QCP Capital Commented on Bitcoin's Fall, Said Pay Attention to Ethereum in Summer!
Cryptocurrency analysis company QCP Capital spoke about the current situation of the market.
The report published by QCP Capital on June 22 included the current situation of the cryptocurrency market. Analysts stated that the cryptocurrency market made a small return this week, but this was not permanent, and emphasized that the miner sale in particular created great pressure.
Behind this week's rise were events such as Microstrategy's purchase of 11,931 Bitcoins, Arthur Hayes' bullish statements, and Michael Dell, the founder of the giant technology company Dell, tweeting about Bitcoin.
An unprecedented move from miners in 14 years
The report stated that Bitcoin assets held by miners have fallen to the lowest level in the last 14 years, while total reserves have decreased by 50,000 since the beginning of the year.
In addition, it was emphasized that Bitcoin sales by the German government clearly created fear in the market. While it was revealed that the German Government sold approximately 3 thousand BTC in the last few days, it was claimed that it will sell another 47 thousand BTC in the near future.
Summer months might make sense to accumulate Ethereum
QCP Capital cited collecting Ethereum in the summer as a logical trading idea. The following statements were included in the details of the statement made by analysts:
The price will be limited in the short term but will rise explosively towards the end of the year. Our data showed large amounts of call selling for maturities under 1 month and aggressive call buying from September through March. As Ethereum rises over the summer, it may make sense to turn to ETH premiums to generate a significant return.