Risk Assets Lose Appeal: Crypto Daybook Americas
Bitcoin and major cryptocurrencies declined as global markets retreated due to tighter liquidity conditions and fading risk appetite.Summary
Bitcoin (BTC) and other major cryptocurrencies fell, with the CoinDesk 20 (CD20) index retreating 2.17%, mirroring a broader pullback in global risk assets, particularly tech-heavy indices like the Nasdaq 100. Citi noted that Bitcoin dropping below its 55-day moving average signals fading risk appetite in equity markets. The decline is attributed to tighter liquidity conditions stemming from the U.S. Treasury's cash rebuild and a significant drop in bank reserves since July, making risk assets less attractive. Skepticism surrounding AI stock valuations has also weighed on Bitcoin. In options markets, positioning for Bitcoin remains concentrated, and Ether traders are favoring protection over bullish bets. Key upcoming events include speeches by Federal Reserve officials on AI and stablecoins, alongside various macroeconomic data releases.
(Source：CoinDesk)