Though There Are Concerning Signs, the Crypto Market Is Still in a Bull Cycle 🤯



In the midst of severe losses from bitcoin (BTC) and altcoins, the cryptocurrency market is in the red. BTC is circling important levels and has dropped below traders' on-chain realized price of $65,800. As of right now, there is no positive impetus.


The poor growth in bitcoin whale demand and low stablecoin liquidity are clear signs of the absence of bullish momentum in the crypto market. Large Bitcoin holders' demand is increasing at a rate of 4.8% per month and shows no signs of abating.

The current rate is still far from the 6%–10% experienced in the first quarter of this year, when BTC surged to its all-time high, even though it is slightly higher than the 2.4% observed in late May.


Furthermore, on-chain data indicates that traders' desire for Bitcoin has not yet rekindled, indicating that they are not buying the asset at this time. Since the price of bitcoin hit $70,000 in late May, this group of individuals has begun selling off their holdings.


Bitcoin Might Reach $60K

Additionally, as seen by the fact that the Coinbase Premiums for Ethereum and Bitcoin have remained below zero since May 20, the demand for ether (ETH) and bitcoin among US investors is still at an all-time low. Growth in U.S. investor demand is a major factor driving the price of ETH and Bitcoin.


Spot Bitcoin ETFs are another indicator of the poor demand from US investors; they have been losing money since June 13. Over the last week, the funds have lost more than $100 million on each trading day combined.


Given that it is now below traders' on-chain realized price, Bitcoin may drop to $60,000 in the interim.

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