Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
The cryptocurrency market loses just over 0.5% in 24 hours, to $2.56 trillion. The moderate pressure is due to another failed attempt by Bitcoin to consolidate above $70K, which is now retreating 0.2%. Ethereum has pulled back 1.8% in the same time frame, while the top coins are moving without a single trend, from Dogecoin's 2.2% decline to Toncoin's 1.4% rise.
Ethereum may be forming a Bull Pennant (a triangle forming after a rapid rise). As a rule, such a consolidation is followed by a breakout of the upper boundary and subsequent growth. However, this scenario needs confirmation. A sustained advancement above $3900 will indicate a full-fledged realisation of growth in ETHUSD. A bearish scenario cannot be ruled out when a failure under the support at $3700 will trigger a steady decline.
According to CoinShares, crypto funds saw inflows of just $185 million last week after $1.05 billion a week earlier. Bitcoin investments were up $148 million, Ethereum investments were up $34 million, and Solana investments were up $6 million. Outflows from Grayscale's Bitcoin ETF rose sharply to $260 million for the week. Inflows into Ethereum continued for a second week after the SEC approved a spot ETF with an expected launch in July.
News background
According to Cryptoquant, investors have withdrawn 797,000 ETH worth $3bn from exchanges to wallets following the approval of the Ethereum-ETF. Bitcoin shows a similar trend in the dynamics of available coins on the CEX.
BTC and ETH exchange balances are at multi-year lows. BTC's share [of total supply] has fallen to 11.6%, and Ethereum's share has fallen to 10.6%. Whales continue to accumulate while asset supply is shrinking, BtcEcho noted.
Australia's CBOE subsidiary will launch trading of a spot bitcoin ETF. This became possible after the issuer received AFS registration from the Securities and Investments Commission of Australia.
MicroStrategy and its founder, Michael Saylor, have reached a $40 million settlement with the U.S. Attorney's Office for the District of Columbia (USA) in a tax evasion case.
Michael van de Poppe expects the approval of a spot Ethereum-ETF could spark an altcoin rally. He named five altcoins that he said he is "buying right now." In his view, they are Optimism (OP), Arbitrum (ARB), WO Network (WO), Wormhole (WORM) and Dogecoin (DOGE).
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
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.