Bitcoin bulls defended the $66,000 mark on July 23 as U.S. spot Ether exchange-traded funds (ETFs) impressed analysts.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s price rebounding after an initial dip with the Wall Street open.
The launch of spot Ether ETFs surprised market participants with over $100 million in volume within 15 minutes, driving ETH/USD up 2.3% and reversing an earlier decline.
“Spot ETF launch so far seeing the expected – take profit selling in both perps & spot.
Move retraced & OI still elevated,” popular trader Skew wrote on X, highlighting increased open interest in ETH derivatives around the launch.
Michaël van de Poppe, founder and CEO of MNTrading, noted the strong performance: “The ETH ETF has insane numbers. First 15 minutes already 50% of Bitcoin’s first day in terms of volume: $112 million.”
He predicted, “The Ethereum ETF launch is heavily undervalued and I expect it to trade towards an ATH in the coming 1–2 months.”
Another trader, Daan Crypto Trades, called the initial flows “decent” and predicted increased market volatility.
READ MORE: Mt. Gox Begins Test Transactions for Creditor Repayments via Bitstamp
As Cointelegraph reported, the period leading up to the ETF release saw relatively flat ETH price action, unlike the significant movements seen with Bitcoin before its ETF trading debut in January.
Meanwhile, Bitcoin retraced its own initial drop, climbing back to $67,000. Monitoring resource CoinGlass revealed new buyer liquidity at $65,750, with increased sell-side pressure above.
Traders remained optimistic about future gains. “5 monthly candles to turn the previous cycle highs into support,” trader Jelle wrote in his BTC price analysis. “Strong foundations being built, for the next bear market lows. The best is yet to come.”
Trading firm QCP Capital noted a cautious market stance in its latest Telegram bulletin, observing that crypto markets were in a wait-and-see mode post-ETF launch.
“The market’s reaction to the ETH Spot ETF launch has been muted, with investors waiting to see if it follows the ‘buy the hype, sell the news’ pattern,” it stated.
“QCP also warned of potential short-term downside, citing factors like creditor payouts from defunct exchange Mt. Gox and geopolitical uncertainties.
“With the ETH Spot ETF potentially not impacting prices on the outset, coupled with potential selling pressure from the US Government and Mt Gox, prices may remain subdued until momentum builds up leading to the elections,” it concluded.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
