Bitcoin Sideways Despite New York Stock Market Rally

The New York stock market saw all three major indices rise for the first time in four trading days. Market expectations grew as the US August ADP private employment data showed a slowdown. Additionally, former President Trump's remarks on air strikes positively impacted market optimism.

As of 6 AM, it recorded 63%.

He adopted a cautious stance on interest rate hikes. Immediately after his remarks, Bitcoin's price recovered from $76,000 to $77,000.

This marks the largest monthly net inflow since November 2024. The cumulative net outflow amount since the beginning of the year decreased by 66%.

In August, 16 out of 21 trading days recorded net inflows. However, starting September 1st, Bitcoin spot ETFs immediately switched to net outflows. This indicates a temporary reversal of the positive trend seen in August.

Approximately $3.5 billion flowed into Bitcoin spot ETFs in August. This is interpreted as a significant recovery of the more than $5 billion that flowed out in May.

Open interest, an indicator of derivative position status, significantly decreased as of September 2nd. This means that investors are not currently using much leverage. Instead, solid demand centered on spot purchases, rather than leverage liquidation, is supporting the current gains.

Analysis suggests that if this level is not breached, a short-term trading range may form for the time being.

Currently, that line is located between approximately $82,000 and $83,000. If this line is breached, there is a possibility of reaching $90,000 and even $100,000.

Bitcoin's lower trading range is projected to be in the high $60,000s. However, there are also discussions that if external risk factors such as an intensifying war emerge, the bottom could drop further to $74,000. These geopolitical risks continue to influence the market.

Although cumulative net outflows were significant this year, a large influx of funds in August led to a switch to cumulative net inflows. This appears to be a result of increased investor interest in staking ETFs.

Ethereum ETFs with staking functionality have become more attractive to investors. Such products offer opportunities for additional income generation beyond traditional simple investment products.

The continuous development of the Ethereum ecosystem and the growth of the DeFi market are key factors driving the popularity of Ethereum spot ETFs. Many investors are highly evaluating Ethereum's potential and injecting capital.

Consequently, Ethereum spot ETFs are forming a different investment demand from Bitcoin ETFs, showing their own strength. This reflects differentiated investor sentiment towards various asset classes within the crypto market.

Notably, Hyperliquid and Pump.fun accounted for 90% of the total buyback volume. These platforms conduct buybacks using platform revenues, strengthening the link between performance and token prices.

Based on blockchain technology, token buyback rules can be pre-set through smart contracts. By reflecting these in protocol rules, investors can intuitively and transparently verify whether a project is actually conducting buybacks.

Hyperliquid exchange records daily trading volumes of approximately 1.5 trillion to 2 trillion Korean Won. This level surpasses the usual daily trading volume of Upbit, the top exchange in Korea, despite Hyperliquid being a decentralized exchange. On particularly busy days, the scale can be quite significant.

Binance continues to launch products based on traditional financial assets. This raises the possibility that capital previously invested in Bitcoin could be diversified into other products. There are concerns that this capital dispersion could negatively impact Bitcoin's price appreciation.

In the perpetual futures market, the volume of traditional finance-linked products already surpasses Bitcoin. This suggests that investors are looking into a wider range of asset classes.

Consequently, the trend of exchanges expanding traditional finance-linked products beyond Bitcoin could weaken exclusive investment demand for Bitcoin and accelerate market diversification.

Tokenized stock products exist in the form of vSTX. Blue-chip stocks preferred by investors, such as NVIDIA, Tesla, and Circle, are being tokenized first. When these promising stocks enter the market, the stock tokenization market is expected to surge significantly once again. There is also a possibility of increased market volatility in conjunction with the Anthropic listing issue.