Dear Friends,
The cryptomarket showed some steadiness for the past couple of days.
At the time of writing this article, the global crypto market cap stands at $2.12 Trillion, a marginal 0.60% decrease by yesterday.
The crypto leaders BTC is trading at $ 57261 and ETH is trading at $ 3106 almost flat.
The fear greed index is at 40 points, which showed the market sentiment is at fear.
As we have been saying much that in all our previous articles that the crypto markets are almost seeing their down and it is ready for the upside movements. Exactly which is happening in the market now.
The whales force everyone to sell in the market at the bottom matching to various crypto news like Mt. Gox and the German Government on BTC selling. With the widespread of these news made panic among the market players which made huge sell off. However this helped whales to accumulate the cryptos at the bottom prices. This will make huge profits when the market on rise.
We all need to understand the market dynamics to reap profits also. We should not panic and we all need to develop wait and watch approach. Look for the market technicals, observe the movements and the overall sentiments. We also should observe the market not in the market perspective but come out and see at an external point of view.
Whenever there are some negative news, markets would fall sharply. But observing the news, market bounce backs. Use this wisely in all your trading and investments.
As we have predicted, we could find a steady inflow in the BTC ETFs too.
According to the crypto market watch Spotchain analysis we came to know about this with statistics:
$BTC #ETF Net Inflow July 10, 2024: +$147M!
• The net inflow remains larger than $100M for 4 consecutive trading days. Strongly positive!
• #Fidelity (FBTC) led with an inflow of $57.8M yesterday.
• #BlackRock (IBIT) saw a sharp drop from $121M to $22.2M.
• #Grayscale (GBTC) continued seeing a small outflow of $8.2M.
Spotchain also reported that in a tweet highlighted that in the past 18 hours, the German government unloaded another $376M worth of $BTC, including:
• moving out 10,627 $BTC ($616M) at ~$57,976; receiving back 4,169 $BTC ($240M) at ~$57,469.
At present, the German government only has 9,094 $BTC ($520M) left, ~18% of the original $BTC amount. At this rate, they may deplete their $BTC holding in the next 1-2 days.
But as market observed this market remains almost flat.
As expected, Inflation in the US, as measured by the change in the Consumer Price Index (CPI), declined to 3% on a yearly basis in June from 3.3% in May which was reported by the US Bureau of Labor Statistics (BLS) reported by yesterday.
This has come up below the market expectation of 3.1%. ( 3% has achieved).
As discussed yesterday, there are various events that are lined up in this year which are considered to be in favour of the markets.
The overall sentiment is that until ETH ETF start to trade, there may some up and down movements. But once ETH ETF starts to trade, there will be more inflow which is a propelling factor to go up with an anticipated alt coin pump ahead.
So, make wise choices and look for the investment and selling ranges to play it wisely in the market.
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