The heightened crowd fear could lead to a sudden Bitcoin and altcoin price rebound in the near term despite the ongoing Mt. Gox repayments.
While the US crypto ETF market recorded impressive daily inflows on Monday, the global sentiment was different. In Hong Kong, Bitcoin spot ETFs saw less than $200 in daily inflows.
The price action of Solana (SOL), the fifth-largest digital asset by market capitalization, jumped more than 7% in the past 24 hours after the news of the filing.
$28.86 million Ether shorts and $29.61 million ETH longs were liquidated in the past 24 hours.
Bitcoin price action has experienced significant bearish sentiments fueled by the Mt. Gox repayments and ongoing sell-offs by the German government.
CryptoQuant CEO Ki Young Ju stated that Bitcoin ETFs are slowly gaining maturity and currently contribute nearly 25% of the spot trading volumes in BTC.
Bitcoin unsurprisingly led the liquidation pack, with over $230.39 million liquidated.
The recent Bitcoin price dip led to forced cryptocurrency liquidations of nearly $700 million, similar to the FTX levels.
The recent Bitcoin price drop below $59K has increased overall fear of further crypto capitulation despite heightened calls for buy-the-dip.
Bitcoin’s major divergence from the US equity market comes amid forced selling by BTC miners in order to cover their operational costs.
If all these processes go as planned, the anticipated spot Ethereum ETF could start trading three days after the final versions of these S-1 filings.
In all of this, the strategic timing of Genesis’ plans has come up as noteworthy.
Bitcoin (BTC) price must defend the support level of around $60K in the coming weeks to avoid further crypto capitulation.
Hashdex submitted an application for the product on June 18, 2024, seeking to be the first to offer a combined spot Bitcoin and Ether ETF in the United States.
The HashKey team will distribute 10 million HSK tokens via the DejenDog Telegram bot, with a listing scheduled for the third quarter of 2024.