Crypto Today: Bitcoin gets less interest from traders, Ethereum ETF could attract $5 billion inflows
|- Bitcoin market sees a decline in volatility per on-chain data from Crypto Quant.
- Bitcoin ETFs saw a net inflow of $129 million on July 1; on-chain analysts predict a relief rally in BTC.
- Gemini predicts that Spot Ethereum ETFs could attract up to $5 billion in inflows, per a recent report.
- Ethereum sustained above $3,400 on Tuesday, adding nearly 3% to its value in the past week.
Bitcoin, Ethereum, XRP update
- Bitcoin trades at $62,787 under the $63,000 level early on Tuesday. The largest asset by market capitalization noted an inflow of $129 million to Spot Exchanged Traded Funds (ETFs), per Spotonchain data.
Bitcoin holds above $61,000 as Daily Active Addresses is highest since mid-April
- Ethereum trades at $3,449, with the altcoin sustaining above key support at $3,400 ahead of the likely ETF approval, expected as early as Thursday, July 4.
Ethereum's expected July rise threatened by outflows and whale exchange deposit
- XRP trades at $0.4863 after key developments like Ripple ruling being accepted as a precedent in SEC vs. Binance lawsuit. While the Judge allowed most of the charges to proceed, the charge that the secondary market sales of native token BNB being considered as a security was dismissed.
Ripple escrow timelocks expired on Monday, one billion XRP unlocked as altcoin ranges above $0.47
Chart of the day
BONK/USDT daily chart
BONK is likely to extend gains and rally towards the 50% Fibonacci retracement level of the decline from the March 4 top of $0.000048 to the April 13 low of $0.000012. BONK could climb 13.6% to $0.000036.
The green histogram bars above the neutral line in the Moving Average Convergence Divergence (MACD) support the bullish thesis.
BONK could find support at the June 30 low of $0.00002147.
Market updates
- Pendle Finance, a leading DeFi project, noted a 40% decline in its Total Value Locked (TVL) in the past week. PENDLE trades at $4.828 early on Tuesday.
- Paxos received approval from Singapore's central bank to issue stablecoins and announced a partnership with DBS Bank.
- Bitcoin active addresses crossed 900,000 on July 1, hitting levels previously seen only in mid-April 2024, per IntoTheBlock data.
Bitcoin daily active addresses
- Spotonchain data shows Bitcoin ETFs noted $129 million in inflows.
Spotonchain Bitcoin ETF flows
Industry updates
- Kronos Advanced Technologies is the first public company to accept Shiba Inu (SHIB) for payments.
Shib announcement
- Bitcoin has noted less interest from both buyers and sellers. An analyst at CryptoQuant notes that it is the ideal time for whales to accumulate Bitcoin, per on-chain data.
BTC tweet by CryptoQuant analyst
- ZKsync unveiled the Elastic Chain, a network of ZK rollups that is useful for new protocols and developers, per an official announcement.
ZkSync announcement
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