Bitcoin, Ethereum, Dogecoin Trading Mostly Sideways, Trader Sees More ETF Inflows As Key To Restart The Bull Run

Author: Khyathi Dalal | May 07, 2024 05:14pm

Cryptocurrency markets traded slightly down on Tuesday amid renewed interest in spot Bitcoin ETFs.

What Happened: Major cryptocurrencies are trading flat or down at the time of writing:

Prices as of 5 p.m. Eastern Time:

Cryptocurrency	Gains +/-	Price
Bitcoin (CRYPTO: BTC)	$62.965.22	-0.7%
Ethereum (CRYPTO: ETH)	$3,048.05	-1.1%
Solana (CRYPTO: SOL)	$151.75	-2.0%
Dogecoin (CRYPTO: DOGE)	$0.1533	-3.1%
Shiba Inu (CRYPTO: SHIB)	$0.0000234	-3.1%

Notable Statistics:

• Notable crypto analyst Willy Woo highlighted the buying spree by high net worth Bitcoin holders in the past two months, who are holding between 100 and 1000 BTC or roughly $6.5 – $65 million in BTC.
• Large transaction volumes increased by 54.4% to $41.8 billion, while daily active addresses increased by 13.4% to 669,800.
• Bitcoin whale transactions surged from 5,483 to 9,275 in a single day. 90% of Bitcoin holders are in profit.
• Susquehanna International Group disclosed holding of $831 million across ten different Bitcoin ETFs.

Notable Developments:

• $130B Asset Manager Hightower Makes Splash With $68M Spot Bitcoin ETF Purchase
• Trump’s Potential Return Could Spur Crypto Growth, Standard Chartered Report Suggests
• Bitcoin’s Transaction Fees Dominate Income As App Development Thrives, Says Analyst — A Boom For Industry With Dwindling Block Subsidies?

Top Gainers:

Cryptocurrency	Gains +/–	Price
AIOZ Network (CRYPTO: AIOZ)	$0.845	+16.2%
Ethena (CRYPTO: ENA)	$0.9421	+9.04%
Render (CRYPTO: RNDR)	$10.53	+5.3%

Also Read: Bitcoin At A Reversal Point? Trader Sees These 3 ‘Key Areas Of Interest’

Analyst Notes: Swing trader Roman, in his latest post, highlighted that the Bitcoin charts are deceptive as they are “getting boring.” He says “to check H4-1D twice a day.”

Bitcoin expert Alessandro Ottaviani, in a recent tweet, pointed to two factors for Bitcoin to restart the bull run again. He says that if Bitcoin Spot ETFs witness $200 to $300 million daily net inflow as in the last two trading days, the "bull run will be restarting again soon."

He adds, "We don't need much more, with the halving and a buying pressure of $250 million per day, the buying pressure will be too high, and keeping the price at the $60,000 level will be unsustainable."

What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: Ethereum ‘Looking Good’: Technical Analysis Shows It Will Outperform Bitcoin In The Next Days, Says Trader

Image: Shutterstock

Posted In: $AIOZ $BTC $DOGE $ETH $RNDR $SHIB $SOL