ratio: As the market wilts, the taker long-short futures market volume ratio continues to lean bearish, suggesting a downside bias. A taker is a market participant who executes an…
