The cryptocurrency market has turned bearish in the midterm as Bitcoin (BTC) price slipped below $64k on Friday during the London session. The notable cash outflows from the United States-based spot Bitcoin exchange-traded funds (ETFs) in the past five days have weighed heavily on the bullish sentiments.
On Thursday, Grayscale’s GBTC and Fidelity’s FBTC led in net cash outflows of about $53 million and $51 million. Notably, only BlackRock’s IBIT registered a small cash inflow of around $1 million on Thursday.
As Bitcoin whales continue to weigh heavily on midterm bullish sentiment with accelerated liquidation, on-chain data shows Ethereum whales are on the hunt. For instance, a Justin Sun associated Binance wallet purchased 9,338 Ether, worth over $30 million on Friday.
On the other hand, Bitcoin whales, led by the German government, have continued to deposit into exchanges for profit taking in the past 24 hours.
According to a popular crypto analyst Michaël van de Poppe, the altcoin industry is on the cusp of gaining bullish momentum against Bitcoin after more than two and a half years. The crypto analyst noted that the ETH/BTC pair has shown some resilience against a downward trend.
As a result, Poppe indicated that Ethereum price against the US dollar will rally exponentially in the near term, for as long as the ETH/BTC pair holds above 0.05.
Already, the altcoin industry has attracted notable attention from institutional investors as shown by the Solana ETP in Canada. Moreover, Bitcoin dominance is on the verge of a major reversal ahead, which will trigger heightened crypto cash rotation in favor of the altcoins.
Also Read: June 21st Crypto Market Watch: Bitcoin and Ethereum Options Expiry, What Next For BTC & ETH Price?
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