- 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.
$BTC #ETF Net Inflow July 1, 2024: +$129M!
— Spot On Chain (@spotonchain) July 2, 2024
• No US Bitcoin ETF saw an outflow yesterday .
• #Fidelity (FBTC) saw the largest single-day inflow at $65M.
• Both #BlackRock (IBIT) and #Grayscale (GBTC) experienced net flows of $0 yesterday.
• Overall, the net inflow… pic.twitter.com/rM9socAJ5t
Industry updates
- Kronos Advanced Technologies is the first public company to accept Shiba Inu (SHIB) for payments.
Big news #SHIBARMY! Kronos Advanced Technologies becomes the FIRST public company to accept $SHIB for payments! ➡️ https://t.co/6bhycVER6v
— Shib (@Shibtoken) July 2, 2024
- 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.
#Bitcoin market is boring with less volatility.
— Ki Young Ju (@ki_young_ju) July 1, 2024
= Less interest from both buyers and sellers.
= Retail exit liquidity not ready.
= Ideal time for whales to accumulate $BTC.
= We're still in a bull cycle. Boring is an opportunity. pic.twitter.com/zccHAbOOHA
- ZKsync unveiled the Elastic Chain, a network of ZK rollups that is useful for new protocols and developers, per an official announcement.
Today, ZKsync unveils the Elastic Chain — an ever-expanding network of ZK rollups, secured by math and natively interoperable under a uniform, intuitive UX.
— ZKsync (∎, ∆) (@zksync) July 2, 2024
Full post: https://t.co/GnbsErZKOZ pic.twitter.com/g9uScjAisa
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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.
Ripple escrow timelocks expired on Monday, one billion XRP unlocked as altcoin ranges above $0.47
Ripple (XRP) escrow unlocked 1 billion tokens on Monday as part of the planned unlock until January 2025. XRP hovers around $0.48 early on Tuesday, adding more than 1% to its value on the day.
Bitcoin holds above $61,000 as Daily Active Addresses is highest since mid-April
US spot Bitcoin ETFs registered slight inflows on Monday. On-chain data shows that BTC's daily active addresses increased, signaling greater blockchain usage. German Government transferred 1,500 BTC, valued at $94.7 million, out of its wallet on Monday.
Chainlink poised for a rally as whales buy the dips
Chainlink’s price bounced from the weekly support level at $13.15 and extends recovery on Tuesday. On-chain data shows that whales have accumulated 2.08 million LINK in the past seven days.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.