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Crypto market stays near $2.19T as equities slump
CryptoQuant says Bitcoin spot trading volumes have fallen 75% from late-2024 peaks, and July activity is at the lowest since Nov. 2023.
Crypto market capitalization held near $2.19 trillion, largely unchanged over the past 24 hours, even as equities saw sharp volatility and the Nasdaq tech index sold off, Action Forex reported.
The crypto complex stayed above its 50-day moving average, a signal the outlet said points to a medium-term bullish shift, helped by divergence from equities after early-year pressure tied to the stock selloff.
Among actively traded coins, Dash and Aave fell about 2.5%, while Uniswap gained around 4% and Zcash rose about 2.1%, according to Action Forex. Bitcoin was around $64,000, supported on dips toward $63,000, but the piece said it lacks fundamental grounds to resume its upward move as risk-off sentiment weighs across markets.
Action Forex also highlighted fading trading activity, citing CryptoQuant that Bitcoin spot volumes on major exchanges are down 75% from late-2024 peak levels, with July spot activity approaching the lowest since November 2023. It added that ETF inflows remained weak and traders increasingly rotated toward traditional assets, while Lookonchain data cited by the outlet showed an Arthur Hayes-linked wallet bought 3,298 Ethereum for $6.39 million.
The Ethereum chart, meanwhile, was described as continuing a near-perfect uptrend for a fourth straight week, with the outlet noting that methodical dip buying began in early June but was disrupted by a late-month drop. It pointed to speculation around BitMine’s reported buying commitment as one possible driver of broader interest, without confirming a cause.
Latest closeBitcoin $64,512.12 ▲0.9%|Ethereum $1,916.32 ▲0.4%|Nasdaq Comp. 24,442.94 ▼1.7%