Cryptocurrency Shifts Focus: Ethereum Gains Prominence Amidst Bitcoin's Significant Selling
In the dynamic world of cryptocurrencies, the past week has seen a flurry of significant events that have sent ripples through the market. Here's a roundup of some key developments that have caught our attention.
Bitcoin's Dramatic Dip and Recovery
On Sunday, Bitcoin (BTC) experienced a flash-crash, with an early-holder selling a staggering 24,000 BTC, worth approximately $2.7 billion. Although the exact reasons for the sell-off remain unclear, it's safe to say that such a large transaction had a noticeable impact on the market.
Despite this dip, the current support for BTC is holding steady at around $111,000 to $109,000, with resistance at $115,000 to $116.8K.
Altcoin Futures: A Growing Trend
The total options amount of Zukunftsynthetiken (futures) on altcoins reached a record value of $61.7 billion in June 2021. This figure surged even further on a single day, reaching a record high of $61.7 billion in altcoin futures OI. This trend suggests that leverage is piling up in altcoin futures, potentially increasing fragility risk.
Ethereum's Institutional Inflows and Rotation Narrative
Ethereum (ETH) has also been making headlines. ETH ETFs have logged a $238 million weekly outflow, while Ethereum saw continued institutional inflows. Bitmine, for example, added $45 million worth of ETH to its holdings, raising its total to $7 billion. The ETH/BTC cross recently broke 0.04, indicating a possible rotation in the market. This rotation narrative between BTC and ETH appears to be intensifying.
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BTC ETFs' Outflow Streak
BTC ETFs have experienced a 6-day outflow streak worth a total of $1.2 billion. This trend, coupled with the ongoing institutional inflows into Ethereum, could potentially shift the balance of power in the cryptocurrency market.
As always, it's crucial for investors to stay informed and make decisions based on reliable and up-to-date information. This roundup aims to provide a snapshot of some of the most significant recent developments in the cryptocurrency market. For more detailed analysis and insights, consider subscribing to trusted sources of information.
