Bitcoin Tops $58K After U.S. Tech Stocks Rise

The latest price moves in crypto markets in context for Sept. 12, 2024.

Bitcoin rose above $58,000 on Monday as U.S. technology stocks rallied and upbeat inflation data raised hopes of a 25 basis-point interest-rate cut by the Federal Reserve this month.

The world’s largest cryptocurrency was trading just above $58,000 on Monday, up 2.4% over the past 24 hours. The broader crypto market rose about 2.2%, as measured by the CoinDesk 20 Index.

Bitcoin ETFs saw their two-day streak of inflows come to an end on Wednesday with outflows of $43 million, according to data from ETF.com. Last week, the ProShares bitcoin ETF saw inflows of $65 million on Monday and Tuesday.

But bitcoin ETFs have seen outflows of $1.1 billion so far this year, as investors continue to pull money out of the Grayscale Bitcoin Trust, which trades over-the-counter.

Bitcoin traders are ramping up their use of leverage once again, suggesting they’re looking to take on more risk.

The estimated leverage ratio, which is calculated by dividing global futures open interest by the number of coins that are held on exchanges, jumped to 0.2060 on Monday, the highest since October 2023, according to CryptoQuant.

There was previously a months-long consolidation below 0.2, suggesting a more cautious approach. The increase indicates there is potentially more volatility being injected into the market.

High-leverage liquidity is stacked at around $58,500, according to Hyblock Capital. So volatility could pick up once BTC approaches that level, especially because overall market liquidity remains low. That means a buy/sell order can have an outsized impact on the going market rate.

DeFi platform Pendle has started offering pools with variable yields of as high as 45% on a bitcoin-backed token in a move that expands the product’s fundamentals.

The offering, which can also provide fixed yields of an annualized 10%, allows users to deposit LBTC, a liquid-staking token issued by restaking startup Lombard, in a Pendle pool created by Ethereum layer-2 network Corn.

Data shows the pool has attracted over $13 million in user deposits since going live on Sept. 10. It will mature on Dec. 26.

Lombard is a restaking service that converts wrapped bitcoin (WBTC) into a Lombard Bitcoin (LBTC) token that can be used in DeFi applications to capture yield.

Corn is a network that uses bitcoin as the main token to pay usage fees, a分で記述するよう依頼します。

米テクノロジー株が上昇し、良好なインフレデータを背景に米連邦準備理事会による今月の金利0.25ポイント引き下げが期待されたことから、ビットコインは月曜日に58,000ドルを上回りました。

世界最大手の仮想通貨は月曜日にわずか58,000ドルで取引され、過去24時間で2.4％上昇しました。より広範な仮想通貨市場は CoinDesk 20 指数で測定して約 2.2% 上昇しました。

ETF.com のデータによると、ビットコイン ETF は水曜日に 2 日間連続して流入したものの、流出は 4,300 万ドルに達しました。先週、ProShares ビットコイン ETF は月曜日と火曜日に 6,500 万ドルの流入を記録しました。

しかし、投資家が店頭取引されるグレイスケール・ビットコイン・トラストから資金を引き続き引き揚げたため、年初来のビットコイン ETF は 11 億ドル流出しました。

だが、仮想通貨の価格変動をヘッジするために使用されるデリバティブであるビットコイン先物は、先週の記録的な上昇を背景に、より高いレバレッジで取引されています。

より高いレバレッジは、より高いボラティリティを示し、より多くのリスクを伴います。また、市場の流動性が低いことから、より大きな売買注文が価格に大きな影響を与える可能性があります。

Hyblock Capital によると、高レバレッジ流動性は 58,500 ドル前後で積み重なっています。そのため、このレベルに近づくとボラティリティが上昇する可能性があります。