According to U.Today, trader Gert van Lagen has suggested that the distribution of Bitcoin from long-term holders to new ETF holders is a significant factor preventing the cryptocurrency from breaking the $70,000 mark. In May, van Lagen observed that this distribution process was already well underway, a conclusion drawn from on-chain data showing a turnover in coins held for over a year.
Van Lagen has previously noted that such distributions often lead to 'parabolic' price discoveries, followed by extended bear markets. Despite Bitcoin's struggle to surpass the crucial $70,000 level, many believe the current bull run is far from over. Galaxy Digital CEO Mike Novogratz, for instance, has predicted that Bitcoin could reach $100,000 by year's end if it can overcome the major resistance area around $73,000 soon. Similarly, Fundstrat co-founder Tom Lee and renowned commodity trader Peter Brandt have suggested a potential peak of $150,000 for Bitcoin during this cycle.
In other news, U.S.-based spot exchange-traded funds (ETFs) have seen 19 consecutive days of inflows, with the second-largest ever inflows ($880 million) recorded on a recent Tuesday. Leading analyst Eric Balchunas has commented on the impressive resilience of Bitcoin ETFs, despite their volatile performance.
However, the Bitcoin price took a hit following the release of U.S. jobs data, which showed a higher than expected increase in jobs added in May. The robust labor market could deter the U.S. Federal Reserve from implementing rate cuts, a situation that could negatively impact risk assets like Bitcoin.