The number of BTC sending addresses spiked on Friday to levels not seen since early 2024, according to CryptoQuant. The BTC exchange reserve has risen to 2.718 million BTC from 2.706 million BTC on July 30, the day the incident began.
Other analytics firms argue that holders are moving coins to other wallets rather than exchanges. “The data indicates holders are migrating their coins to new wallets rather than sending to exchanges,” Glassnode said.
Finally, rising Treasury yields, including mortgage rates, pose a potential headwind to risk assets, including cryptocurrencies.
On the regulatory front, the news is equally uninspiring. Reports say the Senate left the Clarity Act off Monday‘s agenda. With the chamber’s summer recess set to begin around Aug. 10, that leaves just five days of scheduled session time remaining before lawmakers depart. Stay alert!
Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's “Crypto Week Ahead.”
Whats trending
- Coldcard wallet losses may near $114 million as possible fourth sweep emerges (CoinDesk): A fourth wave of sweeps against bitcoin addresses generated by the Coldcard wallet began Monday and was still running hours later. However, this time transactions can be overridden while they sit unconfirmed, according to researchers.
- The bitcoin futures yield collapse: Once over 20%, now less than Treasury notes (CoinDesk): Once a goldmine for carry traders, bitcoin futures have flipped. They consistently yielded 20% or more across crypto exchanges, a figure thats dropped to 3%, compared with two-year U.S. Treasuries 3.8%
- Gold gains as US dollar declines, hopes of Mideast deal hit oil (Reuters): Gold prices gained on Monday as the dollar weakened and optimism over a possible U.S.-Iran agreement sent oil prices sharply lower, tempering inflation fears and expectations of prolonged high interest rates.
- Iran's foreign ministry contradicts Trump and says no negotiations taking place with US (euronews): Iran's Foreign Ministry contradicted President Donald Trump, who said negotiations would start Monday. According to the ministry there were no meetings planned with the U.S. Teheran said talks were under way with Oman over the management of the Strait of Hormuz.