- The Bitcoin ETFs have acquired over 14,000 BTC this week alone, while miners have only produced 3,150 BTC. Consider the scale of that difference—it’s MASSIVE!
- Ethereum Exchange-Traded Fund (ETF) Approval Imminent? ETH Surges 25% in a Stunning Week!
- Altcoins on Fire: FTM up 41%, LINK up 33%, SOL up 32%. Will Bitcoin Dominance Crash the Party?
ETFs are buying up record levels of Bitcoin.
Bitcoin ETFs Scoop Up Over 14,000 BTC in a Week!
With a massive start to the week, the Bitcoin ETFs brought in $235 million in inflows yesterday with a total volume of $2.48 billion USD. As the price held steady at the weekly close at approximately $66,300, we saw a significant push last night with Bitcoin closing the day up 8%. Bitcoin is now within an order zone between $71,500 and $70,800.
Market analysts are watching for a potential swing high to approximately $74,300. This would not only create a new All-Time High (ATH) for Bitcoin but could also trigger a major liquidation event of nearly $1.45 billion in short positions, according to data from Coinglass.
Ethereum Skyrockets with Potential ETF Approval!
Standard Chartered analysts predict that the U.S. SEC will approve ether ETFs this week. Geoff Kendrick, the bank’s Head of FX Research and Digital Assets, is “80% to 90%” confident in the approval. Kendrick estimates that this could result in inflows of 2.39-9.15 million ETH in the first year post-approval, translating to approximately $15 billion to $45 billion.
Ethereum’s fundamentals are currently very strong. From a technical perspective, I’ve been closely monitoring the key level at approximately $2900, which coincides with the 618 Fibonacci level. Additionally, there’s a large bull flag on the daily timeframe suggesting a target towards the ATH range. ETH surged 20% on Tuesday night alone.
Altcoins on Fire: FTM up 41%, LINK up 33%, SOL up 32%. Will Bitcoin Dominance Crash the Party?
We saw major moves across the board with FTM, SOL, and LINK posting significant gains over the last week. However, it’s crucial to pay attention to the Bitcoin Dominance Chart.
Bitcoin Dominance (BTC.D) shows Bitcoin’s share of the total cryptocurrency market cap. When it’s high, Bitcoin tends to outperform most altcoins, which usually causes altcoin prices to drop. When it’s low, altcoins gain more market share and often see price increases. Monitoring this can help traders understand market trends and make better trading decisions, however there are no guarantees. Ideally, I would love to see BTC.D drop while Bitcoin maintains its price range. You can download your FREE cheat sheet regarding BTC.D here.
I hope this week’s segment has provided valuable insights. Join us for an Empire Live Market Scan every Wednesday night at 7 pm for a FREE session with a coach. Simply register on the Empire Crypto Trading Social Media and Educational Platform.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. The author takes no responsibility for any financial losses incurred as a result of trading or investing based on the information provided. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.
