As a researcher with a background in cryptocurrency markets, I’ve seen my fair share of volatility and price movements. Over the past 24 hours, Bitcoin (BTC) has shown renewed signs of life, with a 0.95% increase in value according to CoinMarketCap data. While this may not seem like much, the sentiment shift is significant given the bearish trend that had dominated the market for most of the week.
Over the past 24 hours, according to CoinMarketCap’s data, Bitcoin (BTC) has experienced a 0.95% price increase. This uptick signals a resurgence of positive sentiment in the market compared to earlier trends.
Currently, the cryptocurrency is priced at $64,264.97, having risen slightly from its previous position after spending most of the week in the “red” or bearish zone. Several factors might have contributed to this unexpected price increase, but three key reasons seem particularly noteworthy.
Bitcoin Price Might Soar as Bears Are Exhausted
Last week brought several selling episodes for Bitcoin, among which was an active dormant wallet that moved 25,000 BTC in six distinct transactions. There’s a belief that this particular BTC has been stored in the account for approximately 3 to 5 years. Surprisingly, this single wallet address recently transferred over $1.6 billion worth of Bitcoin.
As a on-chain analyst at CryptoQuant, I have observed some significant transactions that caught my attention. An unidentified entity executed two large transfers, amounting to over 11,000 Bitcoin in total. Such massive movements suggestive of a sell-off.
Despite the exhaustion bears may be experiencing due to the prolonged downtrend in Bitcoin over the last week, purchasing Bitcoin presently aligns with the prevailing market tendency. This action could potentially contribute to Bitcoin’s price rebound.
Spot Bitcoin ETF Outflows Reboot
As an analyst, I’ve noticed that Bitcoin ETF issuers have experienced significant outflows in the past week, amounting to a total of $545 million based on Farside Investors’ data. This trend has raised concerns regarding Bitcoin’s short-term prospects. The substantial withdrawals from these ETFs, combined with subdued Bitcoin trading activity, have fueled speculation about an imminent price decline.
Bitcoin ETF issuers and investors are expressing confidence, believing that a period of investment inflows lies ahead after a series of outflows.
Spot Ethereum ETF Trading Prospects
As a researcher studying the Ethereum ETF market, I’m keeping an eye on the ongoing developments regarding spot Ethereum ETF applications and the potential rule change in the coming week. The applicants have already submitted their S-1 amendments, and now they’re eagerly awaiting the US Securities and Exchange Commission (SEC) to grant approval for trading. There are rumors suggesting that this could happen as early as the first week of July. However, it’s important to note that the SEC’s decision timeline is not always predictable, so filers might not have to wait that long.
The Securities and Exchange Commission (SEC) has recently terminated its probe into Ethereum 2.0’s dealings with ConsenSys, which could potentially pave the way for an approved Ethereum-based Exchange Traded Fund (ETF). This development might bring positive implications for a spot Ethereum ETF and in turn, could benefit Bitcoin as well.
Per the new market outlook, the prediction of $100,000 may still be possible in the mid-term.
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2024-06-22 22:05