Why Bitcoin, Ethereum Underperformance Is Making Traders Nervous
Portfolio Pulse from Ivan Crnogatić
Travis Kling analyzed Bitcoin's underperformance relative to macro conditions and Ethereum's struggles before its ETF trading launch. Bitcoin is trading 10% below its ATHs despite favorable conditions, while the NASDAQ surged 16%. Bitcoin's sluggish performance is notable given strong ETF inflows. Ethereum remains 30% below ATH, and the broader altcoin market is down 32%. Kling speculates that U.S. government sales and Ethereum ETF repositioning are impacting Bitcoin.
June 19, 2024 | 4:08 pm
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NEGATIVE IMPACT
Bitcoin is trading 10% below its all-time highs despite favorable macroeconomic conditions and strong ETF inflows. Recent ETF outflows and potential U.S. government sales of Silk Road Bitcoin are contributing to its sluggish performance.
Bitcoin's underperformance is notable given the favorable macroeconomic conditions and strong ETF inflows. Recent ETF outflows and potential U.S. government sales of Silk Road Bitcoin are contributing to its sluggish performance, indicating a likely short-term price decline.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Ethereum remains 30% below its all-time highs despite progress in ETF trading. The broader altcoin market is struggling, and Ethereum's performance has been tepid. However, strong ETF inflows could lead to significant gains.
Ethereum's performance has been tepid despite progress in ETF trading. However, strong ETF inflows could lead to significant gains, indicating a likely short-term price increase.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100