$69k level is at risk, as struggle for Bitcoin increases amid ETH spot ETF hype

Sentiments showed that the Bitcoin market is facing very high competition from the Ethereum investors, in terms of money inflow metric. 

The current trade price of Bitcoin (BTC), the top crypto asset by market cap, is $68,999. This price is only 1% higher over the last 7 days. 

In the same period, the trade price of Ethereum (ETH), a second-ranked crypto asset by market cap, saw a net downfall in the price. The current trade price of ETH $3,763 is -3.33% down. 

Money inflow in Bitcoin market

On June 3, Bitcoin spot ETFs had a total net inflow of $105 million, marking 15 consecutive days of inflows. Grayscale’s GBTC had no net inflow or outflow, Fidelity’s FBTC saw an inflow of $77.0482 million, and Bitwise’s BITB had an inflow of $14.3145 million.

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Many people noted that the risks around this price are very high, as the selling pressure has been increasing rapidly over the last 7 days, since the day of approval of Ethereum spot ETF applications by the United States Securities and Exchange Commission (SEC).

Money inflow in the Ethereum market 

Intotheblock’s report on May 31st showed that whale investors are accumulating more Ethereum. Now, 41% of crypto wallets hold over 1% of the total Ethereum supply, a 36% increase from the first quarter of 2024. This rise indicates growing confidence in Ethereum among major stakeholders.

Whale accumulation in ETH has intensified.

Currently, 41% of the $ETH supply is held by addresses with more than 1% of the total supply, up from 36% at the start of the year. This trend highlights increasing confidence among large holders. pic.twitter.com/GEvADO13k5

— IntoTheBlock (@intotheblock) May 31, 2024

Industry expert Michael Nadeau shared his opinion on the increasing bull sentiments around Ethereum and said that institutional inclination toward Ethereum is increasing to a big extent over Bitcoin.

According to Nadeau, competition between the BTC & ETH markets is going to play a very big role in innovations around Web3 technology with Ethereum blockchain adoption.

Current thoughts on potential flows into the ETH ETF when it starts trading:

First, let's set the benchmark: BTC

Bitcoin is:

1. 3x the size of ETH in terms of market cap.
2. Future contracts trade 10x the volume of ETH.
3. Spot trading has about 2x the volume of ETH.
4. Has… pic.twitter.com/mMcFl9uWU6

— Michael Nadeau (@JustDeauIt) May 28, 2024

Read also: Aptos Labs CEO appoints by the US CFTC body to Its “Digital Assets Committee”

$69k level is at risk, as struggle for Bitcoin increases amid ETH spot ETF hype

 

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