A Deribit Insights discussion argues that ETFs and institutional derivatives activity have changed Bitcoin's market structure.
Bitcoin recovered some ground following an earlier drop in the week. Earlier, the largest crypto had traded at a high of $73,978 on the first day of June and fell to a low of $59,073 on June 5 as selling intensified.
Standard Chartered has kept its $100,000 Bitcoin target and $4,000 Ethereum target after the selloff. Standard Chartered digital-assets research head Geoffrey Kendrick said the drop likely set the cycle bottom in his latest note.
Bitcoin has recovered to trade above $64,000 as optimism surrounding a potential diplomatic agreement between the United States and Iran bolstered appetite for risk-sensitive assets globally. The premier digital currency experienced significant volatility throughout the week before finishing with strong gains.
On-chain data and bull trap theory point to extended downside before cycle bottom forms
According to a recent SoSoValue update, U.S. spot Bitcoin ETFs recorded $85.85 million in daily total net inflow on June 12. Total value traded reached $1.81 billion, while total net assets stood at $79.65 billion.
Bitcoin attempts a short-term breakout as analysts eye a possible move toward the $160,000-$180,000 range.
Bitcoin has entered a period where preparations for quantum-resistant security should begin immediately, according to a new report from Coinbase's independent advisory board of cryptography experts.
Wealthy crypto investors have recently concentrated their buying in large-cap assets such as Bitcoin (BTC) and Ethereum (ETH), signaling a continued preference for perceived 'stability' amid uncertain market conditions. At the same time, several smaller tokens have slipped into extreme 'oversold' territory on short-term technical gauges, pushing traders to debate whether capitulation levels are forming.
Wall Street got to trade Bitcoin around the clock just in time to watch the market fall apart. CME Group launched 24/7 trading for its crypto futures and options on May 29, and over the first weekend, more than 7,200 contracts changed hands, worth roughly $50 million in notional value.
BTC's weakest June in years puts seasonal trends under the spotlight as traders track key price levels near $65K.
Bitcoin fell to a six-week low near $72.7K as whale Garret Jin grew a $94.4M leveraged long, highlighting contrarian risk in a still-bearish BTC market.