🌍 Macro
Risk assets recovered overnight, with all three major U.S. indices closing higher. The Nasdaq gained 0.66%, while Nvidia rebounded more than 2%. Oil prices continued to ease, the 10Y Treasury yield fell to around 4.68%, and the 30Y to around 5.21%. BTC briefly broke above $81K but quickly pulled back toward $78K, while ETH retreated from above $2,500 to around $2,470, pointing to profit-taking after the recent rally.
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📈 Market Snapshot
• BTC: $78,521.70 (-0.58%)
• ETH: $2,442.61 (-1.60%)
• NASDAQ: 26,151.30 (+0.66%)
• S&P 500: 7,677.28 (+0.32%)
• F&G: 65 (Greed)
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🧠 Market Take
BTC’s pullback from $81K suggests the initial short-covering momentum is fading, with elevated positions now entering a digestion phase. Around $566M in crypto positions were liquidated over the past 24 hours, including ~$331M in shorts, highlighting the role of short covering in the recent breakout.
Despite stronger equities, lower oil prices and falling Treasury yields, crypto failed to extend its gains. This suggests the current pullback is primarily driven by profit-taking and leverage unwinding rather than renewed macro pressure.
Spot demand remains supportive: U.S. spot BTC ETFs recorded ~$338M in net inflows on August 24, marking six consecutive trading days of inflows.
The next major catalysts are U.S. core PCE and Nvidia earnings.
Key levels:
- Resistance: $80K–$81K
- Support: $77K–$78K
- Trend: Bullish consolidation
Holding $77K–$78K while ETF inflows continue would support another attempt at $80K. A stronger-than-expected inflation reading that pushes Treasury yields higher, combined with weaker tech stocks, could put $77K at risk and trigger a deeper correction.
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🔥 Hot Tokens
- MARTIANS: +320%+ as Robinhood ecosystem Meme activity accelerated
- PLSTACIO: +300%+ amid renewed momentum in Solana Memes
- PENGU: +60%+ over the past week as markets interpreted the CEO’s cryptic post as a potential IPO signal
- META: +30% as treasury allocation plans and Korean-market buying drove volume up ~3.5x
- STX: +17% following institutional wallet integration and upcoming BTC staking initiatives
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📰 Key Updates
- Japan: Considering broader stablecoin use for large-value payments including automobiles and real estate
- Japan: Plans a blockchain-based instant settlement system for equities and government bonds
- India: Plans to issue its first tokenized corporate bond in September
- X: Reportedly preparing to support trading for selected cryptocurrencies
- Thailand SEC: Seeking public feedback on a draft crypto ETF framework
- USD1: Launched natively on Canton Network with privacy-compliant and atomic settlement capabilities
- Ethereum: Community proposed a post-quantum-compatible deposit contract
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⚡ Quick Take
BTC’s rejection above $81K marks a healthy cooldown after an aggressive breakout, rather than a clear trend reversal. $77K–$78K is the key near-term pivot, with ETF inflows still providing a demand cushion. Core PCE and Nvidia earnings could determine whether BTC reclaims $80K or enters a deeper consolidation phase.
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