Bitcoin fell 1.31% to $63,870 on the last trading day of July even as global equities rallied, with South Korea's Kospi surging more than 15%. Ether dropped 1.40% to $1,890, and the broader crypto market remains on track for its best month in a year despite the late-month pullback.
Bitcoin fell 1.31% to $63,870 on the last trading day of July, diverging sharply from a rally in global equities. South Korea's Kospi surged more than 15%, while Nasdaq 100 and S&P 500 index futures also advanced. Ether fell 1.40% to $1,890, still short of the $2,000 level it touched earlier this month.
Equities climb as crypto slips
The conflict in the Middle East and hawkish comments from the Federal Reserve committee have weighed on crypto's recovery hopes this week. The CoinDesk 20 Index has dropped 2.34% since midnight Monday. Even so, the benchmark is still up 8.7% since June, on track for its best month in a year and its first positive month in three.
Bitcoin's derivatives point to caution
Bitcoin's open interest has stayed flat at about 750K all month, a sign traders remain unwilling to add leveraged exposure despite the relative calm in price. That is consistent with a broader stall: bitcoin's early-month bounce from under $58K has stalled between $62K and $65K.
The BVIV, bitcoin's 30-day implied volatility gauge, has fallen to 37%, its lowest level since May. Since bitcoin ETFs launched in 2024, the BVIV's correlation with the spot price has been negative, meaning a rebound in the volatility gauge could accompany a fresh decline in bitcoin's price.
On Deribit, $10 billion in bitcoin and ether options expired earlier today. Among the open interest still on the books through expiries running to June 2027, a $60,000 put is the most popular bet — a bearish wager on bitcoin.
Source: CoinDesk
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