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Bitcoin Whales Keep Billions in BTC
Bitcoin is trusted by large investors. They have about 70,000 BTC tokens in 30 days, a billion-dollar margin. This indicates that long-term holders are again willing to bear the risk as their appetite grows. BTC's market cap rose 0.30% due to this issue.
Though 24-hour trade volume fell 2.47%, attitudes remained optimistic. BTC scored 77 on the Fear & Greed Index, placing it in the Greed category. Volatility may be stabilizing at 4.67%.
BTC is expected to reach $79,889 in 5 days and $90,146 in 30 days. Monthly growth would be 27.42%. It seems that a new ATH will be reached in the next weeks. It has traded green for 15 of 30 days. Flagship cryptocurrency's 14-day RSI is 63.33. The 50-day and 200-day SMAs are $65,133 and $54,564.
Other causes include Spot ETF Bitcoin purchases and huge investor inflows.
Inflows have continued for 18 days in Bitcoin ETFs. Net inflow was $218 million on June 6, 2024. This is the US market alone. Large investors have brought in $1 billion, indicating increased interest in bitcoin.
Markets speculate on Ether ETF debut. The US SEC authorized 19b-4. The regulator may shortly approve registration forms, allowing public platforms to debut the product for traders and investors to participate. Since the government may take extra precautions before legalizing Ether ETH, a date is unclear.
If authorized, additional crypto ETFs might join the market. XRP and SOL are predicted. Also, SOL may reach the market before XRP or ETH.
