After Elon Musk and Donald Trump didn't discuss crypto in X, the crypto market slowed. BTC traded at $58,750 in Europe this morning, down 1% from 24 hours earlier. The CD20, which measures the crypto market, fell similarly. The crypto community awaited the two-hour conversation between Elon Musk and the Republican presidential contender, but cryptocurrency wasn't mentioned. Over 1 million people listened. Polymarket gamblers staked almost $600,000 on a 65% likelihood of "crypto" being spoken.
One bitcoin expert expects temporary losses of $5,000 from the current market price of $58,500. "Bitcoin is likely to fall by $5K rather than rise by the same amount," FxPro's Alex Kuptsikevich said via email. Kuptsikevich was pessimistic because bitcoin failed to stay over $60,000 after the death cross, a bearish crossing of the 50- and 200-day simple moving averages. "Bitcoin does not break above $60K and faces selling after it tried to break above the 50- and 200-day MAs late last week, showing seller dominance," he said. He said that the 14-day relative strength index (RSI) no longer reflects oversold conditions, suggesting another move down in line with current selling domination over $60,000.
SoSoValue reported $4.93 million in daily net inflow into U.S.-listed spot ether ETFs on Monday. Fidelity's FETH had $3.98 million inflow, Franklin Templeton's EZET had $1 million, and Bitwise's ETHW had $2.86 million. Grayscale's two funds had no flows. VanEck's ETHV was the only one to lose $2.92 million. Bitcoin ETFs received $27.87 million daily. Of the lot, Grayscale's GBTC outflow was $11.7 million and Bitwise's BITB $17 million.
