What we will talk about today...

Bitcoin Sellers 'Exhausted' as $67K Holds

Bitcoin sees reduced selling pressure from large investors, maintaining its strength above $67,000 over the past week.

• Main Points:

  • Reduced Selling Pressure: Bitcoin whales ease off as BTC holds above $67,000.

  • Positive Momentum: Indicators suggest a continued bullish trend.

  • Critical Levels: Focus on $65,000 support and potential move to $69,000.

  • Market Context: Recent recovery follows a sharp drop below $60,000.

• Detailed Insights:

  • Reduced Selling Pressure: Bitcoin has seen a significant reduction in selling pressure from large investors, particularly those holding between 1,000 to 10,000 BTC. CryptoQuant head of research Julio Moreno noted that large sellers are exhausted, and current valuation metrics indicate positive momentum. Compared to the periods in March and May when Bitcoin exceeded $71,000, realized profits are minimal.

  • Positive Momentum: Bitcoin is currently trading at $67,088, up 12.15% over the past seven days. Traders are closely watching the critical $65,000 support level, with speculation that Bitcoin could reach $69,000 next. Crypto trader Milkybull Crypto suggests that the next point to complete the weekly megaphone price pattern is $69,000, potentially targeting $84,000-$88,000.

  • Critical Levels: A move to $69,000 would erase $261.9 million in short positions, according to CoinGlass data. Bitcoin hasn’t reached $67,000 since June 12, but several bullish indicators suggest the uptrend may continue. Quinten Francois highlighted that weekly Bollinger Bands are at their lowest levels ever recorded, indicating strong momentum.

  • Market Context: Bitcoin’s price dropped sharply below $60,000 to $53,905 on July 5 before making a recovery. Philip Swift noted that Bitcoin’s price has returned to the Short-Term Holder Realized Price, an important indicator for speculative Bitcoin holders. The crypto trading account On-chain College observed that Bitcoin breaking above key levels indicates strong momentum and support at $64,000.

Related: Crypto Price Analysis

WHAT WE RECOMMEND😉

To have an Invested Mind, we need Entertainment. Here are some Entertaining, Exciting, and Useful sites for You

Just Clicking The Subscribe Button Helps Us Continue
For Free Forever

Ethereum ETFs Are Coming: What to Know

Nine spot Ethereum ETFs are launching on July 23, marking a significant milestone for cryptocurrency markets and offering new investment opportunities.

• Main Points:

  • Launch Date: Spot Ethereum ETFs to begin trading on July 23.

  • Trading Platforms: Available on major exchanges and brokerage platforms.

  • Fee Comparison: Management fees range from 0.15% to 2.5%, with some ETFs offering temporary fee waivers.

  • Staking: Currently not available for these ETFs.

• Detailed Insights:

  • Launch Date: After years of regulatory hurdles, spot Ethereum ETFs are set to hit the market on July 23. The Chicago Board Options Exchange (CBOE) confirmed the launch for five ETFs, including 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF. The remaining four ETFs are expected to list on Nasdaq or NYSE Arca around the same time.

  • Trading Platforms: Investors can buy Ethereum ETF shares on virtually any major brokerage platform, such as Fidelity, E*TRADE, Robinhood, Charles Schwab, and TD Ameritrade. These ETFs will be listed alongside traditional assets, making them accessible to a broad audience.

  • Fee Comparison: The management fees for the nine spot Ethereum ETFs vary. Eight of the ETFs have fees ranging from 0.15% to 0.25%. Grayscale Ethereum Trust (ETHE), which launched in 2017 under a different structure, charges a higher fee of 2.5%. Many ETFs are offering temporary fee waivers to attract investors. For instance, the Grayscale Ethereum Mini Trust has a 0.15% fee waived for the first six months or until it reaches $2 billion in AUM. Franklin Templeton’s Ethereum ETF has a 0.19% fee, waived through January 2025 or until it hits $10 billion in AUM.

    Comparison of Ethereum ETFs Fees:

    • Lowest Fees: Grayscale Ethereum Mini Trust (ETH) at 0.15%, temporarily waived.

    • Second Lowest: Franklin Ethereum ETF (EZET) at 0.19%, temporarily waived.

    • Highest Fees: Grayscale Ethereum Trust (ETHE) at 2.5%.

  • Staking: None of the current spot Ethereum ETFs will offer staking initially. Staking involves depositing ETH to earn rewards, which boosts returns but also carries risks such as "slashing." While issuers like Fidelity, BlackRock, and Franklin Templeton have sought approval to include staking, the SEC has denied these requests due to liquidity concerns. Staked ETH usually takes days to withdraw, posing a problem for ETF issuers who need to redeem shares promptly.

Related: Fidelity Surpasses BlackRock in Bitcoin ETF Inflows

Satoshi-Era Bitcoin Wallet Awakens After 11 Years, Spiking Value

A dormant Bitcoin wallet from 2013 has been reactivated, highlighting the volatile dynamics of Bitcoin’s market. This is because the number of wallets holding at least one BTC has significantly decreased.

• Main Points:

  • Dormant Wallet Activation: Satoshi-era Bitcoin wallet reactivates after 11 years.

  • Historical Context: The wallet's value surged from $2,598 in 2013 to $1.6 million today.

  • Market Impact: The reawakening of old wallets contributes to market activity.

  • Decline in Holder Count: Significant drop in wallets holding one or more BTC.

  • Market Sentiment: Potential for reduced selling pressure and price stabilization.

• Detailed Insights:

  • Dormant Wallet Activation: A Bitcoin wallet that has been inactive since 2013 has come back to life, containing 26 BTC valued at $1,663,917. This reactivation, reported by Whale Alert, underscores the dramatic increase in Bitcoin’s value over the past decade—from $2,598 in 2013 to its current value.

  • Historical Context: The reactivation of these old wallets provides a historical perspective on Bitcoin’s growth. The wallet’s current value represents a 63,946.1% increase, reflecting Bitcoin’s substantial appreciation over time.

  • Market Impact: The reactivation of Satoshi-era wallets usually generates significant market activity. Early adopters who manage to retrieve their private keys often liquidate their holdings, impacting market dynamics. Such events draw attention to the ongoing influence of Bitcoin’s early days on current market behavior.

  • Decline in Holder Count: On-chain data aggregator Santiment has noted a significant drop in wallets holding at least one BTC. The number of such wallets has decreased by 672,510 compared to June. This decline is attributed to traders’ doubts about Bitcoin’s ability to surpass its all-time high of $73,750, reached in March this year.

  • Market Sentiment: Despite the decline in the number of Bitcoin holders, this mass liquidation might lead to a market rebound. With fewer users holding large amounts of Bitcoin, the selling pressure could decrease, potentially stabilizing the price. Currently, Bitcoin is trading at $64,033, reflecting a 2.8% decline since Wednesday.

Related: Bitcoin Hits $67,300: Michael Saylor Reacts

CAN YOU PREDICT THE PRICE?

HOW DID WE DO? 🤷

Stay Tuned For More Twists and Turns in
🚀The Crypto World & Happy Investing🚀

This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results