Cryptocurrency analysis company QCP Capital made an assessment of the current situation of the market.
In the QCP Capital report published on June 22, the current situation of the cryptocurrency market was discussed. Analysts stated that the cryptocurrency market has partially recovered this week, but this recovery may not be permanent. They pointed out that especially the sales of miners created great pressure on the market.
Behind this week's rise were factors such as Microstrategy's purchase of 11,931 Bitcoin, Arthur Hayes' positive statements, and the tweet about Bitcoin by Michael Dell, the founder of the giant technology company Dell.
An Unseen 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 and total reserves have decreased by 50,000 since the beginning of the year.
It was also emphasized that the Bitcoin sales carried out by the German government created a significant fear in the market. It was claimed that the German government sold approximately 3 thousand BTC in the last few days and will sell another 47 thousand BTC in the near future.
It Might Make Sense to Accumulate Ethereum During the Summer Months
QCP Capital suggested that accumulating Ethereum during the summer months could be a sensible investment strategy. Analysts stated that the price will be limited in the short term, but they expect an explosive rise towards the end of the year. The data shows a large amount of call selling for maturities under 1 month and aggressive call buying from September to December. It was stated that as Ethereum rose throughout the summer, it might make sense to turn to ETH premiums to gain a significant return.
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