Bitcoin's (BTC) recovery from its recent low stalled on June 27, 2024, as buyers struggled to push the price above $61,000. The slowdown coincided with the dollar index (DXY) reaching its highest point since May 2, indicating investor caution ahead of key economic data releases. The market is particularly sensitive to weekly jobless claims, with concerns rising about a potential inflection point in the labor market. Crypto traders are also closely watching the Biden-Trump presidential debate for potential impacts on the industry.
Meanwhile, consensus is growing that demand for U.S.-based spot ether (ETH) ETFs might be lower than for bitcoin ETFs, despite potential $1 billion monthly inflows after approval. Analyst Charles Yu from Galaxy Research predicts net inflows into ETH ETFs to be 20-50% of BTC ETF inflows due to the lack of staking rewards and potential outflows from the Grayscale Ethereum Trust (ETHE). The SEC could approve these funds as early as July 4, prompting options traders to anticipate a renewed bullish momentum in ether.
Bitcoin miner Marathon Digital (MARA) is diversifying its revenue stream by mining kaspa (KAS) tokens, following the recent Bitcoin halving that cut profits by 50%. Marathon has already mined 93 million KAS tokens, valued at about $15 million, and has brought 30 petahash worth of machines online to mine the token. The company aims to create a diversified revenue stream tied to its expertise in digital asset compute.
Finally, option trading activity in ether (ETH) shows a bullish bias, with concentrated volumes in higher strike call options. This positive sentiment is attributed to the improving regulatory outlook for ETH, particularly following the SEC's recent dismissal of its case against Consensys regarding ETH's potential security status.
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