Cryptocurrency prices are crashing on Thursday, with Bitcoin (BTC) last down over 4% on the day in the mid-$57,500s and Ethereum (ETH) down a similar margin to the $3,100s as as markets digests news of spot Ethereum ETF delays.
UPDATE: We've got another amended S-1 from @BitwiseInvest for their #Ethereum ETF. Expect more from other issuers throughout the rest of the week. We're thinking these things could potentially list later next week or the week of the 15th at this point. pic.twitter.com/xqVlt9lSGy
— James Seyffart (@JSeyff) July 3, 2024
As per one of Bloomberg’s most widely followed ETF analysts, the ETFs could launch in mid-July.
Prior expectations had pointed towards a launch this week, which hasn’t ended up materializing.
Both Bitcoin and Ethereum hit their lowest levels since May on Thursday. BTC even dropped below its 200DMA for the first time since last October.
While Ethereum ETF delays may be having a modest market impact, other bearish factors are likely in play.
Firstly, 140,000 BTC tokens are set to be returned to Mt Gox creditors following years of delays. There are jitters that this could result in elevated short-term sell pressure.
Bitcoin miners are also thought to be selling coins at a higher-than-normal rate as they adjust to lower post-halving revenues. That is also causing short-term market headwinds.
[CRYPTOQUANT] #Bitcoin miners are capitulating by shutting down hardware and selling #BTC after April’s halving. Miner outflows have surged, hashrate is declining, and revenue per hash is near all-time lows pic.twitter.com/9R4GGRGXpW
— BecauseBitcoin.com (@BecauseBitcoin) July 3, 2024
If Bitcoin confirms a break below its 200DMA and May lows in the $56,000s, this could result in elevated technical sell pressure.
A drop back to $53,000 support, or to even deeper levels, remains on the cards. Ethereum, meanwhile, could take a trip back to the south of $3,000 levels if Ethereum ETF delays continue.
Ethereum ETFs Delay – Time to Buy the Dip?
Ethereum ETF delays that send the ETH price lower may provide a great dip buying opportunity.
Some analysts are betting that markets are under-estimating how big demand for Ethereum ETFs will be.
Analysts at Steno Research think $15-20 billion in inflows to Ethereum ETFs in the first year will power ETH up to $6,500.
Spot Ethereum ETFs Could Pump ETH to $6500: Steno Research Prediction
Steno Research predicts net inflows of $15 billion to $20 billion into spot ETH ETFs within the first year of their launch. This prediction is based on the appeal of Ethereum's qualities to Wall Street and… pic.twitter.com/GYX45V3cyw
— The Wolf Of All Streets (@scottmelker) June 28, 2024
That’s a rally that’s likely to be aided by a broader crypto market rebound in the months ahead.
Indeed, Bitcoin might be at multi-month lows, and a rebound this summer may not materialize.
But as Fed rate cuts and a Trump US Presidential election victory near, and post-halving headwinds come in, a push to $100,000 could be incoming.
Better Alternative to Consider? Wiener AI Presale Hits $7 Million
Buying major cryptos like Bitcoin and Ethereum and HODLing for at least 3-4 years has historically worked very well.
So long as investors have avoided buying right at the market’s peak, this strategy has typically delivered very strong returns.
That said, major cryptos are unlikely to deliver much by way of near-term upside thanks to aforementioned factors.
Impatient traders looking to turn a quick buck might instead want to consider getting involved in meme coin markets.
New meme coins are popping up all the time. Depending on the success of their marketing/ability to ride a narrative, new meme coins can perform exceedingly well.
One new meme coin that analysts at Cryptonews.com are big fans of is called Wiener AI (WAI).
WAI is a fun Sausage dog-themed meme coin, but it comes imbedded with built-in AI utility.
More than just a bot–WienerAI is your ultimate crypto trading companion.
We're delighted to share some sneak peeks with our incredible and supportive community. (1/4) pic.twitter.com/kR8ypeJycj
— WienerAI (@WienerDogAI) June 11, 2024
The meme coin has been generating a lot of buzz in web3 circles, which has helped power its presale beyond $7 million.
More than just a bot–WienerAI is your ultimate crypto trading companion.
We're delighted to share some sneak peeks with our incredible and supportive community. (1/4) pic.twitter.com/kR8ypeJycj
— WienerAI (@WienerDogAI) June 11, 2024
Here’s why analysts at Cryptonews.com think it has a lot of potential.
Learn More Here
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