What's Happening in Crypto Market Today?

Is This Spot ETF Approval Week?

Hello Crypto Enthusiasts!

Let's discuss what's pumping Bitcoin, the upcoming key events in the crypto market, crypto sentiments, and other market movements that are shaking up Bitcoin.

Market Overview

• Market Capitalization: Up by 3.4%.

• Trading Volume: Increased by 46%.

• BTC Inflow: 2333 BTC was observed yesterday.

Sentiment Analysis

• Fear and Greed Index: Currently in the "Greed" zone.

  • Historically, periods of market fear have been excellent buying opportunities.

• Bitcoin Sentiment:

  • In a July 16 post to X, crypto analytics platform Santiment suggested caution

    

    • FOMO is back as Bitcoin hits $63.3K! The crypto rebound kicked off right after Trump's near-assassination scare on Saturday, and it's been unstoppable since. But beware: when everyone's bullish and fear is nowhere in sight, it's time to tread carefully.

Strategic Buying

• During Extreme Fear: Buy.

• During Extreme Greed: Consider selling.

• Long-term Holders: Continue to hold and enjoy the market movements.

ETF Updates

• July 15th:

  

  • $300 million worth of Bitcoin was bought by ETFs, notably BlackRock and ARK Invest according to Farside investors.

  • Positive week is anticipated with three Ethereum ETFs expected to be approved by July 23rd.

  

  • US ETFs purchased $302 million worth of Bitcoin yesterday.

Market Manipulation and Sentiments

• Larry Fink's Comments:

  • BlackRock's CEO recently admitted he was “wrong” about Bitcoin, now calling it “digital gold” and a “legitimate” financial instrument.

Market Observations

• Resistance: Bitcoin facing resistance at $65,000.

  • A breakthrough could see it rise to the $67,000 - $68,000 range.

• Support: The $63,800 - $64,000 range is crucial.

Upcoming Events

• FOMC Meeting: Expected in September with potential rate cuts.

  • Chair Jerome Powell indicated the Federal Reserve might cut rates before inflation reaches its 2% target.

  • Most economists foresee the first cut in September, with additional cuts expected in November and December.

Additional Updates

• Fed Speaker Events: Total of 11 events this week.

• Q2 2024 Earnings: Large banks report this week.

• Metaplanet Purchase:

  

  • Bought another 21.88 BTC, worth over $1.2 million, amid the recent rally.

  • Total holdings now at 225.6 BTC, valued at $14.6 million.

  Market Sentiment: Showing bullish signs after the crash.

  This week could be pivotal for spot ETF approvals, impacting Bitcoin and overall market sentiment significantly. Stay tuned for updates!