Bitcoin’s price has experienced a slight increase of 0.14% in the past 24 hours, drawing attention to significant sales from a dormant wallet. To stay updated on the latest technology news, visit NEWSLINKER.
The recent performance of Bitcoin’s spot ETFs has raised questions about its short-term price trajectory. As of now, Bitcoin is trading at $64,200, recovering from a week of decline. But how did the price manage to rise amidst this negativity?
Bears Lose Strength and Bitcoin Rises
Over the past week, the market was captivated by significant sales, including transactions from a dormant Bitcoin wallet that reportedly held 25,000 BTC for 3 to 5 years. One wallet address alone transferred 25,000 BTC worth $1.6 billion.
On-chain analyst Maartunn from CryptoQuant also observed transfers from an unknown wallet, moving over 11,000 BTC in two transactions. Some speculate that these movements indicate a sale.
On the other hand, it is worth noting that these declines could be a result of these sales. However, there are also opinions suggesting that the bears might be exhausted after the decline. This view implies that the market, particularly Bitcoin, could rebound, leading to increased buying pressure.
Spot Bitcoin ETF Exits
Meanwhile, significant developments have occurred in the spot Bitcoin ETF sector, as exits have accelerated in the past week, leaving the market questioning the impact on Bitcoin’s short-term price performance.
According to Farside Investors’ data, BTC ETFs experienced $545 million in exits, raising concerns about a potential price drop.
The combination of the large exit environment in Bitcoin ETFs and stagnant Bitcoin trading activities has led analysts to speculate about the market’s direction. However, spot Bitcoin ETF providers and investors remain optimistic, believing that the exits and falling prices could attract eager investors.
Spot Ethereum ETF Process
The status of spot Ethereum ETFs continues to pique curiosity. Applicants have resubmitted their S-1 amendments and are now awaiting approval from the United States Securities and Exchange Commission (SEC).
Recent information suggests that the process could receive approval in the first week of July. Additionally, the SEC has indicated that it will not pursue an investigation related to Ethereum 2 in the ConsenSys case.
The approval of the first spot Ethereum ETF could create a positive outlook, potentially triggering a positive trend for Bitcoin as well.
Taking into account all these market factors, it is possible that Bitcoin could reclaim the $70,000 level and eventually reach $100,000 in the medium term.
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Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
