Round up of today’s market news

North American News

Mixed Close for US Major Indices Amid Economic Data

The US Dow Industrial Average ended lower for the fourth consecutive day, while the S&P 500 and NASDAQ Composite managed to close in positive territory on Thursday.

• Dow Industrial Average: -140.5 points (-0.33%) at 42,374.36
• S&P 500: +12.44 points (+0.21%) at 5,809.86
• NASDAQ Composite: +138.83 points (+0.76%) at 18,415.49
• Russell 2000: +5.08 points (+0.23%) at 2,218.92

Despite the gains, all three indices remain down for the week:

• Dow Industrial Average: -2.08%
• S&P 500: -0.93%
• NASDAQ Composite: -0.40%

Key Market Drivers

• Tesla’s Impressive Performance: Tesla shares surged 21.9% following strong Q3 earnings and an ambitious vehicle growth forecast for 2025, providing a significant boost to the NASDAQ and S&P 500.
• Declining Yields: US Treasury yields dropped, with the 2-yr yield down to 4.07% and the 10-yr yield at 4.20%, supporting a positive bias for equities.
• Underperformance of the Dow: IBM, Honeywell, and Boeing weighed heavily on the Dow after IBM and Honeywell reported disappointing earnings, and Boeing faced labor unrest.
• Strong Gainers: Whirlpool (+11.2%), Mattel (+4.4%), Lam Research (+5.1%), and ServiceNow (+5.4%) posted gains on upbeat earnings results, helping to lift market sentiment.

Sector Highlights

• Top Performer: Communication services jumped 3.2%, driven by gains in Tesla and Amazon (+0.9%).
• Biggest Decline: The materials sector fell 1.4%, reflecting weakness from cyclical concerns.

Economic Data Review

• Initial Jobless Claims: Weekly claims came in at 227K, lower than the revised 242K, indicating ongoing labor market strength.
• US Manufacturing PMI: October’s preliminary reading rose to 47.8, up from 47.3, suggesting slight improvements in manufacturing activity.
• US Services PMI: Increased to 55.3 from 55.2, showing resilience in the services sector.
• New Home Sales: September sales climbed to 738K, benefiting from lower mortgage rates earlier in the month, but future sales may be impacted by rising rates.

Looking ahead, Friday’s economic reports will include Durable Orders and the University of Michigan Consumer Sentiment.

US October flash S&P Global services PMI 55.3 vs 55.0 expected

• The services and manufacturing PMIs from S&P Global

• Final Sept reading was 55.2
• Manufacturing 47.8 vs 47.5 expected
• Prior manufacturing was 47.3 prior
• Composite 54.3 vs 54.0 prior

Commenting on the data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said:

“October saw business activity continue to grow at an encouragingly solid pace, sustaining the economic upturn that has been recorded in the year to date into the fourth quarter. The October flash PMI is consistent with GDP growing at an annualized rate of around 2.5%.

“Demand has also strengthened, as signalled by new order inflows hitting the highest for nearly one-and-a-half years, albeit with both output and sales growth limited to the services economy.

“Sales are being stimulated in part by more competitive pricing, which has in turn helped drive selling price inflation for goods and services down to the lowest since the initial pandemic slump in early 2020. These weaker price pressures are consistent with inflation running below the Fed’s 2% target.

“Businesses nevertheless remain cautious about hiring, leading to a third month of modest payroll reductions. Firms are worried in particular about uncertainty caused by the Presidential Election.

“More encouragingly, confidence in the longer, year- ahead, outlook has improved as companies hope that a stabler post-election environment is more conducive to growth. This is especially so in the manufacturing sector, where factories hope that the current soft patch in production and sales will reverse as the uncertainty caused by the political environment passes.”

US weekly initial jobless claims 227K vs 242K expected

• Weekly jobless claims for the week ending October 19

• Prior was 241K (revised to 242K)
• Continuing claims 1897K vs 1875K expected
• Prior continuing claims 1867K (revised to 1869K)

• Michigan saw the largest drop (-7,917) due to fewer manufacturing layoffs
• Georgia posted the biggest increase (+3,293), citing layoffs across manufacturing, healthcare, and food services
• Florida (-3,257) reported fewer layoffs across multiple sectors including agriculture, construction, and retail, very likely due to the rebound from the hurricane
• New York saw a notable increase (+2,340) driven by transportation, warehousing, and public admin layoffs

KC Fed manufacturing index 0 vs -18 prior

• Survey of manufacturing in the Kansas City Fed district
• Prior was -18
• Composite index vs -8 prior

US Sept new home sales 0.738m vs 0.720m expected

• US new home sales data for September 2024
• Prior was 0.716m (revised to 0.709m)
• Sales up 4.1% vs -2.3% prior

Striking Boeing workers reject 35% pay rise offer

• International Association of Machinists Aerospace Workers (IAM) union said 64% of its striking members voted against the proposed deal

The firm’s offer included a 35% pay rise over four years. IAM union members voted to reject the deal and stay on strike.

Info comes via BBC, ungated. Check out that link for more.

Commodities

Gold Rallies Amid US Election Uncertainty and Middle East Tensions

Gold prices surged, climbing 0.72% to $2,734 on Thursday, as heightened geopolitical risks and US election concerns pushed demand for safe-haven assets higher.

Gold’s Surge Driven by Geopolitical Concerns

Rising tensions in the Middle East, particularly between Israel and Iran, contributed to gold’s ascent, as fears of further escalation support its safe-haven appeal. Additionally, uncertainties surrounding the upcoming US election add another layer of support, with traders anxious about a closely contested race. Former President Donald Trump has gained momentum over Vice President Kamala Harris, adding to market unease.

US Economic Data Boosts Sentiment, Fed Rate Cut Looms

While gold soared, risk appetite also improved, with Wall Street trading in the green. US labor market data beat expectations, with Initial Jobless Claims for the week ending October 19 rising to 227K, below the anticipated 242K, signaling economic resilience. October’s S&P Global Manufacturing PMI rose to 47.8, slightly higher than forecast, while the Services PMI improved to 55.3.

Despite the strength of the labor market and improved economic indicators, concerns about the rising US fiscal debt outlook continue to underpin gold’s rally. Analysts at ANZ commented that fiscal challenges are strengthening the investment case for gold, particularly in light of uncertainty ahead of the US election.

Gold Market Outlook

Analysts also noted falling US yields as a factor driving gold’s gains, as the US Dollar Index (DXY) fell 0.37% to 104.00. Investors now expect the Federal Reserve to ease rates by 47 basis points by year-end, according to data from the Chicago Board of Trade.

Gold’s rise reflects broader uncertainty as geopolitical tensions and fiscal concerns intersect with ongoing economic resilience, positioning the yellow metal for continued gains in the near term.

Crude Oil Struggles to Break Higher, Hovers Around $71

Crude Oil prices remain under pressure, trading at $71.00 on Thursday, as US labor market data and failed diplomatic efforts in the Middle East limit any significant gains.

Geopolitical Uncertainty Limits Oil Gains

Oil markets are closely watching the escalating tensions between Israel and Iran after US Secretary of State Antony Blinken’s diplomatic mission failed to secure a deal or convince Israel to allow humanitarian aid into the region. Blinken’s unsuccessful efforts have left the door open for further geopolitical escalations, keeping Oil prices volatile as traders anticipate potential disruptions to supply in the Middle East.

US Labor Data Adds to Oil Price Pressures

US Continuing Jobless Claims hit a three-year high, weakening the US Dollar Index (DXY) after its earlier rally. The dip in the DXY, which tracks the Greenback against a basket of other currencies, contributed to Oil’s struggle to push above $71.00, despite earlier optimism. Markets now turn to Thursday’s preliminary US Purchase Managers Index (PMI) data for direction, as any further economic weakness could weigh on crude demand.

Oil Market Developments and Outlook

In the broader oil landscape, Saudi Arabia has seen its Oil export revenue drop to its lowest level in over three years, driven by weak demand growth. Additionally, ExxonMobil completed the sale of its onshore oil and gas assets in Nigeria to Seplat Plc for $1.3 billion, signaling a shift in regional production dynamics. Meanwhile, Mexico’s state-owned Pemex has reportedly increased its reserves under President Claudia Sheinbaum’s term, further stabilizing its domestic energy outlook.

With geopolitical tensions high and economic concerns growing, traders have moved to hedge their exposure by buying short-dated options to protect against potential price spikes in the short term, driven by any unexpected Middle East developments.

Sanctions risks on Palladium reignite buying activity – TDS

CTA trend followers are adding to their Palladium longs as price action triggers uptrend signals, TDS’ Senior Commodity Strategist Daniel Ghali notes.

CTAs are set to sell at a large-scale over the coming week

“Fear is the trade, given the US has requested G7 nations consider these inclusions, but the EU has already stopped short of considering them over the past years. Though with flows over the last weeks otherwise muted and with US election season underway, there are pathways for momentum to persist in the near-term.”

“Interestingly, however, the scope for subsequent CTA buying activity is limited, with a large uptape over the coming week only likely to spark small-scale purchases from algo traders. Meanwhile, price action has been as supportive as it can be for Platinum markets, adding a few days of delays to potential large-scale selling activity from the trend follower community.”

“Still, in every reasonable scenario for prices, CTAs will sell at a large-scale over the coming week. Even a modest reversal could be sufficient to catalyze a massive selling activity before the week’s end.”

EU News

European equity close: Gains erode

• Closing changes for the main European equity bourses

• Stoxx 600 flat
• German DAX +0.4%
• France CAC +0.1%
• UK FTSE 100 +0.2%
• Spain IBEX flat
• Italy’s FTSE MIB +0.2%

Eurozone October flash services PMI 51.2 vs 51.5 expected

• Latest data released by HCOB – 24 October 2024

• Prior 51.4
• Manufacturing PMI 45.9 vs 45.3 expected
• Prior 45.0
• Composite PMI 49.7 vs 49.8 expected
• Prior 49.6

HCOB notes that:

“The eurozone is stuck in a bit of a rut, with the economy contracting marginally for the second month running. The ongoing slump in manufacturing is being mostly balanced out by small gains in the service sector. At the country level, it can be noted that the deterioration of the situation in France was met by a slight moderation in the decline in Germany. For now, it is not clear whether we will see a further deterioration or an improvement in the near future.

“The eurozone’s service sector continues to grow, but only slightly, helping to keep the broader economy near stability. However, we shouldn’t expect too much in the near future. Companies in this sector are seeing fewer new orders, and the backlog of work has been shrinking for six months straight. For the first time since early-2021, service sector hiring has almost come to a halt. The real question is whether the combination of higher wages and lower inflation can revive consumer spending, which would give service providers a much-needed boost.

“For the European Central Bank (ECB), the latest figures come with an unwelcome surprise. Inflation in the services sector seems likely to stay elevated, as costs and selling prices in October rose faster than the previous month. This is probably due to persistent wage pressure, which impacts service providers especially hard. All this backs the idea that the ECB is likely to cut key interest rates by just 25 basis points in December, rather than the 50 basis points some have been talking about.”

Economic data was back on the menu in Europe today as PMI data takes center stage

Germany October flash manufacturing PMI 42.6 vs 40.8 expected

• Latest data released by HCOB – 24 October 2024

• Manufacturing PMI 42.6 vs 40.8 expected and 40.6 prior.
• Services PMI 51.4 vs 50.6 expected and 50.6 prior.
• Composite PMI 48.4 vs 47.6 expected and 47.5 prior.

Key findings:

• HCOB Flash Germany Composite PMI Output Index(1) at 48.4 (Sep: 47.5). 2-month high.
• HCOB Flash Germany Services PMI Business Activity Index(2) at 51.4 (Sep: 50.6). 3-month high.
• HCOB Flash Germany Manufacturing PMI Output Index(4) at 42.4 (Sep: 41.3). 2-month high.
• HCOB Flash Germany Manufacturing PMI(3) at 42.6 (Sep: 40.6). 3-month high.

Comment:

Commenting on the flash PMI data, Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, said:

“The start to the fourth quarter is better than expected. With services growing at a faster pace and manufacturing shrinking not as quickly as in the previous month, growth in the fourth quarter is a distinctive possibility. Even so, GDP may stay flat for the whole year as forecasted by the International Monetary Fund in its latest projection, after a 0.3% decline in 2023.

This underscores the structural weaknesses of the German economy, such as high energy costs, the increased competition from China and the labour market shortages which are all hitting the manufacturing sector hard. It’s encouraging that services activity expanded at a faster pace than in September, after growth had slowed down for four months straight. And even though services companies have trimmed employment more than they did in September, business expectations have improved significantly.

This fits in with the perception that German consumers started to spend more during the summer on the back of higher wages and lower inflation, indicated by official retail sales figures. This trend seems to have continued. The services sector has resumed its role of stabilizing the whole economy. The survey figures deliver tentative signs that we may start to see light at the end of the tunnel in manufacturing. To be sure, output is still shrinking quickly and so is employment.

However, the speed of deterioration has slowed down a bit compared to September. Most importantly, new orders, which fell like a stone over the last couple of months, have lost a bit of their downward dynamic. Manufacturing will most probably continue to be in a recession in the fourth quarter, but it may start the next year on a better footing, although this assessment based on a one-month improvement should be taken with caution.”

France October flash services PMI 48.3 vs 49.9 expected

• Latest data released by HCOB – 24 October 2024

• Prior 49.6
• Manufacturing PMI 44.5 vs 44.9 expected
• Prior 44.6
• Composite PMI 47.3 vs 49.0 expected
• Prior 48.6

HCOB notes that:

“France remains trapped in economic decline as the fourth quarter begins, with the challenges from the third quarter persisting. The HCOB Flash PMI for October stands at 47.3 points, clearly indicating a contracting economy. Despite early elections four months ago, uncertainty continues to loom over the economic outlook. Prime Minister Michel Barnier is facing a fragile political situation, and the 2025 budget remains unresolved, further undermining business confidence. A clear strategy to tackle the ongoing deficit and debt issues is still lacking. The HCOB Nowcast predicts only slight growth as the fourth quarter kicks off. Pressure is mounting on the government in Paris to take urgent measures to stabilise the economy and address fiscal imbalances.

“The French industrial sector remains mired in a deep crisis. The HCOB Flash Manufacturing PMI for October stands at 44.5 points, confirming the ongoing downturn. A small silver lining amid the prolonged weakness is the beginning of a decline in input prices, though demand has been contracting for some time. However, the outlook at the start of the fourth quarter remains bleak. Both domestic and international order volumes show no signs of recovery. Particularly worrying is the further drop in expected output for the next twelve months. The industry could benefit from greater political stability in Paris and targeted investments to support the much-needed recovery.

“The French services sector continues to face tough conditions in October. The HCOB Flash PMI remains in contraction territory at 48.3 points, signalling ongoing weakness in services activity. Despite this sluggish performance, input prices rose, maintaining pressure on company costs. The outlook is mixed: in the short term, conditions are expected to worsen as both domestic and international orders remain weak, and employment levels decline. However, there is a glimmer of hope as business expectations for the next twelve months remain optimistic, suggesting the potential for a longer-term recovery in the sector.”

France October business confidence 97 vs 98 prior

• Latest data released by INSEE – 24 October 2024

• Prior 98
• Manufacturing confidence 92
• Prior 99
• Services confidence 101
• Prior 98

UK October flash services PMI 51.8 vs 52.4 expected

• Latest data release by S&P Global – 24 October 2024

• Services PMI 51.8 vs 52.4 expected and 52.4 prior.
• Manufacturing PMI 50.3 vs 51.4 expected and 51.5 prior.
• Composite PMI 51.7 vs 52.6 expected and 52.6 prior.

Key Findings:

• Flash UK PMI Composite Output Index(1) at 51.7 (Sep: 52.6). 11-month low.
• Flash UK Services PMI Business Activity Index(2) at 51.8 (Sep: 52.4). 11-month low.
• Flash UK Manufacturing Output Index(3) at 50.9 (Sep: 53.6). 6-month low.
• Flash UK Manufacturing PMI(4) at 50.3 (Sep: 51.5). 6-month low.

Comment:

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said:

“Business activity growth has slumped to its lowest for nearly a year in October as gloomy government rhetoric and uncertainty ahead of the Budget has dampened business confidence and spending. Companies await clarity on government policy, with conflicts in the Middle East and Ukraine, as well as the US elections, adding to the nervousness about the economic outlook.

The early PMI data are indicative of the economy growing at a meagre 0.1% quarterly rate in October, reflecting a broad-based slowing of business activity, spending and demand across both manufacturing and services. Worryingly, the deterioration in business confidence in the outlook has also prompted companies to reduce headcounts for the first time this year.

Cleary, the policies announced in the Budget have the potential to play a major role in steering the direction of the economy in the months ahead. Encouragingly, however, a further cooling of input cost inflation to the lowest for four years opens the door for the Bank of England to take a more aggressive stance towards lowering interest rates, should the current slowdown become more entrenched.”

UK October CBI trends total orders -27 vs -28 expected

• Latest data released by CBI – 24 October 2024
• Prior -35

UK factory order book balance holds in negative territory in October, keeping not much changed to the month before. The volume of new orders, measured quarterly, declined to -11 from +1 previously and that hints at softer sentiment with the reading being the weakest since October 2020.

UK car output fell for the seventh consecutive month in September

• September car production in the UK down 20.6% y/y in September

Info comes via Reuters

UK car output fell for the seventh consecutive month in September

• 20.6% decline y/y
• EV production fell 37% in September

Society of Motor Manufacturers and Traders (SMMT) cite:

• factories wound down production of current models to retool for new zero-emission vehicles (ZEV)
• drop also partly due to last year’s strong performance, which was the best since 2020
• “As UK Automotive undergoes its most radical transformation in more than a century, short-term production declines were always anticipated, and they represent a temporary adjustment in exchange for long-term growth”

BOE’s Mann: Economic prospects in the UK remain ‘pretty modest’

• Mann says the economy will not grow by much more than 1%
• Inflation news has been good
• Services prices still have a long way to go
• Deceleration in prices might not quite get us to 2% inflation target in medium term

German wages continuing to grow despite economic headwinds – Bundesbank

• The German central bank remarks in its monthly report

• Collective wage agreements in Germany were up 6.2% y/y between January and August
• These findings do not fundamentally call into question the expected disinflation process
• But labour market situation is of great importance for the speed and extent of disinflation
• GDP likely shrank again in Q3 but should avoid a significant and broad-based decline in output

ECB’s Lane: Disinflation “well on track” to hit target in 2025

• Comments from the European Central Bank chief economist

• Latest underlying inflation measures hovering around 1.9% to 2.8%, down significantly from peak range of 3.4% to 7.5%
• Core inflation (ex food & energy) down to 2.7% in Sept vs 4.5% a year ago
• Persistent and Common Component of Inflation measure at bottom of range at 1.9% in Sept – has been around 2% since end of 2023
• idiosyncratic and non-persistent factors are currently driving services inflation
• Adjusted measures of underlying inflation (stripping out energy/supply chain effects) showing range of 2-2.5%
• Services inflation still elevated but expected to decline – PCCI for services at 2.4%
• Wage growth pressure still high at 4.5% in Q2 2024 but down from 5.6% peak in Q2 2023
• KEY: New wage agreements in 2024 showing “substantially lower” structural wage growth vs deals signed in 2022-23
• Surveys suggest wage growth will ease in 2025 as “catch-up” dynamic fades
• Lane: 2024 is a “transition year” with backward-looking components still playing out
• Bottom line: Lane sees disinflation “well on track” with inflation set to return to target in 2025
• Notable: Forward-looking indicators support further easing in wage pressures into 2025
• Services momentum showing continuous easing since May 2024, with sharp drop in Sept

ECB’s Kazaks: Soft landing story is still there but rebound is not clear

• Comments from Kazaks

• Economic weakness suggests we could get to 2% inflation earlier than end-2025
• We should not remain in restrictive territory when we get to target
• Services weak, industry not recovering

ECB’s Vasle says should keep cutting rates in “measured steps”

• Remarks by ECB policymaker, Bostjan Vasle

• We should keep going to neutral in measured steps
• There is no urgency in discussing undershooting the target or going below neutral
• Inflation has not yet been defeated
• But recent data has been encouraging
• Once we get closer to neutral, it may be appropriate to align our language accordingly
• A soft landing with a recovery is still the baseline
• But recent data presents some risks that might delay the expected improvement to growth

Rabobank analysts see downside risks to Euro forecasts

• Easier ECB, expectations for the Fed being trimmed

Rabobank analysts are expecting EUR/USD to ‘lurch lower’ in coming months but have been reluctant to forecast parity due to the continuing to “display significant resilience”.

• likely that a large part of the resilience has been drawn from the view that the ECB would be cautious in cutting interest rates … (but) this view is changing
• Rabo’s central view is that the ECB will stick to 25 bps rate cut increments

Asia-Pacific-World News

Chinese state media reports that Apple (AAPL) to increase investment in China

• Xinhua report comments from Apple CEO Tim Cook

Xinhua with the report:

• Apple (AAPL) CEO Tim Cook says the firm to increase investment in China
• Keen to seize opportunities, contribute to high quality developments of industrial, supply chains

PBOC sets USD/ CNY reference rate for today at 7.1286 (vs. estimate at 7.1284)

• PBOC CNY reference rate setting for the trading session ahead

In open market operations (OMOs):

• PBOC injects 799bn yuan via 7-day RR, sets rate at 1.5%
• 133bn mature today in OMOs
• net injection is 666bn

Australian flash October manufacturing PMI 46.6 (September was 46.7)

• Services 50.6 (Sep 50.5)

Judo Bank / S&P Global preliminary PMIs for Australia in October 2024.

BOJ’s Ueda: Recent yen fall driven partly by optimism over US economic outlook

• Comments from Ueda:

• We need to scrutinize whether US optimism can be sustained
• Optimism about US seems to be broadening
• When looking at fallout from weak yen on inflation, we must look not just at yen moves but factors that are driving them like perception of the US economy
• Implied volatility is still quite high, markets are unstable
• Policy makers continue to see good chance of soft landing in the global economy

Japan finance minister Kato says Rapid moves seen in recent FX market

• Kato adding the yen supportive chorus

Japan finance minister Kato

• Rapid moves seen in recent FX market
• No comment on FX levels intervention
• Desirable for currencies to move stably reflecting economic fundamentals
• Closely watching FX moves with a sense of urgency
• there was no discussion on FX at today’s G20 meeting and I don’t expect any tomorrow

Japan official says watching for speculative FX moves

• Japan’s Deputy Chief Cabinet Secretary Kazuhiko Aoki comments:

• No comment on FX levels
• Desirable for currencies to move stably reflecting economic fundamentals
• Closely watching FX moves with a sense of urgency
• Govt watching forex moves closely including for speculative moves

Japan flash PMIs (October): Manufacturing 49.0 (prior 49.7) Services 49.3 (prior 49.6)

• S&P Global / Jibun Bank preliminary Japanese PMIs for October 2024

Composite 49.4

• first contraction in four months

Not a good survey:

• factory activity contracts for the 4th straight month
• New orders decreased across manufacturing and services
• Poor demand conditions in the domestic economy, and new orders from abroad fell at the quickest pace since February 2023
• services had their first contraction in four months, to the lowest level since February 2022

Bank of Korea official says IT exports slowing, and many uncertainties over exports

• A Bank of Korea official after the disappointing GDP and exports data earlier

A Bank of Korea official with remarks:

• Growth in IT exports slowing
• Will need to examine whether there is change in growth trend for next economic forecasts in November
• There are many factors raising uncertainty over exports
• This year’s economic growth likely to be lower than 2.4%

South Korean Q3 GDP comes in well under estimates: +0.1% q/q (vs. +0.5% expected)

• Disappointing data from South Korea.

This data comes from the Bank of Korea, SK’s central bank.

Q3 GDP

• +0.1% q/q (expected +0.5%, prior -0.2%)
• +1.5% y/y (expected +2.0%, prior +2.3%), slowest since Q3 2023

Q3:

• private consumption +0.5% q/q
• construction investment -2.8% q/q
• facility investment +6.9% q/q
• exports -0.4% q/q
• imports +1.5% q/q

Cryptocurrency News

Ethereum Holds Steady Above $2,500 Amid Profit-Taking Pressure

Ethereum trades at $2,500, stabilizing after testing its support level of $2,461. A firm close below this level could signal further declines.

Ethereum Price Action

Ethereum retested its daily support level of $2,461 on Wednesday, rebounding slightly to hold around $2,500 on Thursday. A close below $2,461 would indicate a bearish shift, but for now, ETH remains stable amid growing concerns.

Ethereum Holders Realize Gains

Data from Lookonchain reveals that an early Ethereum ICO participant sold 3,000 ETH on Thursday, worth approximately $7.64 million. This follows a larger sale on July 1 when the same whale sold 7,000 ETH, which led to a nearly 15% drop in price. The whale still holds 37,070 ETH, valued at $93.8 million.

Santiment’s Network Realized Profit/Loss (NPL) metric shows a notable increase in holders booking profits. The NPL rose from 23.67 million to 44.46 million between Saturday and Tuesday, signaling that investors were locking in gains during this period. A spike in NPL typically suggests profit-taking behavior, while a dip may indicate panic selling or capitulation.

Crypto Today: Bitcoin Holds Gains as Ethereum and XRP Edge Higher

Bitcoin trades at $67,614, registering a modest gain on Thursday.
Ethereum remains steady above $2,500, holding a key psychological level.
XRP inches upward, currently trading at $0.5280.

Bitcoin, Ethereum, and XRP Updates

Bitcoin maintained its recent gains, with inflows of $192.4 million into Bitcoin-based funds according to data from Farside Investors.
Ethereum holds firm above $2,500, a critical support level for the altcoin, which remains crucial for market sentiment.
XRP climbed slightly, trading above $0.5300 as it continues its steady rise.

Market Updates

Denmark introduces a groundbreaking proposal for a 42% tax on unrealized crypto gains, triggering concern among traders and market participants globally.
Kraken, a major crypto exchange, announced its plan to launch a blockchain in 2025 powered by Ethereum Layer 2 solution, Optimism. Binance, the largest centralized crypto exchange, introduced Solana-based GOAT Perpetual Contracts in its derivatives platform.

Industry Updates

Binance executive Tigran Gambaryan, imprisoned in Nigeria for nearly eight months, has been released. Binance CEO Richard Teng announced Gambaryan’s release via an official post on X, detailing the legal challenges faced.
Chainlink makes its way to the Bitcoin blockchain through an integration with Layer 2 chain Botanix Labs.
Santiment analysts highlight a market-wide correction alongside equities, as rising speculation surrounds the potential end of the crypto bull market. They named Chainlink, Bitcoin, and GOAT Rollup as the top three tokens with a market capitalization exceeding $500 million.

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