Ethereum Open Interest Rises By $1.5 Billion What This Means

Ethereum (ETH) recorded a significant loss in price this week following the trading debut of Ethereum spot ETFs. According to data from CoinMarketCap, ETH has declined by 6.60% in the last seven days, falling as low as $3,100. However, amidst this price crash, CryptoQuant analyst burakkesmeci has made an important observation with a potential impact on market movement. Related Reading: Ethereum Targets Recovery: Can It Mirror Bitcoins Performance? Ethereum Open Interest Surges By $1.5 Billion In Three Weeks In a Quicktake post on CryptoQuant, burrakesmeci shared that the Open Interest (OI) on Ethereum has risen by a remarkable $1.5 billion in the past three weeks. For context, Open Interest refers to the total number of outstanding positions for a particular asset. Generally, an increase in Open Interest indicates a rise in market participation for any asset i.e., more traders are opening long or short positions on Ethereum. With this rise in open positions, there is likely an equal increase in the number of leverage trades.  Burakkesmeci expressed that a surge in liquidations should also be expected as leveraged trades, which are open with borrowed funds, are always closed once an insufficient price margin occurs. Furthermore, This increase in leverage trading liquidations is expected to produce a high market volatility, resulting in unpredictable and rapid price movements.  In regards to price action, a rise in Open Interest indicates the current market trend is gaining stronger. Therefore, despite Ethereums price dip in the last week, the prominent altcoin is likely to extend its 7.01% gain of the past three weeks in the coming months.  At the time of writing, Ethereum presently trades at $3,278.80 with a 3.46% increase in the last 24 hours. The altcoin appears to be attempting a market recovery with a strong resistance expected at the $3,500 region. However, if the current buying pressure proves insufficient to break past this barrier, Ethereum could return to the $3,100 price mark or even slide as low as $2,900. Related Reading: Ethereum Whales Rapidly Accumulate ETH Amid Price Decline Ethereum Spot ETFs Net Outflows Reach $469 Million In another development, the newly launched Ethereum Spot ETF market has now recorded a cumulative outflow of $469.83 million in its first three days of trading. Data from Farside Investors identifies Grayscale’s ETHE with a total outflow of $1.51 billion as the major cause of this current market position.   Meanwhile, BlackRocks ETHA continues to lead the market with inflows worth $354.8 million, followed closely by Bitwises ETHW with $265.9 million.  Like their Bitcoin counterparts, the debut of the Ethereum spot ETF has been accompanied by a significant price drop. However, it remains uncertain whether these Ethereum ETFs will eventually trigger a price surge akin to the one experienced in the Bitcoin market during the initial two months of BTC Spot ETF trading. Featured image from Investopedia, chart from Tradingview.com

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Bitcoin Market Analysis: Analyst Uncovers Key Patterns And ETF Influence

Crypto Rover, a popular crypto-analyst, recently shared his insights in a YouTube video and analyzed the situation with Bitcoin and the reasons for the price drop. The analyst insights focus on the key trends, the effects of Ethereum and Bitcoin spot ETFs, and the large sell-off by Mt. Gox to help give a richer picture […]

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US Bitcoin ETFs see record $17B in net inflows

The consistent inflows into Bitcoin spot ETFs signal a robust and growing demand for regulated Bitcoin investment vehicles.

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Bitcoin ETFs: $53M Inflows Amidst Price Stability at $65K

On July 17, the Bitcoin spot ETF market witnessed significant financial movements. According to SoSovalue data, net inflows continued for the ninth consecutive day, totalling $53.35 million. This, however, marked a decline from the substantial $422 million observed the previous day. BlackRock’s IBIT emerged as the frontrunner with net inflows of $110.37 million, boasting a […]

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Ethereum Bulls Gear Up For Recovery Can Spot ETFs Push Price To New Highs?

Ethereum (ETH) is gearing up for a price uptick as we begin a new week. Ethereum is currently trading at $3,195 and is up by 1.83% in the past 24 hours. Although Ethereum’s gains are part of a wider market rally after a rebound, the altcoin is in the best position to surge the most in the coming weeks. Related Reading: Bullish Bitcoin Indicator Which Led To A Reversal Has Returned, Is $70,000 Possible? Fundamentals point to an extended price surge in the face of a looming launch of Spot ETFs. Additionally, technical indications are pointing to a bullish outlook for Ethereum as it approaches a crucial resistance level around $3,250.  Ethereum Basking In Bullish Sentiment Ethereum is now looking to break above $3,200 after trading for the majority of the week below $3,100. Although Ethereum broke above $3,000 again last week, the king of altcoins largely consolidated between $3,000 and $3,100 in what looked like a slowdown of bullish sentiment. However, on-chain analytics and fundamentals point to Ether still basking in bullish sentiment among investors. Majority of investors are waiting for a signal before jumping on the asset.  For starters, there’s a growing sense that Ethereum Spot ETFs could be on the horizon. VanEck and other potential issuers amended their filings earlier in the week in hopes of receiving the SECs final permission. It could be a game changer for the crypto market in 2024 if Spot Ethereum ETFs start trading. According to Thomas Perfumo, Head of Strategy at Kraken, the Spot ETFs could open up an additional $1 billion inflow into Ethereum monthly. This new inflow of demand and money could see Ethereum push past its current all-time high of $4,900 into new price territories above $5,000. According to multiple reports, things are taking a better turn for the approval of these Spot ETFs, and the potential for approval by the SEC has jumped massively. As noted by Eric Balchunas, senior ETF analyst at Bloomberg, everything is already in place for the approval of the ETFs, and it is unclear why the SEC is taking so long. This has led to an increase in a bullish case for Ethereum for the rest of the month.  Yeah, rn its all quiet on the Western Front re eth ETFs. Nada from SEC this week. Unclear why they taking such sweet ass time. Every issuer is ready. Docs are ready. Its like a rain delay in baseball. Gotta just wait. Maybe things will move fast next week. Well see https://t.co/o1ZSdIf1nE Eric Balchunas (@EricBalchunas) July 12, 2024 Related Reading: Bitcoin Whales Accumulate 71,000 BTC Amidst Price Dip Details Indicators Looking Bullish On the technical side of things, technical indicators also support a bullish outlook. According to the daily candlestick chart, Ethereum is on its way to closing its third consecutive bullish daily candle for the first time since June 16. The crypto is also attempting a break above the 100 SMA. A break above the 100 SMA in correlation with a bullish daily close could solidify the bullish momentum as we head into a new week.  Featured image from Reddit, chart from TradingView

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Bitcoin Outflows from Coinbase Fuel Bull Cycle: Spot ETFs Top $1 Billion

CryptoQuant, a leading analytics platform, has offered valuable insights into the current state of the Bitcoin market. In a recent X post, the platform highlighted that a substantial amount of Bitcoin has been pulled out from Coinbase, with 4,594 BTC being transferred to spot exchanges. This is expected to greatly alter the crypto market and […]

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Thailand Approves Its First Spot Bitcoin ETF

Thailand approved its first spot in Bitcoin ETF, with One Asset Management joining the growing list of jurisdictions approving regulated Bitcoin funds.

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Thailand Approves the First Spot Bitcoin ETF

Thailand has approved launching its first spot Bitcoin exchange-traded fund (ETF), joining a growing list of countries embracing regulated Bitcoin investment vehicles. BREAKING: Thailand SEC approves the first spot #Bitcoin ETF. pic.twitter.com/ju1q83JvVP — Bitcoin Magazine (@BitcoinMagazine) June 4, 2024 The Thai Securities and Exchange Commission (SEC) endorsed asset manager One Asset Management (ONEAM) to [...]

The post Thailand Approves the First Spot Bitcoin ETF appeared first on Crypto Breaking News.

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Australias First Spot Bitcoin ETF To Begin Trading Tomorrow

Australia's first spot Bitcoin ETF, the Monochrome Bitcoin ETF (IBTC), is set to begin trading on CBOE tomorrow, marking a new milestone for Bitcoin adoption in Australia.

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21Shares files application for spot Solana ETF

The proposed fund would be called the 21Shares Core Solana ETF and would not participate in staking SOL.

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Bitcoin Reserves Plummet On Coinbase Amid Spot ETF Surge: Report

The reputable analytical platform CryptoQuant also shared valuable insights regarding Bitcoin accumulation on Coinbase. Based on platform observation, Bitcoin reserves on the top cryptocurrency exchange have been relatively decreased from February 2024. According to a recent report, the first reason for this sort of fast reduction is the increased demand for Spot Exchange-Traded Funds (ETFs). […]

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Spot Bitcoin ETFs Saw $1.8B in Inflows Last Week

Spot Bitcoin ETFs in the U.S. saw $1.8 billion in inflows last week, extending their inflow streak to a record 18 consecutive days as funds mature.

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Ethereum Spot ETF: Franklin Templeton Launches Fee War With 0.19% Offer

Following the abrupt approval of the Ethereum Spot ETFs by the US Securities and Exchange Commission (SEC), several prospective issuers have now filed amended versions of their S-1 forms. This development follows an initial directive from the commission that necessitated all asset managers vying to launch an Ether Spot ETF  to submit their draft S-1 filings on Friday. Related Reading: Ethereum Investors Take On Sky-High Leverage: Brace For Volatile Storm? Franklin Templeton Opens Floor With 0.19% Sponsor Fee Among the many S-1 amendments received by the SEC on Friday, Top asset management firm Franklin Templeton caught many spectators’ attention after becoming the first potential issuer of the Ethereum Spot ETF to reveal a sponsor fee.  The New York-based investment firm aims to charge a 0.19% fee on its Ether spot ETF if approved. Therefore, for every $1,000 invested in this fund, investors would need to pay $1.90 directed at covering the management and operational expenses with the ETF. In any ETF market, sponsor fees are important factors that serve as incentives in attracting investments. With Franklin Templeton being the first issuer to reveal its sponsor fee, it may serve as a precedent as other asset managers may set figures around this value in a bid to entice investors.  Notably, Franklin Templeton also offers the same sponsor fee for its Bitcoin spot ETF which ranks as one of the lowest fees in the specific ETF market. Alongside them, other issuers including VanEcK, Invesco Galaxy, Grayscale, BlackRock, and 21Shares have also turned in their amended S-1 forms to the SEC. While the 19b-4 forms of these ETF applications were approved on May 23, the processing of the S-1 forms remains critical for any form of trading to commence. Notably, this process may be lengthy as the submitted S-1 forms are subject to comments from the Commission, which will likely necessitate further amendments. Related Reading: Crypto Analyst Reveals Why $69,000 Is Very Important In The Grand Scheme Of A Bitcoin Recovery JPMorgan Predicts Lower Demand For Ethereum Spot ETFs In other news, prominent investment bank JPMorgan has projected the Ethereum spot ETFs to perform far less than their Bitcoin counterparts. According to multiple reports, JPMorgan analysts predict these ETFs can only attract investments of about $3 billion in 2024, which could rise to $6 billion if staking is introduced.  For context, the Bitcoin spot ETFs launched in January are currently valued at $13.69 billion according to data from SoSoValue. In a recent interview, Bloomberg analyst James Seyffart shared similar sentiments with JPMorgan, highlighting the massive difference in the market cap of Ethereum and Bitcoin. At the time of writing, Ethereum trades at $3.777 with a slight gain of 0.45% in the last 24 hours. In tandem, the assets daily trading volume is up by 4.80% and valued at $15.40 billion. Featured image created with DALL·E, chart from Tradingview

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Bitcoin Spot ETFs Score $1.81 Billion In Net Inflows As Market Revival Continues

The US Bitcoin ETFs are strongly reflecting the bullish sentiments that are ravaging the crypto market at the moment. Following an impressive performance in the third week of April marked by $3.06 billion in net inflows, these Bitcoin ETFs did well to retain investors interest by attracting almost $2 billion in deposits over the past week.  Notably, Bitcoin has recently seen a market rebound, with prices moving from $84,000 to $97,000 in the last two weeks. The rising inflows to Bitcoin demonstrate a strong market demand backing this resurgence, hinting at the potential of a sustained uptrend. Related Reading: Bitcoin At Critical Juncture Price Levels To Watch: Analyst Bitcoin ETFs Drive Into May On Bullish Note According to ETF tracking platform SoSoValue, the US Bitcoin Spot ETFs recorded $1.81 billion in net inflows as the market crossed into the month of May. This represents the third-largest weekly inflow in 2025 as institutional investors actively rotate their capital into the cryptocurrency and all related markets. In a familiar tale, BlackRocks IBIT attracted the largest investments with over $2.48 billion in net inflows. Interestingly, IBIT  accounted for all deposits on Friday, May 2nd, valued at $674.91 million, demonstrating an unrivaled market dominance. Other ETFs that experienced a net inflow include Grayscale’s BTC, VanEcks HODL, and Invescos BTCO, with investments ranging from $10 million – $41 million. Meanwhile, Fidelitys BTCO accounted for the largest weekly net outflow at $201.90 million in what proved a bearish week for the second-largest Bitcoin ETF. Grayscales GBTC and Bitwises BITB also registered net withdrawals valued between $30 million – $60 million. While Franklin Templetons EZBC, Wisdom Trees BTCW, Hashdexs DEFI, and Valkyries BRRR have zero market flows.  Following this bullish trading week, the US Bitcoin Spot ETFs boast of $40.24 billion in cumulative total net inflow. Meanwhile, their total net assets are now valued at $113.15 billion, representing 5.87% of Bitcoin’s market cap. Related Reading: Machine Learning Algorithm Predicts Ethereum Price Crash To $1,500 After 4 Red Month Closes Ethereum ETFs Score $107 Million In Investments Alongside the resurgence with their Bitcoin counterparts, Ethereum Spot ETFs are also experiencing a notable rebound, recording over $250 million in net inflows over the past two weeks.  Specifically, these ETFs registered $106.75 million in inflows in the last trading week, with BlackRocks ETHA accounting for the majority share. Presently, these ETFs hold a cumulative total net inflow of $2.51 billion and total net assets of $6.40 billion, which represents 2.87% of the Ethereum market cap. At the time of writing, Ethereum continues to trade at $1,845 following a 0.49% decline in the past 24 hours. Meanwhile, Bitcoin remains valued at $95,514. Featured image from iStock, chart from tradingview

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Analyst Predicts Ethereum Spot ETFs To Attract 25% Of BTC Demand Heres Why

Following the sudden approval of the Ethereum Spot ETF last week, speculations continue to roll in on the potential performance of these funds ahead of their debut trading session. Most recently, renowned Bloomberg ETF analyst, James Seyffart has weighed in on the subject giving his thoughts on the possible level of investments the Ethereum spot ETFs could pull in relation to their Bitcoin-based equivalents. Related Reading: Analyst Says Ethereum Spot ETFs Approval Will See Animal Spirits Reignite Crypto What This Means ETH Spot ETF Limited By Ethereums Utility And Other Factors – Analyst In an interview session on X on May 24 hosted by Bitwise Chief Investment Officer Matt Hougan, Seyffart stated that the Ether spot ETFs would likely experience a maximum of 25% of the demand seen by the Bitcoin spot ETFs. Seyffart based his predictions on multiple elements starting with enormous differences in market caps between both assets. According to data from CoinMarket, Ethereums total market shares are valued at $449.25 billion which is roughly equal to 30% of BTC’s 1.35 trillion market cap. Furthermore, the analyst also highlighted the large disparities in the difference between both ETFs and their base assets. According to Seyffart, there is a bigger gap between Ethereum as an ETF and as a cryptocurrency than Bitcoin as an ETF and as itself.  The ETF analyst believes that the ETH spot ETFs will limit investors from native ETH features such as staking, a prominent source of passive income, and other on-chain use cases in terms of DeFi, NFTs, DAOs, etc. Thus, certain investors might prefer to invest directly in the altcoin.  With all these factors in consideration, Seyffart predicts these novel investment funds will produce big launches but not at the level of the Bitcoin spot ETFs.  He predicts the Ethereum Spot ETFs will record between 20-25% of investments in their Bitcoin-based peers once trading commences. Meanwhile, fellow Bloomberg analyst Eric Balchunas appears less optimistic with a projection of 15-20%. Undoubtedly, the performance of the Ethereum spot ETFs will be influential on other crypto spot ETFs that may gain approval from the US Securities and Exchange Commission. Currently, the XRP ETF is tipped by many enthusiasts as the next debutant in the market but this is still subject to many factors, most especially regulatory clarity on the institutional sales of XRP. Ethereum Price Overview In other news, Ethereum is trading at $3,766 with a 0.51% gain in the last day. This slight positive performance underscores Ethereums form all week with a combined 20.47% gain recorded in the last seven days. Meanwhile, ETHs daily trading volume is down by 51.27% and is valued at $10.03 billion. Related Reading: Post-Ethereum ETF Analysis: ETH Price Seeks Bottom As Bulls Eye $5,000 Target Featured image from BitMEX, chart from Tradingview

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Bitcoin Spot ETF Records Consecutive Weeks Of Inflows As Investor Confidence Grows

Ethereum exchange-traded funds (ETF) have been the talk of the town – and rightly so – after the United States Securities and Exchange Commission (SEC) approved the listing of the investment products during the week. Meanwhile, the Bitcoin spot ETF market continued its resurgence on one side, marked by a second consecutive week of positive inflows. This streak of positive inflows represents a complete shift from previous weeks when investment activity was dangerously low. However, this recent turnaround reflects a rise in investor confidence over the past two weeks. Bitcoin Spot ETF: $252 Million In Net Inflows In One Day On Friday, May 24, the US Bitcoin spot ETF market saw another day of positive inflows, marking the 10th consecutive day of significant investment into these funds. According to data from SoSoValue, the market recorded a total net inflow of approximately $252 million to close the week. Related Reading: Lido (LDO) Takes The Lead With 13% Surge Post Ethereum ETF Approval Key Levels To Watch Breaking this down, BlackRock amassed a substantial percentage of the total daily investment, with the IBIT ETF posting an inflow of $182 million. Grayscale Bitcoin Trust (GBTC), on the other hand, did not attract any capital on Friday, ending the week with zero daily outflows and inflow.  Other ETF issuers, such as Fidelity, Bitwise, and ARK Investment, also witnessed impressive inflows on Friday. Most notably, Fidelitys FBTC came second to BlackRocks fund after attracting about $43.7 million on the last day of the week. More importantly, this positive inflow day means that the Bitcoin spot ETF market has amassed significant investment every day for the second week in a row. And after the close of Fridays trading session, the net inflow in the past week stood at an impressive $1.06 billion. This sustained positive trend in terms of capital inflow suggests that investor confidence in Bitcoin ETFs might be back at an all-time high. The last time there was a consistent positive capital inflow into these products, the Bitcoin price rose to a new all-time high. With Ethereum spot ETFs on the brink of trading in the US, crypto exchange-trade products seem to be in fashion at the moment. And they might just be the catalyst that the crypto market – particularly Bitcoin – needs to resume what is left of the bull cycle. Bitcoin Price At A Glance As of this writing, Bitcoin is valued at $68,868, reflecting a 2.5% price increase in the last 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by 3% on the weekly timeframe. Related Reading: Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases Glassnode Featured image from iStock, chart from TradingView

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Bulls In Control: Ethereum Longs See Biggest Candle Ever After ETF News

Data suggests users on Binance responded to the Ethereum exchange-traded fund (ETF) news by aggressively longing the cryptocurrency. Ethereum Net Taker Volume On Binance Has Just Seen Its Biggest Candle Ever As explained by CryptoQuant community manager Maartunn in a post on X, the Ethereum Net Taker Volume has observed a sharp increase after rumors have surfaced that the ETH spot ETFs have a renewed chance of gaining approval. The “Net Taker Volume” here refers to an indicator that keeps track of the difference between the ETH taker buy and taker sell volumes on any given centralized exchange. Related Reading: Litecoin Whales Go On $230 Million Buying Spree: Will This Change LTCs Stars? When the value of this metric is positive, it means that the taker buy or long volume is outpacing the taker sell or short volume on the platform right now. Such a trend implies a bullish sentiment is dominant among the investors. On the other hand, the indicator being negative suggests the presence of a majority bearish mentality among the users of the exchange as the shorts are outpacing the longs. Now, here is a chart that shows the trend in the Ethereum Net Taker Volume on the cryptocurrency exchange Binance over the last few years: As displayed in the above graph, the Ethereum Net Taker Volume on Binance has just registered a huge positive spike, the implying investors have just opened a large amount of longs on the platform. More specifically, the indicator’s value during this spike has been $530 million, which, according to the analyst, is the single largest spike the cryptocurrency has ever seen. “Binance-traders are longing the Ethereum ETF-news like there is no tomorrow,” notes Maartunn. This isn’t particularly surprising, considering the market is very well aware what a spot ETF could mean for the asset after having witnessed what went down for Bitcoin. The ETF news pre-approval had been bullish for BTC and while the approval itself had initially led to bearish price action, it eventually paid off for the asset as capital started rapidly flowing in through these investment vehicles and the coin enjoyed a rally that led to a new all-time high (ATH). In another X post, the CryptoQuant analyst pointed out that the Ethereum Open Interest has shot up as well. The “Open Interest” measures the total amount of ETH-related positions that are currently open on all derivative exchanges. This trend isn’t that unexpected, given that derivatives users have been opening a large amount of longs for the asset. With this rapid surge, the Ethereum Open Interest has managed to set a new ATH. Related Reading: Bitcoin Profit-Taking Has Completed, Top Analyst Reveals Historically, intense speculation has generally led to more volatility for the coin, as the risk of large liquidations happening can become high in such periods. As such, this Open Interest spike may signal some turbulent times ahead for Ethereum. ETH Price So far in the rally fueled by the ETF news, Ethereum has managed to break past the $3,800 level, which is a milestone the coin hadn’t achieved since mid-March. Featured image from Shutterstock.com, CryptoQuant.com, chart from TradingView.com

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On-Chain Data Tips Bitcoin To Peak At $120,000 But On This Condition

Bitcoin prices have registered impressive gains in recent weeks amidst an ongoing price rebound. Since dipping below the $75,000 mark in mid-April, the assets price has jumped by over 37.5% to trade as high as $105,490.  While the BTC market appears to be cooling off, renowned crypto analyst Ali Martinez has tipped the premier cryptocurrency to hit a market top of $120,000 before the current bull cycle runs out. Related Reading: Golden Ratio Multiplier Called Bitcoin Top In 2021 Heres What Its Saying Now CVDD Metrics Hint At $120k Peak, But Only If $90k Support Holds The Cumulative Value Days Destroyed (CVDD) is an on-chain metric that measures the total coin-days destroyed when dormant BTC moves, thus capturing the spending activity of long-term holders. Basically, a surge in CVDD indicates significant profit-taking by long-term holders, which is often an indicator of overheated market conditions. Meanwhile, reduced CVDD action marks accumulation phases.  Based on the chart presented by Martinez, prominent analytics firm CryptoQuant extrapolates Bitcoins current CVDD at $34,154 into multiple layers, each representing different aspects of the bull market.   Firstly, there is the Accessing Tops, i.e, the black line which extrapolates the CVDD into an upper band that the price has reached at the major tops, such as at $20,000 in 2017 and $69,000 and 2021. Presently, the Accessing Tops is around $120,000, suggesting this could be the next market peak of this bull run.  Another important layer in CryptoQuants extrapolation of the CVDD is the Accumulating Phase 2, the second-tier support band that has repeatedly underpinned price throughout 2025. It is presently positioned at $90,000, marking the first major support line for bulls.  With the present Bitcoin price at $103,242, Ali Martinez warns that preserving the price support at $90,000 is critical to maintaining Bitcoins bull structure and enabling a potential rise to $120,000. Related Reading: Ethereum Faces Resistance Against Bitcoin ETH/BTC Bullish Structure In Question Bitcoin Price Overview At the time of writing, Bitcoin trades at $103,573, reflecting a slight market gain of 0.09% in the past day. Meanwhile, the assets daily trading volume is down by 17.92%, indicating a fall in market participation.  Presently, the next resistance level stands at $105,000. However, Martinez has stated that major positive developments will only follow when a price close above $107,000 is achieved. Meanwhile, bullish sentiments remain high as illustrated by another impressive performance by the Bitcoin Spot ETFs, which registered a net inflow of $1.81 billion in the past week. With a market cap of $2.04 trillion, Bitcoin continues to remain the most valuable digital asset, holding about 62.8% of the crypto market. Featured image from Pexels, chart from Tradingview

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Crypto Analyst Reveals XRP Price Crash In The Short-Term, Heres The Target

XRPs price outlook has taken an unexpected twist as one of its most ardent supporters, EGRAG CRYPTO, issued a short-term bearish prediction. Known across the crypto community for his unwavering bullish stance on XRP, EGRAG’s latest forecast has caught many by surprise. In a post shared on social media platform X, the analyst warned that the current market structure could push XRP into a significant short-term decline before any meaningful recovery unfolds. EGRAG CRYPTO Warns Of Potential Drop Toward $1.24 Before Rally According to EGRAG CRYPTO, the immediate technical outlook for XRP points to the possibility of a sharp correction. Backing up his forecast, EGRAG CRYPTO shared a detailed price chart showing the current position within a broader bull market structure. The chart shows how XRP is currently trading below the bull market support band. Notably, XRP’s position below the bull market support band has dragged on for over month, ever since it broke below in the middle of March. The longer XRP continues to trade below this band, the higher the possibility of a significant retest. Related Reading: XRP Surpasses Ethereum In This Major Metric After Outperforming For 6 Months EGRAG CRYPTO noted that the XRP price has failed so far to reclaim the $2.33 and $2.45 resistance zones, which sit at the upper edge of the bull market support band on the daily timeframe chart. He explained that as long as the price continues to trade under the $2.33 and $2.45 thresholds, bears could remain in control and drag the asset lower toward the 0.702 Fib extension level.  In terms of a price target, this 0.702 Fib is currently sitting at $1.24, which means the price could crash towards this level before rebounding above the bull market support band. Interestingly, this $1.24 zone coincides with an important breakout structure from November 2024, which served as the launchpad for XRPs rally to $3.4. Consequently, retesting this zone could serve as a validation of prior breakout strength and ultimately fuel a more sustainable long-term uptrend. EGRAG CRYPTO’s Advice: Accumulate XRP Instead Of Panic Selling Despite his short-term bearish tone, EGRAG urged holders not to panic or make emotional decisions. Addressing concerns he anticipated from followers, he made it clear that he does not advise selling XRP to try and time a lower re-entry. Instead, he encouraged the community to continue accumulating during the predicted dip, rather than chasing short-term market trends. Related Reading: XRP ETFs And A Price Surge: What To Expect If The SEC Gives Greenlight A dip to $1.24, while unsettling for some, could pave the way for a much larger rally that would push the altcoin into the long-anticipated double-digit territory. In another analysis, EGRAG CRYPTO predicted a long-term XRP price target of $27. At the time of writing, XRP is trading at $2.27, up by 5.13% and 7.26% in the past 24 hours and seven days, respectively. This comes as a response to ProShares securing SEC approval to launch three XRP Futures ETFs on April 30. Similarly, the first XRP Spot ETF was recently launched by crypto asset manager Hashdex in Brazil. Featured image from Adobe Stock, chart from Tradingview.com

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Bitcoin Enters Danger Zone Post-Halving, Analyst Warns Of Potential Downside

Following the halving event on April 19, the price of Bitcoin has displayed a puzzling performance. BTC initially gained nearly 10% to trade as high as $67,020 on April 24. However, in the last two days,  the digital assets price has declined by 6.49%, falling below the $63,000 price mark.  As expected, such negative performance has drawn attention from investors and market speculators. In particular, renowned analyst with X handle Rekt Capital has provided a theory on Bitcoins price fall and perhaps an insight into the future price movements of the crypto market leader. Related Reading: Timing The Breakout: When Will Bitcoin Escape The Post-Halving Consolidation? BTC Potential Price Decline Ahead? In an X post on April 26, Rekt Capital stated that Bitcoin has now entered the Post-Halving Danger Zone. The analyst described this phenomenon as a period during which Bitcoin has historically experienced price corrections after the halving event. Rekt Capital noted that in 2016, Bitcoin recorded these price retraces in the three weeks following the Halving event. During this time, the tokens price declined by 11%.  The analyst postulates that Bitcoin is now in the Post-Halving Danger Zone of the current bull cycle following its price fall over the last two days. It is worth stating that if Bitcoin mirrors past price movement in this phase, the token could be heading for $60,000. However, Rekt Capital states that if the crypto market leader experiences such a fate, it will be within the next two weeks.  At the time of writing, Bitcoin trades around $62,672 with a decline of 2.44% in the last day. This price fall underscores BTCs negative performance in the last month in which it has lost 11.16% of its market value.  BTC trades at $63,023 on the daily chart | Source: BTCUSD chart on Tradingview.com Related Reading: Forbes Unveils 20 Crypto Zombies, Declares Ripple And XRP Among The Undead Bitcoin ETFs Record Minor Inflow; Net Outflows Hit $217 Million According to data from SoSoValue, the Bitcoin Spot ETF market recorded net outflows to the tune of $217 million on April 25. Unsurprisingly, Grayscales GBTC accounted for $138 million of these figures as its total outflows now approach $17 billion. Notably, for the first time ever, Fidelitys FBTC and Valkyries BRRR  produced net outflows estimated at $22 million and $20 million, respectively. Meanwhile, ARK Invests ARKB and Bitwises BITB also experienced a loss in investment on Thursday. Interestingly, all other Bitcoin Spot ETFs recorded zero net flows except Franklin Temptons EZBC, which saw a net inflow of $1.87 million. At the time of writing, the BTC spot ETFs have a combined value of $128 billion, reflecting a remarkable growth since their trading debut on January 11. Featured image from The Economic Times, chart from Tradingview

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