Bitcoin Plummets To $61K, $260M In Longs Liquidated
Portfolio Pulse from Murtuza Merchant
Bitcoin has dropped below $61,000, leading to $260 million in long positions being liquidated. Miners are under pressure to sell due to higher breakeven prices, and the German government has sold 3,000 BTC. Despite short-term volatility, QCP Capital is optimistic about a bullish turn towards the year-end. Ethereum shows strong bullish sentiment, partly due to expectations of an ETH spot ETF launch. Bitcoin spot ETFs have seen net outflows, but investor interest remains strong.
June 24, 2024 | 11:45 am
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NEGATIVE IMPACT
Bitcoin has dropped below $61,000, leading to $260 million in long positions being liquidated. Miners are under pressure to sell due to higher breakeven prices, and the German government has sold 3,000 BTC.
The drop in Bitcoin's price and the liquidation of long positions indicate a bearish trend. Miners selling due to higher breakeven prices and the German government's sale of BTC add to the downward pressure.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Grayscale Bitcoin Trust saw a single-day outflow of $34.2 million, contributing to a net outflow of $106 million for Bitcoin spot ETFs. Despite this, the total net asset value remains substantial at $55.5 billion.
The outflows from Grayscale Bitcoin Trust and other Bitcoin spot ETFs indicate a bearish sentiment, although the substantial net asset value shows continued investor interest.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Ethereum shows robust bullish sentiment, trading at an 18% volatility premium to Bitcoin. Expectations of an imminent ETH spot ETF launch have bolstered market confidence.
The strong bullish sentiment and the anticipation of an ETH spot ETF launch are likely to drive Ethereum's price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 80