Crypto Market Pulse - June 25, 2024

LAST WEEK RECAP:

• Consensys says the SEC closed the Ethereum 2.0 Investigation and won’t pursue Ethereum enforcement action.
• According to Arkham, the German government has sold $195M BTC and still holds 47,179 BTC ($3.03B).
• MicroStrategy has acquired another 11,931 BTC for $786 million.
• Coinbase International introduced a pre-launch market.
• Bloomberg analyst Eric Balchunas shows that eight spot Ethereum ETF applicants have submitted updated versions of their S-1 documents.
• US BTC ETFs recorded 6 consecutive days of outflows.
• Dell CEO Michael Dell shows bitcoin interest via Michael Saylor's retweet.

LEGACY MARKETS – DXY

DXY is still showing strength, mainly due to the weakness of other currencies. For crypto to recover, a pullback to the lower range of 100-106 will be needed.

LEGACY MARKETS – VIX

VIX increased slightly above 13 again, showing some increasing fear in the market, but the general level is still low enough to be supportive.

BTC WEEKLY VIEW

BTC moved lower due to miners, the German government, potential Mt.Gox selling in July, etc., but it is still within the 60-73k range. $58-60K still provides strong support for the short term.

ETH WEEKLY VIEW

ETH is still holding above the 2800-3200 support zone and has been showing relative strength. The ETH ETF is likely to start trading in early July. The market focus will be on the upcoming ETF inflow.

ETH/BTC

ETH/BTC continues to consolidate at the 0.052-0.055 level after breaking higher when the SEC approved ETH ETF 19b-4. Given the upcoming ETH ETF inflow and consistent selling pressure on BTC, the ratio is likely to move up.

TOTAL3 USD MARKET STRENGTH

Alts are still slowly bleeding with declining volumes, as BTC and ETH are still holding their current ranges. In the short term, the alt sentiment will also be influenced by the upcoming ETH ETF inflow.

TOTAL3 BTC MARKET STRENGTH

TOTAL3/BTC still holds in the green region, and we’ve seen a good rebound from this level before. In the short term, the ETH ETF inflows will be the catalyst for the TOTAL3/BTC ratio.

SUMMARY

• BTC is under pressure given that miners and the German government are selling, and Mt.Gox is selling starting in July but still holds within the $60-$73K range; $58-$60 is currently acting as a strong support level.
• With ETH ETF applicants submitting updated S1, the ETH ETF could be launched as early as July; the upcoming ETF inflow will soon be the main driver for ETH and Alt's performance.

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post was prepared by Kairon Labs Trader Patrick Li.

Edited by: Carla Ramos