ilqdty daily2 min readRead the latest
bitmex is shutting trading down after 11 years
the exchange that invented the perp is closing while hyperliquid pulled $20.0M in fees on the same product last week.
| Markets | Level | 24h | week |
|---|---|---|---|
| $BTC | 83,210 | -1.4% | +8.9% |
| $ETH | 2635.9 | -1.8% | +7.8% |
| $SOL | 112.8 | -1.9% | +11.1% |
| BTC.D | 59.2% | ||
| F&G | 71 greed |
01Crypto3 stories
02Macro3 stories
- US flash composite pmi hit 58.4, the fastest growth since july 2021s&p global
- the US five-year yield broke 5% for the first time since 2007@Bloomberg
- brent jumped 3.9% to $103 after iran's president vowed no surrender at the UN@CNBC
03Today2 stories
- 8:30 ET: weekly jobless claims, prior 196K. another low print keeps hike talk alive.
- friday 8:30 ETaugust pce, the inflation number the fed actually uses, landing the same morning as quarterly bitcoin and ether options expiry.
04Trends3 stories
- pumpfun took $1.59M in fees on solana yesterday, and the ten hottest coins there traded $93M between them
- $familiars did $10.4M of volume on a $1.9M market cap on solana, up 60656%. $GP is up 54%, $STONK flat at -0% on $36.8M traded
- on robinhood chain the memes moved together, $PONS up 10% to a $480M market cap and $SHROOM up 60%@Decrypt
05My view
the product outlived the venue. bitmex is switching off the perpetual it invented, and the biggest perp venue by fees now runs on its own chain. demand never left, the company running it did.
and it kept paying. every major coin closed the week green while treasury yields kept climbing, and the bitcoin funds took $347.0M with another $104.6M going into ether funds. that is spot money showing up while rates rise.
the risk here is dated, not vague. pce and the quarterly expiry land together friday morning, so one hot print marks the whole week against a curve that already moved. fund flows turning negative into that expiry is what would change my read. while the money keeps arriving, the strength is real.
claims first, pce tomorrow. that pair decides the week. lock in.