Market Overview
The crypto market cap reached $3.8 trillion (+4% in 24 hours) and began to update historical highs following the first cryptocurrency. Altcoins outside the top ten are gaining momentum, indicating an expansion of the rally and strengthening positive sentiment.
The cryptocurrency sentiment index is not off the charts, and at 74, it is only on the verge of entering the extreme greed zone. The market is not overheating, retaining its potential for further growth.
Bitcoin has switched to rally mode, constantly updating historical highs and adding almost 13% over the past seven days. This is important growth, as the last six days have seen an update of maximum values. The April-June growth and correction pattern makes us consider the $135K area a potential big target in the short term.
News Background
Inflows into spot Bitcoin ETFs in the US have continued for the fifth week in a row, and for 11 of the last 13 weeks. According to SoSoValue, net inflows into spot BTC ETFs over the past week amounted to $2.72 billion, the highest in the last seven weeks. Cumulative inflows since the approval of Bitcoin ETFs in January 2024 have increased to $52.36 billion.
Inflows into spot Ethereum ETFs in the US have continued for the ninth week in a row, and for 11 of the last 12 weeks. Net inflows into ETH ETFs last week amounted to $908 million, the highest in the entire year of trading. Total net inflows since the ETF’s launch in July 2024 have increased to $5.31 billion.
Improvements in the macroeconomic situation and growing interest from institutional investors have once again boosted interest in Bitcoin, according to Kronos Research. This reflects the growing perception of the first cryptocurrency as a ‘regulated long-term asset’ comparable to gold.
According to Arkham, on 10 July, Bhutan transferred 213.31 BTC ($23.7 million) to the Binance exchange. The exact reason for the transfer is unknown, but such transactions usually precede the sale of assets.
On 10 July, SharpLink Gaming purchased 10,000 ETH from the Ethereum Foundation (EF) for $25.7 million at an average price of $2,572.37. On 11 July, ETH exceeded the $3,000 mark for the first time since early February.
Grayscale Investments has presented a list of 29 cryptocurrencies that should be included in investment products to diversify client assets.
The FxPro Analyst Team
Source: Fxpro
