BlockBeats News, July 21, Presto Research analyst Min Jung stated: "Supported by ongoing institutional demand (especially from cryptocurrency fund management companies), Bitcoin continues to hover around historical highs. Given the nature of these buyers, they are unlikely to become active sellers in the short term. That said, we are beginning to see old wallets taking profits as prices break through previous highs, which may bring some short-term volatility."
Jung stated that Ethereum's price is also benefiting from the push by institutional investors, with an increasing number of publicly traded companies starting to include ETH in their treasuries. The net inflow of ETH spot ETFs recently reached a historical high, while the inflow of BTC ETFs during the same period was also higher than BTC ETFs. "The key question now is whether this momentum can be sustained after such a strong performance last week. But the market is showing early signs of an altcoin season, including a decline in Bitcoin dominance as BTC stabilizes and ETH rises." (The Block)
