Bitcoin rose to $69700 on Tuesday, and was raised for more than two months, then fell back to the vicinity of $68,600. The rapid upswing in the market has also led to a simultaneous upswing in the Ether, XRP and Solana, showing that the current rotation is not a single currency.
There's a big deal going down in an hour.
The most direct catalyst for this round is the derivatives market. Reports indicate that bitcoin rose by more than $4,400 in about 50 minutes, and then triggered a large-scale empty silo.
Over the past 60 minutes, the market has been liquidated in over $1 billion. The increase was further amplified by traders who had been forced to return to their positions after the drop in bets on bitcoin.
- Bitcoin, 24 hours up by about 2.5%.
- The Ether Workshop rose to about $2085.
- XRP up to approximately $1.07
Mainstream currency follows bitcoin high
As bitcoin goes up and up, other mainstreamcoins get stronger. It rose by nearly 4 per cent that day, XRP by about 3.5 per cent, Solana by about 6 per cent, near 82 dollars.
This connection is not uncommon in the encryption market. Bitcoin tends to be rapidly transmitted to other mainstream currencies through spot, contract and cross-asset transactions in the event of a short period of sudden surge or collapse.
ETF Net inflow of funds for two consecutive days
In addition to derivative factors, the return of funds from regulated funds also supports markets. On Monday, Bitcoin and ETF recorded a combined net inflow of $261.8 million, attracting a return of funds for the second consecutive trading day.
Of this, the Béléde Fund for Bitcoin IBIT had a net inflow of $143.6 million, while ETHA had a net inflow of $64.7 million. Prior to that, the outflow of funds on 13 and 14 August had been largely covered by net inflows from those days.
- IBIT One-day Net Inflow $143.6 million
- ETHA One-day net inflow $64.7 million
- Total BTC and ETH ETF inflows $261.8 million
The return on the United States debt led to risk bias Okay.
Changes in macro-markets were also identified as one of the driving factors. According to reports, the United States Department of the Treasury will increase the scale of single-time purchases from $2 billion to $4 billion from September 9. After the news was released, the return on long-term United States debt fell markedly.
Of these, 30 annual United States debt yields fell from 5.337 per cent to 5.187 per cent, and 10 annual United States debt returns from 4.748 per cent to 4.637 per cent. When bond yields decline, the attractiveness of high-risk assets such as equities and encrypted assets is usually reassessed.
Taken together, the growth in the encrypted market was driven by three forces: the concentration of empty silos, the return of ETF funds, and the recovery of the risk preferences associated with the fall in the return on US debt.