The total crypto market stabilized around $2.5 trillion after Bitcoin (BTC) price rebounded from the support level of around $64k in the past 24 hours. The demand for digital assets grew, fueled by institutional investors seeking to hedge against global economic uncertainties. Furthermore, it is safe to say that digital assets offer better long-term insurance than traditional investment products.
Bitcoin Bulls Gradually Lulls
Bitcoin price has been trapped in a consolidation mode in the past four months. The flagship coin has been oscillating between $60k and $71k since March despite the notable cash inflows through the US spot BTC ETFs.
According to veteran trader Peter Brandt, Bitcoin prices have been forming lower highs and lower lows, an established characteristic of a falling trend.
According to on-chain data analysis provided by Santiment, non-zero Bitcoin addresses have declined by more than 672k accounts in the past month. Nonetheless, institutional investors’ rising demand has countered the decline in short-term Bitcoin addresses.
In the past nine days alone, US spot Bitcoin ETFs have registered more than $2 billion in cash inflows, thus canceling the sales by Germany’s government.
Altseason Loading
As the fear of further crypto capitulation gradually declines, Bitcoin addresses have declined because investors are buying more altcoins. Furthermore, Bitcoin’s dominance in the recent past signaled an inevitable reversal backed by the bearish divergence of the weekly Relative Strength Index (RSI).
Already, the US SEC approved two spot Ether ETFs – Grayscale Ethereum Mini Trust and ProShares Ethereum ETF – to begin trading on NYSE Arca by next week.
The onset of spot Ether ETFs trading in the United States will trigger a major landslide win for the entire altcoin industry. Moreover, Ethereum is a major liquidity provider for the entire altcoin industry.
Also Read: ‘Bitcoin Positioning Remains Neutral, No Clear Edge’: Jason Shapiro
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