Fast Take
Aug. 5 was marked by important world volatility, with the VIX hovering above 60 and Bitcoin experiencing dramatic value swings, dropping to $49,000 earlier than rebounding to $55,000. By the top of the day, Bitcoin recorded $28 billion in spot quantity, the very best because the FTX collapse in November 2022. Bybit led the exchanges with a staggering $7 billion in spot quantity, adopted by Coinbase, which noticed its highest quantity since Bitcoin’s all-time excessive in March 2024, in accordance with Glassnode information.
The delta between shopping for and promoting on numerous exchanges supplied a revealing perspective, as Binance exhibited a bearish sentiment dominated by promoting strain. Conversely, Coinbase confirmed a slight inclination in direction of shopping for quantity, in accordance with Glassnode information.
The amount reached $170 billion within the futures market, mirroring the degrees seen throughout Bitcoin’s ascent to its all-time excessive in March 2024.
Moreover, Bitcoin US ETF quantity was roughly $5.7 billion, one of many highest since March, as reported by checkonchain.
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