Why Bitcoin, Ethereum Will Be Climbing A 'Wall Of Worry' In The Coming Weeks
Portfolio Pulse from Khyathi Dalal
Crypto analyst Teng Yan discusses potential bull and bear cases for Bitcoin and Ethereum ahead of Ethereum ETF launches. He notes decelerating Bitcoin ETF flows and minimal initial Ethereum ETF flows, raising concerns for BTC's near-term prospects. Despite bearish sentiment, Yan remains optimistic about the long-term outlook.
June 25, 2024 | 12:50 pm
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NEGATIVE IMPACT
Teng Yan notes decelerating Bitcoin ETF flows and a potential double top at $69,000, raising concerns for BTC's near-term prospects.
Decelerating ETF flows and potential double top formation are significant bearish indicators for Bitcoin in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Yan points out that Ethereum ETF flows could be minimal initially, compounded by outflows from ETHE redemptions, raising concerns for ETHE's near-term performance.
Minimal initial ETF flows and potential outflows from ETHE redemptions are bearish indicators for ETHE in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Yan observes no increase in Open Interest on Ethereum following the ETF announcement, indicating a lack of traditional financial interest and raising short-term concerns.
Lack of increase in Open Interest following the ETF announcement suggests limited traditional financial interest, a bearish indicator for Ethereum in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100