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📊 Market Update: July 4th🧵
1/ The crypto market is trending positive amid a favorable macro environment. The narrative surrounding TradFi's Bitcoin ETF application has been driving an upward pricing trend. Exciting news came in as Blackrock Inc. refilled paperwork with US regulators through Nasdaq to add new details to its proposal.
2/ Last week's price action looked fantastic, with buyers showing aggression around key levels and significant drops. Just take a look at $BTC's chart on June 30th and July 2nd. However, it's not just Bitcoin that showcased impressive performance. Certain altcoins, like $COMP, rallied a whopping 130% since July 25th, just four days before its former CEO announced the founding of Superstate funds.
3/ Despite the 4th of July weekend, there have been no signs of crypto funds taking a break. While Bitcoin consolidated in the 30-31k range, institutional trading volume experienced a significant surge. In contrast, during the run-up to $30k two weeks ago, institutional investors mostly remained on the sidelines, dominated by sell-side activity.
4/ Interestingly, after this recent rally, we observed miners piling on sell volume for $BTC. Additionally, project treasuries have been trimming their altcoin exposures, shifting towards lower volatility assets like $BTC, $ETH, and stablecoins. However, liquid crypto funds seem to be cautiously bullish in this range.
5/ Despite higher prices, the cadence of allocation hasn't quite stopped for these funds. It's an exciting time for the crypto market, with the macro environment and the Blackrock ETF proposal providing positive momentum.
Stay tuned for more updates and let's see how this trend continues to evolve!
BY Blockchain.com
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