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A joint intervention by the US and Japan could trigger a sell-off of risk assets
A joint intervention by the US and Japan could trigger a sell-off of risk assets. By closing the infamous yen carry trade. There is also a potential upside, but you have to live to see it 👀. For the first time in 15 years, the US and Japan jointly intervened in the currency market to stop the yen’s decline to its lowest level since 1986. There is a risk that Tokyo will start selling US Treasuries more aggressively to finance its own interventions.
We finally got a new Strong signal on BTC for a potential local high on the 15-minute timeframe and opened a short.
This was the third candle with a mark (before this there were two regular marks). We slightly missed the high. But overall we consider this opportunity a good entry point IN THE EVENT THAT the price does not continue to rise. If it does continue to rise, then it won’t be as far off—the probability of a downtrend break on the 3-hour timeframe.
Entry from the $63,417.8 level, 30x leverage, cross margin. Liquidation level is $80,429.86. As we planned—half of the usual position size, because the marks for a potential daily timeframe low are confusing.
Our review of today’s key levels is almost entirely still relevant. The key supports right now:
- the liquidity zone $62,759–$62,873, - the horizontal level $63,029$ (it has changed slightly; it was $62,928).
If our expectation of a drop is correct, the most important “fun” for the bears will begin when they break and confirm with an hourly timeframe candle below. This will open the path to the $60,716$ level and the $60,079–$60,340 zone.
If the rise continues, then the dividing line is the $63,934 level, which our indicator again identifies as key on the hourly timeframe.
The weekends for BTC are passing quite actively, in the range of 62 275-63 634$
The weekends for BTC are passing quite actively, in the range of 62 275-63 634$. Early in the morning, on another bounce, the price was showing great signals according to our indicator for a possible short — there were Strong signal of a potential high on the 15- and 30-minute timeframes, as well as the usual high markers on the 1-hour timeframe, but we missed them.
Glassnode: The current bearish BTC market is still the mildest in history in terms of the depth of the drawdown.
As of now, #BTC is down from its all-time high by roughly 48–49%.
For comparison, previous major bearish markets ended much deeper:
- 2014–2015 — down about 75–80%; - 2018–2019 — more than 80%; - 2022–2023 — around 75–80%.
BUT it’s too early to celebrate—the current market is still shorter than the previous ones. Since the all-time high, about 300 days have passed. In past cycles, the final bottoms were formed roughly 350–420 days after the peak. If the cycle continues in the same logic, the next 50–120 days look very interesting.
Our expectations for the rest of the bear market remain the same:
- a corrective start in August, - a generally bullish August, - corrective September–November (whether or not BTC makes new lows is still an open question, but likely yes), during which, however, the high of stablecoin dominance (USDT+USDC) will not be rewritten, because #ETH and the top altcoins will show resilience and greater strength during this period than #BTC.
TOP-7 token and coin unlocks in August 2026. Analysis and visualization by CryptoRank
TOP-7 token and coin unlocks in August 2026. Analysis and visualization by #CryptoRank. Especially noteworthy this month: #RAIN, #PROVE, and #DATA. By total amount, the top unlock of the month is RAIN. By share of market capitalization, the most aggressive figures are for PROVE and DATA. - #PROVE. On August 5, an unlock will release 23.33% of the total supply, worth 39.20 million $. This is 119.66% of market capitalization/circulating supply.
The opportunity for a new drop in BTC according to the 3-hour timeframe trend came even sooner than we expected
The opportunity for a new drop in BTC according to the 3-hour timeframe trend came even sooner than we expected. A new sustained downtrend according to our indicator has already been formed. That is, since July 21, the price has continued to maintain the structure of lower highs and lower lows. In the broken uptrend on the 3-hour timeframe, the price was not even pushed up to the second base target of $65,627.
18 crypto projects attracted nearly $7.85 billion, and their total daily revenue was about $1,300
18 crypto projects attracted nearly $7.85 billion, and their total daily revenue was about $1,300. A telling table is circulating through the crypto world. These figures are obtained by adding up the metrics for all the projects in the table. And hence the conclusion: at these rates, the time to recoup the investment is more than 15,000 years.
Invest More: BTC has entered a zone of historical undervaluation according to the Growth Envelope model
Invest More: BTC has entered a zone of historical undervaluation according to the Growth Envelope model. Bitcoin Growth Envelope - long-term valuation model for #BTC based on regression curves of historical highs and lows. Three key reference points are calculated between them: - support - about $83,400, - fair value - about $153,900,
CryptoRank: The number of holders of tokenized stocks grew by 76% in just three weeks
CryptoRank: The number of holders of tokenized stocks grew by 76% in just three weeks. According to #CryptoRank and #TokenTerminal, the total number of unique addresses holding tokenized stocks in the displayed blockchains has increased: - from 552 thousand as of June 29; - up to 596 thousand as of July 6; - up to 727 thousand as of July 13;
Bitfinex: Long-term BTC holders keep accumulating even during sell-offs. But there’s a catch
Bitfinex: Long-term BTC holders continued to accumulate even while the price was falling from $82,000 below $58,000. But there’s a catch. #Bitfinex citing data #Checkonchain reports that the Bitcoin HODLer Net Position Change indicator remains in positive territory. This means that the amount of #BTC moving to long-term holders still exceeds the amount of coins they return to the market.
Swissblock: The internal pressure on BTC has decreased, but the external market risk is starting to rise again.
Swissblock: The internal pressure on BTC has decreased, but the external market risk is starting to rise again. According to #Swissblock, the #BTC risk index after its peak levels in late June moved into the low-risk zone and is now around 8 points. This means that within the crypto market itself, the situation has become calmer:
Arthur Hayes: The Fed has given the green light to buy heavily down DeFi tokens with real demand
Arthur Hayes: The Fed has given the green light to buy heavily down DeFi tokens with real demand. Literally, Hayes wrote on X: "The Fed has given the green light to buy bombed-out DeFi shitcoins with PMF". PMF - product-market fit. That is, a project that doesn’t just exist on paper, but has a working product, users, demand, and a clear economic model.
TOP-10 decentralized governance projects by developer activity for July 2026
TOP-10 decentralized governance projects by developer activity for July 2026, according to Santiment. A snapshot of those where token holders are not only promised the right to vote, but where the code, infrastructure, and the product itself are also continuously developed. By decentralized governance, we mean projects in which holders of governance tokens can participate in votes: changing protocol parameters, allocating treasury funds, approving updates, fees, deposits, and other operating rules of the system.
Important events for the crypto market on July 31 from the economic calendar. Today is an important day of the week #3. In terms of the potential for heightened volatility in macro data, it’s already much weaker than Wednesday and Thursday. But there could still be a reason. Since the night, the China business activity indices block for July has been released (important due to China’s role in the global economy and for assessing overall global demand) — below forecasts. Also, the Bank of Japan’s interest rate decision (important due to the yen’s role in the DXY calculation and how their rate affects global liquidity flows) — a pause, within expectations. Schedule for the rest of the day: - 12:00 Kyiv and MSK / 14:00 Astana — Eurozone inflation block for July: headline and core CPI indices. Important due to the euro’s role in the DXY calculation. - 15:30 Kyiv and MSK / 17:30 Astana — Canada’s GDP for May. Important due to the Canadian dollar’s role in the DXY calculation. ❗️- 17:00 Kyiv and MSK / 19:00 Astana — Data block from the University of Michigan for July: -- Expected inflation. -- US consumer inflation expectations index for the next 5 years. -- Consumer expectations index. -- Consumer sentiment index. An important block for assessing inflation expectations and the mood of the American consumer.
Alphractal: In the US, midterm elections historically took place near the zones where bearish BTC cycles ended
Alphractal: In the US, midterm elections historically took place near the zones where bearish BTC cycles ended. This was noted by the founder and head of the analytics platform #Alphractal, Joao Vedson, in a new report. The chart shows that in the three previous BTC cycles, it entered a bearish phase about a year before the elections, and a major bottom was formed around the time of voting or shortly after.
BTC short successfully closed in profit at break-even even without additional averaging down
The BTC short has successfully closed in profit without needing any additional averaging. The price is again below $64,000, and our position after yesterday’s averaging down, as a reminder, had a break-even level of $64,080.67. In the early morning hours, they pushed the price to a new rebound high of $65,409; after taking liquidity from the bears, they’re pulling it down.
Bitfinex: The recovery of BTC to $64,000–$65,000 is occurring on extremely weak spot volume
Bitfinex: The recovery of BTC to $64,000–$65,000 is occurring on extremely weak spot volume. Analysts #Bitfinex based on data from #Checkonchain report that the current daily spot trading volume for #BTC is about $4.5 billion. For comparison, during the February drop the volume rose to approximately $16.5 billion—the highest level since the beginning of the year.
River: Three previous bearish BTC markets from peak to bottom lasted an average of 383 days. More details:
- 410 days in 2013–2015, - 363 days in 2017–2018, - 376 days in 2021–2022.
If we count the current bearish cycle from the October 2025 peak, today is day 297.
With a mechanical repetition of the average duration until the possible end of the bear market, there are about 86 days left. Target: end of October 2026, roughly October 24.
Of course, this is only a calendar analogy, not an exact forecast. The sample consists of just three prior cycles, so the market does not have to form a bottom exactly 383 days later. BUT it should be noted that the market’s final low at the end of October would fit perfectly into a 4-year cycle.
An impressive (though typical) story was shown by BANK, the drop for which we sold just 5 days ago
An impressive (though typical) story was shown by BANK, the drop for which we sold just 5 days ago. On July 25, at the exchange rate of 0.3280$. And today it’s already 0.0699$. Let us remind you: we received the drop for the asset in December 2025 at a rate of 0.0449$, meaning only slightly higher than the current price. In fact, we got it for 0 — the drop from Binance, for running Binance Square.
The U.S. economy slowed down, monthly inflation cooled, but pricing pressure for the second quarter proved
The U.S. economy slowed down, monthly inflation cooled, but pricing pressure for the second quarter turned out to be significantly higher than expected. The published data package turned out to be contradictory: - U.S. GDP grew by 1.5% year-over-year in the second quarter versus a forecast of 2.1%. In the first quarter, growth was 2.1%;