Bitcoin goes to the left, Ethereum goes to the right - when the lanes are divided;
1) Ethereum ETF is about to be approved, but Bitcoin can’t hold on?
Recently, the chairman of the U.S. SEC responded to an inquiry about the approval process of the Ethereum spot ETF and said: “I don’t know the specific time, but it is progressing smoothly.”
It can be seen that after the Ethereum spot ETF passed the 19b-4 document, the approval of the S-1 document is almost a foregone conclusion;
But on the other hand, as the BTC "old mystery" that has lasted for more than a decade is finally coming to an end, it has also brought about expectations of massive selling pressure.
You should know that after nearly half a year of accumulation, the total net inflow of funds into the Bitcoin spot ETF is currently around US$14.387 billion, which is just about equal to the above total assets, so it is normal for the market to panic.
Therefore, there is a contradictory market situation in which ETH wants to rise but cannot, and BTC wants to fall but cannot.
2) The market outlook is full of fog, and the market is divided into four gangs?
The current price of Bitcoin is around US$61,000, with a 24-hour increase of 0.66%; the price of Ethereum is around US$3,389, with a 24-hour increase of 0.5%. It can be said to be an extremely boring market;
For the future market, we roughly divide the forecast opinions into 4 categories: [Display text form]
Positive and optimistic: historical highs are still worth looking forward to;
Positive Optimists: Predict that Bitcoin price may fluctuate between $60,000 and $70,000 in the next few weeks;
At this time, coin-hoarding whales may react to market panic and even quote Buffett's investment famous saying: "I am greedy when others are fearful";
This is also because the ETH ETF is expected to have an easing tendency when it is launched at the end of 2024, and then achieve actual easing in 2025.
Cautious optimists: Waiting for recent key data and key nodes in the fourth quarter
Cautious Optimists: To put it bluntly, they are dataists. They look at the data of Bitcoin and Ethereum ETFs, as well as this week’s PCE and next Friday’s non-agricultural data;
If market expectations can be met, BTC and ETH will have room for growth.
Pessimistic: Liquidity and capital market performance are poor
U.S. spot Bitcoin ETFs saw outflows of more than $100 million per trading day last week, taking total outflows to $544.1 million.
At the same time, Ethereum originally had the benefits of an ETF, but due to the overall market situation, it may not be officially listed for trading until August.
As crypto assets remain weak in the short term, market sentiment remains bearish.
Fall first, then rise: The market can take off again only after digesting the selling pressure
Bitcoin is currently seriously oversold; after some altcoins experienced fluctuations, many KOLs in the market have advised fans to buy on dips.
So, gentlemen, which faction are you?
3) Bitcoin price is under pressure, while Ethereum is affected by spot ETF expectations
Looking at the above views, we can clearly see that industry insiders are generally still in a cautiously optimistic stage, but the Bitcoin price is doomed to withstand the selling pressure of Mentougou.
Ethereum has temporarily entered a period of price stability due to the expected impact of the spot ETF, but if the subsequent update progress of the spot ETF is slower than market expectations, perhaps "good news will turn into bad news."
As for the trend of the market in the next one to two months, the focus should be on the data performance of the next big environment - "Bitcoin goes to the left, Ethereum goes to the right."
