Matrixport: Ethereum ETFs are leading, capital is leaving Bitcoin ETFs. According to analysts, there is a noticeable rotation in the market.
Key point in the report #Matrixport:
- Over the last approximately 6 weeks, inflows into #Ethereum ETFs have dominated, while #Bitcoin ETFs showed one of the weakest stretches - six consecutive days of outflows.
- Despite Powell's 'soft' tone last week, BTC remained near the range - rotation is putting pressure on the asset. By the way, regarding the prospects of easing the monetary policy of the US Federal Reserve, with the current dump in the market, everyone seems to have quickly forgotten.
- Interest and new capital are shifting towards #Ethereum products; Wall Street seems to be betting on the 'faster horse'.
- With the inflows into Ethereum ETFs being maintained, further growth of the ETH/BTC pair and further redistribution of liquidity in favor of ETH is likely. However, as we mentioned in yesterday's analysis - there are reversal signals on this pair near the global trendline. And how to avoid a correction there - we personally don't see it yet.
How to buy the currently mega-overbought ETH with already the third mark of a potential high on the weekly timeframe (two of which are Strong signals) - that's also a very good question. It is too, too expensive right now and simple long squeezes usually don't relieve it.
