Bitcoin holders have experienced their largest 3-day drop in non-empty wallets since just before the March 14th all-time high. Unlike the previous surge, Bitcoin’s value has been declining, prompting traders to liquidate out of fear of further drops. Meanwhile, the number of Ethereum wallets continues to grow.
📊 Bitcoin holders have just had their biggest 3-day drop in non-empty wallets since just prior to the March 14th all-time high. Unlike then, BTC has been sliding, provoking traders to liquidate for fear of further drops. Meanwhile, Ethereum wallets keep growing in number. pic.twitter.com/UIfXLkJ1HH
— Santiment (@santimentfeed) June 18, 2024
Today, Bitcoin dipped below $65,000, encountering significant resistance. On-chain data suggests strong demand levels down to $61,600. The nearest major support level is around $64,500, where 1.28 million addresses previously acquired Bitcoin.
Bitcoin dropped below $65k today, where it met significant resistance.
On-chain data indicates strong demand levels all the way down to $61.6k. The closest significant support level lies around $64.5k, where 1.28m addresses previously acquired $BTC pic.twitter.com/pC1ZEqNb1n
— IntoTheBlock (@intotheblock) June 18, 2024
Analyzing Bitcoin’s price action against the buy zones reveals that the $62,000 to $65,000 range is a significant support area (S1+S2).
Over 3 million addresses bought Bitcoin in this zone. From a volume perspective, the $63,700 to $65,600 range (S1) provides substantial support with a combined volume of around 730,000 BTC.
Looking at the $BTC price action and correlating it against the buy zones, it shows that the 62k to 65k zone is a big support (S1+S2). In this range, there are more than 3 million addresses that bought #Bitcoin. From, the volume perspective, the 63.7k to 65.6k is a huge support… pic.twitter.com/qr0znWXs7X
— Hawk Of Crypto (@HawkOfCrypto) June 17, 2024
In the past 24 hours, 12,700 BTC, valued at approximately $840 million, were sent to accumulation addresses, according to analyst Ali Martinez. This indicates that despite the sell-off, some investors are still bullish on Bitcoin’s long-term prospects.
12,700 $BTC were sent to accumulation addresses in the last 24 hours, worth around $840 million! pic.twitter.com/p5OuQxyTeJ
— Ali (@ali_charts) June 18, 2024
Bitcoin ETFs Net Inflow Stays Negative, Totalling -$146 Million
However, the Bitcoin ETF market has not been faring well. The net inflow for Bitcoin ETFs on June 17, 2024, was negative, totaling -$146 million. This marks the third consecutive day of negative net inflow.
Nine out of the ten US Bitcoin ETFs, including BlackRock’s IBIT and Grayscale’s GBTC, experienced zero or negative single-day flows. Consequently, the cumulative total net inflow after 109 trading days has dropped below $15 billion.
🚨 $BTC #ETF Net Inflow June 17, 2024: -$146M!
• The net inflow has been negative for 3 consecutive days.
• 9 out of the 10 US Bitcoin ETFs, including both #BlackRock (IBIT) and #Grayscale (GBTC), experienced zero or negative single-day flow.
• The cumulative total net… pic.twitter.com/IFMpWrshnJ
— Spot On Chain (@spotonchain) June 18, 2024
As Bitcoin struggles, Ethereum wallets are on the rise, reflecting a growing interest in the second-largest cryptocurrency by market cap.
The divergence in wallet activity between Bitcoin and Ethereum highlights the shifting dynamics within the cryptocurrency market. Investors will be closely monitoring these trends to navigate the volatile landscape and make informed decisions.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: fellowneko/123RF // Image Effects by Colorcinch