Weekend is finally bringing a bit of solace to the crypto markets, with mild bounces forming for Ethereum (ETH) and Solana (SOL).
ETH has managed to climb back just above $3,000, while SOL is trading slightly above $150. This recovery comes after a period of heavy liquidation of long positions during the market drop. The hope now is that the market’s greed remains tempered, paving the way for a sustained weekend relief rally.
📊 Saturday is finally bringing a bit of solace to the markets, with mild bounces forming for Ethereum (back just above $3K) and Solana (just above $150). Longs were heavily liquidated on the drop. The hope is that greed stays tempered now, allowing for a weekend relief rally. pic.twitter.com/E58yIooRUo
— Santiment (@santimentfeed) August 3, 2024
This recent dip is reminiscent of the one experienced in early July. However, the same level of enthusiastic dip buying seen previously hasn’t emerged yet. Traders are closely watching key psychological levels such as $60,000 for Bitcoin (BTC) and $2,900 for ETH. Reaching these levels may provide the necessary confidence for traders to start investing heavily again.
🤷 With this dip being roughly on par to the one we saw in early July, the same crowd enthusiasm for dip buying isn't present… at least not yet. Look for $60K BTC or $2.9K ETH to be key psychological levels that may be enough for traders to open their wallets. pic.twitter.com/rRSVFMY4AW
— Santiment (@santimentfeed) August 3, 2024
Massive Net Outflow On Spot Bitcoin ETF
On August 2nd, Bitcoin spot ETFs experienced a total net outflow of $237 million. Grayscale Bitcoin Trust (GBTC) saw a single-day outflow of $45.9462 million. Fidelity’s Bitcoin ETF (FBTC) recorded a significant single-day net outflow of $104 million. In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) experienced a single-day inflow of $42.8142 million.
‼️ BREAKING: On August 2nd, #Bitcoin spot #ETFs experienced a total net outflow of $237 million. #Grayscale #ETF #GBTC saw a single-day outflow of $45.9462 million, while #Fidelity $ETF #FBTC had a single-day net outflow of $104 million. Additionally, #BlackRock ETF #IBIT… pic.twitter.com/1e8D3CRn4p
— CoinEcho (@mycoinecho) August 3, 2024
As the market navigates these fluctuations, the interplay between large-scale ETF transactions and institutional involvement will be crucial in determining Bitcoin’s trajectory. The current market sentiment, combined with strategic moves by major financial institutions, could significantly influence the crypto landscape in the coming weeks. Traders and investors will need to remain vigilant and responsive to these developments to capitalize on potential opportunities.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.