Crypto market sentiment has shifted from “neutral” to “greed,” with institutional interest in BTC and ETH remaining intact.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
Amid the current volatility, crypto market sentiment has shifted from “Neutral” to “Greed” with just a modest bump in Bitcoin BTC $114 951 24h volatility: 0.8% Market cap: $2.29 T Vol. 24h: $30.76 B and altcoin prices. The Crypto Fear and Greed Index has surged to 62 out of 100 as a result. BTC is holding firm above $114,000, while ETH ETH $3 724 24h volatility: 2.7% Market cap: $449.45 B Vol. 24h: $21.16 B has recovered past $3,600 support, and XRP XRP $3.00 24h volatility: 2.0% Market cap: $178.06 B Vol. 24h: $3.54 B price is flirting above $3.0.
The total cryptocurrency market cap is consolidating within a narrow $3.6 trillion to $3.8 trillion range. On-chain data shows that traders have rotated into micro-cap tokens during the first week of August. Some analysts expect this summer lull to persist.
Bitcoin (BTC) briefly tested its 50-day moving average again, indicating possible exhaustion. Despite this, the broader market cap remains above trend, hovering around $3.72 trillion compared to the 50-day simple moving average (SMA) of $3.57 trillion.
The top two digital assets by market cap, Bitcoin and Ethereum, continue to gain traction and institutional interest despite the recent crypto market volatility.
Strategy purchased 21,021 BTC worth $2.46 billion in July, accounting for a significant share of the 26,700 BTC accumulated by major entities during the month. Company executive chairman Michael Saylor has defended the company’s bold acquisition strategy.
On the other hand, total flows into spot Bitcoin ETFs have flipped to positive on Wednesday, after four consecutive sessions of heavy outflows. Public and private companies collectively hold 1.35 million BTC, which is over 6% of Bitcoin’s circulating supply, according to data from BitcoinTreasuries.
On the other hand, the institutional demand for Ethereum also remains high. The ETH Treasury holdings have now reached past 3 million, amid heavy accumulation by ShaprLink Gaming (NASDAQ: SBET), and BitMine Technologies (NYSE: BMNR) over the last two months, according to data by Strategic ETH Reserves.
Last week, SharpLink added 83,561 ETH, worth $265 million, to its reserves, raising its total holdings to 522,000 ETH. On the other hand, Bitmine Technologies has raised its holdings to 833,000 ETH.
The XRP price has been flirting with $3.0 levels amid a tight fight between the bulls and bears. The US SEC is scheduled to review Ripple’s move to withdraw its appeal on Aug. 7, ahead of a broader ruling anticipated by mid-August. The hearing could cement XRP’s classification as a non-security under US law.
This decision could potentially decide where XRP price is heading next. If the Ripple-related cryptocurrency gives a strong breakout from the falling wedge pattern, some traders are expecting a 70% upside from here.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
