Bitcoin's Deribit Index Signals Caution Amid Record High

Bitcoin reached a record high of $124,533 before retreating due to profit taking and macroeconomic concerns. The crypto market fell, resulting in $342 million in liquidations across various digital assets. Key indicators, such as Deribit's Bitcoin DVOL and implied volatility ratio, signal caution for BTC price in the short term. Levels to watch include $127,000 as resistance and $112,000 as a key support level.

Bitcoin (BTC) reached a record high of $124,533 before retreating due to profit-taking and macroeconomic concerns. The crypto market experienced a significant decline, leading to $342 million in liquidations across various digital assets. Key indicators, such as Deribit's Bitcoin DVOL and implied volatility ratio, signal caution for BTC price in the short term. Levels to watch include $127,000 as resistance and $112,000 as a key support level.

The cryptocurrency market is back in bearish territory as Bitcoin (BTC) and other cryptocurrencies lost momentum thanks to adverse macroeconomic conditions. Treasury Secretary Scott Bessent’s statement that the US government does not plan to purchase additional BTC also soured investor sentiment. However, Bessent later backtracked on that statement. BTC registered a sharp decline after surging to a new all-time high on Thursday. The flagship cryptocurrency reached $124,533 but lost momentum, plunging over 4% to $118,389. However, it has recovered during the ongoing session, up nearly 1% at $119,101 [1].

Ethereum (ETH) buyers lost momentum after it failed to cross $4,800. As a result, the world’s second-largest cryptocurrency fell to an intraday low of $4,482 before reclaiming $4,600 and moving to its current level. ETH is down nearly 2% over the past 24 hours, trading around $4,650 [1].

Ripple (XRP) is down over 3%, while Solana (SOL) is down 2%, trading around $196 after slipping below $200. Dogecoin (DOGE) and Cardano (ADA) are both down over 4%, while Chainlink (LINK) is down 3.65%, trading at $22.50. Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered substantial declines [1].

The timing of the partnership between Dunamu and MB Bank to launch Vietnam’s first licensed cryptocurrency exchange is crucial. This comes following Vietnam’s passing of the Law on Digital Technology Industry, which formally legalizes and regulates digital assets, paving the way for a fully regulated crypto market [1].

Coinbase believes there could soon be a shift to cryptocurrencies other than Bitcoin (BTC), highlighting substantial growth registered by altcoins, including Ethereum (ETH) and Solana (SOL). Coinbase Institutional’s global head of research, David Duong, stated in a monthly outlook report, “We think current market conditions now suggest a potential shift towards a full-scale altcoin season as we approach September” [1].

Bitcoin (BTC) purchases are still on the table. US Treasury Secretary Scott Bessent walked back on his previous statement that the US government would not buy additional Bitcoin (BTC). Bessent issued a clarification on X, stating that the US was still exploring budget-neutral strategies to buy BTC. “The Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve, and to execute on the President’s promise to make the United States the ‘Bitcoin superpower of the world” [1].

Bitcoin (BTC) crossed $123,000 on Wednesday and settled at $123,365. The flagship cryptocurrency surged to a new all-time high on Thursday, reaching $124,533. However, it lost momentum after Treasury Secretary Scott Bessent’s statement and an adverse PPI report. As a result, BTC plunged over 4%, dropping to a low of $117,208 before settling at $118,289. The current session sees the price up almost 1%, trading around $119,108 [1].

Ethereum’s (ETH) rally stalled on Thursday as it failed to cross the $4,800 mark. The world’s second-largest cryptocurrency rallied to $4,783 on Wednesday only to lose momentum on Thursday, falling over 4% to $4,551. Despite the wobble, analysts remain confident that ETH will hit $5,000 by the end of August [1].

Solana (SOL) slipped below the $200 mark on Thursday as selling pressure and volatility returned. The altcoin’s impressive rally has seen its value surge, breaking above key resistance levels. Buyers will look to reclaim $200 and push the price towards $250 or higher [1].

References:
[1] https://cryptodaily.co.uk/2025/08/crypto-price-analysis-8-15-bitcoin-btc-ethereum-eth-solana-sol-uniswap-uni