While crypto traders juggle the positive vibes from thawing U.S.–Japan trade spats, signals hint at weakening bitcoin (BTC) demand around the $112,200 mark and a rise in protective option plays.
Asian Markets Gain Momentum
The MSCI Asia Pacific Index nudged up by 0.5%, eyeing a fifth consecutive day of upward momentum. Japan’s Nikkei-225 made a notable leap of 2.3%, fueled by chief trade negotiator Hiroshi Suzuki’s announcement that the US has consented to simultaneous removal of stacking on universal tariffs alongside cuts in automobile levies.
Energy Prices Face Downward Pressure
Crude oil prices edged lower, on track for a weekly slump exceeding 4%, as Brent and WTI benchmarks came under strain from swelling U.S. stockpiles and disappointing import figures out of China, according to Bloomberg.
Crypto Market Overview: Altcoins Take the Lead
The aggregate cryptocurrency market valuation climbed 3% within the last 24 hours, resting at approximately $3.76 trillion, buoyed primarily by major altcoins. Ether (ETH) surged 7.3% to $3,935, XRP showed a 12% jump reaching $3.36, Solana (SOL) advanced 4.7% to about $175.19, and Dogecoin (DOGE) soared 8.8% to 22 cents. Bitcoin, meanwhile, showed a more modest uptick, rising 1.9% to $116,781 with daily trading volume tallying $38.8 billion.
Key Market Metrics Snapshot:
- Total crypto market cap: $3.76 trillion (+3%)
- Bitcoin price: ~$116,781 (+1.9%)
- Ethereum price: $3,935 (+7.3%)
- XRP price: $3.36 (+12%)
- Solana price: $175.19 (+4.7%)
- Dogecoin price: $0.22 (+8.8%)
- Bitcoin daily volume: $38.8 billion
Market Analyst Insights
Alex Kuptsikevich, FxPro’s lead market analyst, associates the current bounce with a widening “hunger in equity markets,” yet cautions that bitcoin remains “boxed in a tight corridor” between a $112,000 floor — tied to the 50-day moving average and recent troughs — and resistance around $120,000, marked by July’s peak and psychological price barriers.
Shifts in Bitcoin Sentiment & Hedging Activity
Glassnode data reflects a cooling off from prior “euphoric” BTC market sentiment. Indicators reveal a 25% decline in Spot Bitcoin ETF inflows, decreasing network transactions, and falling fee rates.
Positions in Bitcoin options hint at amplified hedging below the $100,000 threshold extending into late August. This defensive posture may serve as a safeguard against anticipated summer stagnation in price movements.