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Trump’s Federal Reserve Visit Sparks CME Futures Weakness While the Dollar Faces Pressure

On July 24, the crypto market experienced a mixed bag of stability and selloffs. Bitcoin (BTC) held relatively stable, but major altcoins suffered severe declines as pessimism spread across the sector. This downturn was exacerbated by three consecutive days of net outflows from Bitcoin exchange-traded funds (ETFs), alongside significant liquidations in the derivatives market. With open interest sharply declining, the overall market displayed signs of drying liquidity.

According to CoinMarketCap data, total cryptocurrency market capitalization fell by 2.68% in just 24 hours, bottoming out at $3.83 trillion. Bitcoin’s closest peer, Ethereum (ETH), slipped by 1.58%, while altcoins like Ripple (XRP), Solana (SOL), and Dogecoin (DOGE) took heavier hits, plunging by 10.85%, 7.08%, and 9.8%, respectively.

Bitcoin ETFs See Three Consecutive Days of Outflows, SEC Decisions Add Pressure

A primary catalyst for the spot market’s downturn was the persistent outflows plaguing Bitcoin ETFs. Farside Investors reported that on July 23 alone, U.S. Bitcoin spot ETFs experienced net outflows of $85.8 million, pushing the three-day cumulative outflows to a worrisome $400 million.

Grayscale's GBTC and Fidelity's FBTC bore the brunt of these outflows, with capital losses of $123.8 million and $227.2 million, respectively. This extensive institutional selloff triggered broader market unease. Additionally, the U.S. Securities and Exchange Commission’s (SEC) decision to delay its review of Bitwise’s proposed cryptocurrency index ETF further compounded investor apprehension, intensifying bearish sentiment across the market.

Derivatives Market Sees $8.5 Billion Loss in Open Interest Amid Liquidation Frenzy

The derivatives market showcased an unmistakable retreat from investors, with data from Coinglass revealing that open interest positions shrank by a staggering $8.5 billion within a 24-hour span. Nearly all leading cryptocurrencies experienced a notable dip.

Ethereum (ETH) led the decline, with open interest contracting by $2.77 billion in just one day. Bitcoin (BTC), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE) followed suit with drops of $1.54 billion, $1.64 billion, $1.46 billion, and $880 million, respectively. The widespread liquidation of long positions and forced closures catalyzed this downturn, ultimately draining market liquidity. The simultaneous price drops and contraction in open interest signal an investor exodus, offering a bearish foresight for the broader crypto market.

CME Futures Slide as Trump’s Fed Meeting Stokes Rate Concerns and Weighs on the Dollar

The medium- to long-term outlook for cryptocurrencies took another hit as CME Bitcoin futures revealed bearish signals. July settlement contracts dipped 0.17% to $118,355, with forward contracts for August and September also declining by 0.17% and 0.33%, respectively. The reduced trading volume underscores rising caution among institutional players amid growing uncertainty.

Meanwhile, the U.S. Dollar Index (DXY) exhibited subdued movement, hovering around a level of 97.234. Investors remain jittery following former President Donald Trump’s unexpected visit to the Federal Reserve headquarters on July 24. Market nerves were further tested by a spike in the U.S. 10-year Treasury yield, which surged to 4.408%, exerting additional pressure on riskier assets, including cryptocurrencies.

Analysts predict that this cautious atmosphere will likely persist ahead of two potential market-shaping events: the Federal Reserve’s policy rate decision on July 30 and the anticipated unveiling of the White House’s highly awaited cryptocurrency policy report. Both events are expected to serve as critical catalysts, shaping market sentiment and institutional activity in the weeks to come.

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