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01 Jul 2024

All-time high ETH OI

Governments are selling into the summer, while open interest in ETH is surging towards record levels with the ETF launch drawing near.
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Governments sell into summertime sleepiness
Summers are typically quiet for crypto, and this summer is no different so far. Last week’s volatility burst settled with BTC trading between $60k and $63k, leading 7-day volatility to 1.7%. We expect volatility to continue dropping this week due to the 4th of July holidays. 30-day volatility remains near yearly lows amidst a ranging market. Despite this low volatility, however, we saw Germany and the U.S. government selling seized BTC. The German government is now a consistent seller, sending ~500 BTC to exchanges each weekday.
BTC CME futures premiums indicate relatively bullish sentiment
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