BTC $62,848.54 -0.82%
ETH $1,877.55 -0.46%
BNB $606.10 -0.66%
XRP $0.9975 -1.07%
SOL $75.05 -1.46%
TRX $0.3323 -0.45%
DOGE $0.0697 -0.64%
ADA $0.1790 -1.60%
BCH $203.71 -0.88%
LINK $8.94 +1.29%
HYPE $55.60 -3.34%
AAVE $85.71 -2.89%
SUI $0.6775 -1.24%
XLM $0.1583 -0.71%
ZEC $490.26 +0.99%
BTC $62,848.54 -0.82%
ETH $1,877.55 -0.46%
BNB $606.10 -0.66%
XRP $0.9975 -1.07%
SOL $75.05 -1.46%
TRX $0.3323 -0.45%
DOGE $0.0697 -0.64%
ADA $0.1790 -1.60%
BCH $203.71 -0.88%
LINK $8.94 +1.29%
HYPE $55.60 -3.34%
AAVE $85.71 -2.89%
SUI $0.6775 -1.24%
XLM $0.1583 -0.71%
ZEC $490.26 +0.99%

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Wintermute: Capital rotation is withdrawing from the Bitcoin narrative, institutions may be accumulating as planned

Wintermute released a report stating that the upcoming U.S. CPI data to be announced on Wednesday will be key in testing whether the recent interest rate repricing can be sustained. The cryptocurrency market has joined the ranks of rising risk appetite. The U.S. spot Bitcoin ETF has seen a net inflow for five consecutive trading days, totaling $853.5 million, marking the best weekly performance since mid-April; the Ethereum ETF has also seen a net inflow for the fifth consecutive week, increasing by $244.9 million, with BlackRock accounting for over 80% of the combined inflow of $1.1 billion for both.These inflows occurred against a backdrop of relatively low trading volume, more characteristic of institutional planned allocations rather than aggressive momentum buying, and reversed the narrative of fund rotation away from Bitcoin over the past two weeks, indicating that ETF demand is being matched by supply from elsewhere.On the institutional front, Wells Fargo announced it will launch a tokenized deposit business this fall, starting with the USD-GBP corridor and operating on its own chain, joining the ranks of JPMorgan and Citigroup to bring settlement rails on-chain.Meanwhile, the Senate Majority Leader submitted a motion to end debate on the CLARITY Act early Saturday morning, which will undergo procedural voting on September 15, requiring support from at least seven non-Republican senators. The improvement in ETF inflows is encouraging but still represents a preliminary signal. A strong weekly performance alone is insufficient to confirm a structural shift; the entire risk asset sector has just been repriced due to one piece of data. If Wednesday's CPI exceeds expectations and pushes the probability of a rate hike in September back above 50%, it could quickly alter the core logic supporting the current upward trend.Recent key catalysts include the CPI on August 12, the PPI on the 13th, retail sales data on the 14th, followed by the Jackson Hole meeting from August 27-29, and the vote to end debate on the CLARITY Act on September 15. Until ETF inflows and digital asset treasury activities prove their sustainability throughout the remainder of the summer, it is advisable to remain cautious, even as the market increasingly trades on institutional terms.

Data: HYPE arbitrage space narrows, funding rates decline as whales withdraw 11 million hedge positions

According to TradingBeats (formerly Hyperinsight) monitoring, the whale starting with 0xf17 began synchronously selling HYPE spot today and buying to close an equivalent amount of perpetual short positions, planning to continue exiting the carry trade positions. This address previously held HYPE spot and contract short positions at a nearly 1:1 ratio, earning positive funding rates by hedging against price fluctuations. Based on a pre-reduction position of approximately 146,800 units, both legs have now been reduced to about 107,900 units, each decreasing by nearly 39,000 units, a reduction of about 26.5%.Currently, two sets of TWAP orders still in execution plan to handle a total of 90,000 HYPE: approximately 33,200 units have been sold on the spot side, with a transaction amount of about 1.8 million USD; approximately 33,100 units have been closed on the contract side, with a transaction amount of about 1.795 million USD. Including previously completed orders, the current round of contract short positions has cumulatively decreased by about 39,000 units, with the current nominal value of spot and short positions each around 5.87 million USD, and the total scale of both legs approximately 11.74 million USD, reduced by about 4.24 million USD compared to before the reduction.As the whale withdraws, the HYPE carry trade yield has also fallen from its high. According to daily statistics: the cumulative funding rate for HYPE dropped from +0.0279% on August 1 to +0.02227% on August 3, a decrease of about 20.2%; in the last 4 hours: the cumulative funding rate also decreased by 19.1% compared to the previous 4 hours. Based on the current short position size, its daily gross funding income has fallen from about 1,638 USD to 1,308 USD. Weekly statistics: from July 28 to August 3, the cumulative rate was about +0.17803%, down 16.9% from the high week of +0.21425% from July 14 to 20. The HYPE funding rate is currently reported at +0.0013%, with an expected annualized yield of about 10.9%.
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