Last week, crypto trading volumes increased for the first time in three months due to BlackRock and other asset managers filing proposals for spot bitcoin exchange-traded funds (ETFs). According to CCData, overall spot and derivative trading volumes on controlled exchanges increased 14% to $2.71 trillion. According to the study, this was the first monthly gain in trading volume since March.
According to employment data, private businesses added over 497,000 jobs in June, the highest number since February 2020, and exceeded expectations of 228,000. However, the Job Openings and Labor Turnover Survey (JOLTS) revealed a surprising decrease in job openings during the same period.
There is some uncertainty among Bitcoin whales. After the day BlackRock filed for a spot Bitcoin ETF; since then, the number of BTC whales has increased by 1.6%. This has reversed a short-term downtrend that started on May 20. However, the supply of BTC for investors holding between 10,000 and 100,000 BTC has decreased by 10% (184,153 BTC) since the same day BlackRock announced their spot Bitcoin ETF. This group has less confidence in Bitcoin and views risk differently than the other two whale cohorts.
Bitcoin (BTC) is currently exhibiting a slightly bearish sentiment in trading, as market participants are displaying a cautious approach. The cryptocurrency is currently trading within the lower half of its consolidation range, signaling a potential weakness in its market position.
If a reversal occurs, there is a likelihood of a substantial sell-off, with Bitcoin's value potentially experiencing a decline to the range of $29,000 to $28,000.
Ethereum (ETH) has faced rejection at the $1,950 level, indicating a notable resistance zone for the cryptocurrency. This development suggests that market participants have been hesitant to push the price beyond this level, potentially signaling a shift in sentiment.
It is worth noting that Ethereum tends to exhibit a correlation with Bitcoin (BTC), meaning that if a reversal occurs in BTC's price trajectory, ETH is likely to follow suit. Presently, ETH is trading in the vicinity of the $1,850 level.
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