Crypto Market

BTC and ETH Market Insight

Upcoming Macro Calendar - Source: Trading Economics

Options Market

Over the past week, BTC and ETH options markets cooled after the sharp volatility spike and strong price rally of the prior week. Spot prices largely consolidated near recent highs, with BTC trading around $77,700 (after peaking above $80k) and ETH near $2,440 (after testing $2,550). Implied volatility compressed notably from last week’s elevated levels, with BTC 1W ATM IV easing slightly to ~43.7% (from ~44.6–46%) and ETH 1W IV falling sharply from ~60.9–63.8% to ~42.0%. Realized volatility remained higher than implied (BTC RV still elevated but declining; ETH RV ~52.5%), keeping the volatility risk premium negative, though the gap narrowed somewhat as both IV and RV moderated. Skew normalized significantly: BTC 25Δ 1W skew flipped back from last week’s call-biased –7.6% to a mild put bias of +4.1%, while ETH 25Δ 1W skew moved from –8.5% to near-flat (+0.16%). ETF netflows stayed predominantly positive through most of the week before turning negative toward the weekend.

Altcoins and Blockchain News

• Federal Reserve Chairman Walsh reiterated that inflation remains above target, hinting at potential interest rate hikes; next week's non-farm payrolls data and the Fed's Beige Book will set the tone for the September policy path.
  
  
• Arthur Hayes predicted that the Federal Reserve would "continue printing money" to support the bond market, pushing Bitcoin's price to $250,000; the Treasury Secretary is replicating Yellen's money-printing strategy, which will benefit Bitcoin's rise.
  
  
• Tether CEO refuted BIS's criticism of stablecoins, stating they are fully backed by reserves; the BIS General Manager, however, emphasized that stablecoins lack the capability for large-scale credible payments, with tokenized deposits having an advantage.
  
  
• The Independent Community Bankers of America (ICBA) opposed the CLARITY Act, demanding a complete ban on stablecoin rewards, expressing concerns about its impact on the banking deposit system.
  
  
• The US OCC and FDIC finalized new rules requiring banking regulators to demonstrate substantial financial risk or legal violation before deeming practices "unsafe or unsound," potentially helping to end the "de-banking" trend for crypto.
  
  
• Revolut launched its Euro stablecoin, EURR, joining the global stablecoin competition, with plans to expand to other EEA markets within the year.
  
  
• Bitcoin spot ETFs saw a net outflow of $202 million yesterday, ending a nine-day streak of net inflows; total net inflows for the past week reached $1.918 billion.
  
  
• South Korea's Mirae Asset Financial Group plans to build a $109 billion digital asset business centered on Digital X, focusing on crypto assets, stablecoins, and Real World Assets (RWA).
  
  
• Coinbase natively launched tokenized stocks for US equities like Apple and Nvidia on the Base network, aiming to integrate RWA with the DeFi ecosystem.
  
  
• An Executive Board member of the European Central Bank called for the introduction of central bank money onto blockchain to modernize monetary policy implementation.

Macro

The major indices finished a mixed week: the DJIA shed 0.85%, the S&P 500 added 0.49%, and the Nasdaq gained 0.85%. The Chinese stock market finished the week with mixed performances: the Shanghai Composite Index rose 1.21%, the CSI 300 lost 0.21% and the Hang Seng index dropped 1.63%.