Ethereum ETF's did not disappoint ❗️

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📅 Today

🔍️ Market Outlook

• Overall Bias - Bullish🙏

• BTC has now closed above it’s 200 Daily Moving Average & the 20 Weekly Moving Average, and closed the week above $67,500 which is quite bullish.

• This level was the weekly supertrend resistance (10, 1.5), which was crucial to break.

• Moving forward, the outlook for BTC is now bullish.

• It seems like the phase of consolidation is coming to an end, and prices could rally significantly higher, based on historic analysis.

• The invalidation level for this would be a weekly close below $58,500, after which the bias will shift to bearish.

Ethereum ETF’s Did Not Disappoint ❗️ 

Yesterday, 8 Ethereum ETFs made their debut with $300 million in trading volume in first hour itself, at the time of writing. This means that these ETFs are doing about a 20-25% of the volume of the BTC ETFs.

Like the BTC counterparts, these also cater to both institutional investors and retail traders, providing institutions like banks, hedge funds, pension funds, etc easy access to $ETH.

In comparison, most other ETF launches struggle to see even $1million in trading volume on launch date.

All this highlights the growing interest for Ethereum as an investment vehicle and a legitimate asset demanded by institutions.

Short-Term Headwinds To Be Aware Of For BTC🔍️ 

Although there are plenty bullish tailwinds for BTC over the long-term, here are some short term hindrances that could potentially slow down the price of BTC for the near future :

1️⃣ US Government Selling Bitcoin

Recently, the US government moved 58.742 BTC (around $4 million) to Coinbase, a small portion of the 2,933 BTC seized from Ryan Farace in 2018. This move hints at the potential sale of the remaining $195.5 million worth of BTC, which could impact the market.

2️⃣ Mt. Gox Transfers

Mt. Gox made significant BTC transfers today, moving 42,587 BTC ($2.85B) to an unknown address, followed by another 5.11K BTC. This $3.2 billion transfer caused a 1.84% dip in Bitcoin’s price. With $9 billion in total repayments planned, further market movements are expected as they still hold ~85K BTC.

3️⃣ BlockFi Refunds

BlockFi, a bankrupt crypto lender, will soon start distributing funds to its clients via Coinbase, with the first payments expected this month. The exact amount is still unknown.

Despite these headwinds, the macro trend & bias for BTC for the coming months remains incredibly bullish. Remember, when in doubt, zoom out!

📕 Educational

Where is Retail? 🔍

Retail interest for Bitcoin is currently lower than during the #FTX crash when BTC was below $18,000. Meanwhile, demand from spot ETFs has surged with significant inflows in the past week:

• Total net inflow: $1.24 billion

• 11 straight days of inflows

• $GBTC outflow: $56.12 million

• $IBIT inflow: $707 million

• $FBTC inflow: $244 million

These ETF buyers include both retail participants and institutions like banks, pension funds, and hedge funds. This indicates that smart money remains bullish on crypto while retail interest is lacking.

This situation is normal and healthy for the market, signaling an evolving landscape. When BTC reached $68,000 last cycle, retail interest was at its peak. Now, with BTC prices similar to a few years ago, retail interest has waned.

This is a positive sign, suggesting the market is far from overheating and prices have significant potential to rise.

Source : Asva Capital 

📊 Stat

📈 Chart of the day

• Ascending triangle breakout re-test

• Confluence with horizontal support

• Stochastics oversold

• RSI in buy zone

• Bullish divergence on 1H RSI will be additional confirmation

• Confirmation candle will be a bullish engulfing candle or a bullish hammer candle made at ~$0.15.

• Similar set-up seen for Soil & Pendle.

• Note : None of the content here is Financial Advice. Everything in this newsletter is for Educational Purposes only.
  

• Source : Cointraction

🤣Meme of the day

That’s why we HODL 🤣

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.