Key facts
- Bitcoin recovered to near $64,000, showing a 2% increase over 24 hours and 1% weekly gain.
- Exploits targeting Coldcard wallets drained approximately 1,816 BTC ($114 million) from over 5,200 addresses.
- MicroStrategy sold 1,638 BTC for approximately $114 million.
- Cardano's ADA surged to its highest level in a month, with its futures open interest reaching a record high.
- The Crypto Fear & Greed Index fell into "extreme fear" territory at 25.
Bitcoin approached $64,000, recovering from a recent dip and showing a 2% increase over 24 hours and a 1% weekly gain. This rebound occurred despite ongoing concerns about exploits targeting Coldcard wallets, which led to significant Bitcoin outflows, and sales by MicroStrategy. Approximately 1,816 BTC, valued at $114 million, was removed from over 5,200 addresses due to a flaw in the Coldcard wallet's firmware. MicroStrategy sold 1,638 BTC between July 27 and August 2 at an average price of $63,957.
Cardano's ADA emerged as a standout performer, surging to its highest level in a month and gaining 24% on the week. Its futures open interest reached a record high of 2.79 billion coins, with aggressive buying indicated by its cumulative volume delta. This rally is supported by ecosystem upgrades, including Leios testnet progress and Hydra scaling layer advancements.
In contrast, Ether lagged, down 1% weekly, while BNB led gains among major cryptocurrencies, up nearly 5%. The broader market sentiment remains in "extreme fear," as indicated by the Crypto Fear & Greed Index at 25. Spot Bitcoin ETFs experienced $61.5 million in outflows last week, though they saw $170 million in inflows on Monday. Ether ETFs had $27.4 million in inflows last week but $11.4 million in outflows on Monday.
Derivatives data show mixed sentiment, with elevated positioning in ATOM futures and negative funding rates suggesting bearish plays are being hedged. Bitcoin's 30-day implied volatility index has dipped to near 36%, its lowest since May 31, indicating market calm but potentially trading near a historical floor. Options activity on Deribit is concentrated between $60,000 and $72,000 for Bitcoin.