Bitcoin gained $1.2K in 1 hour when the price of BTC recovered at the launch of the Ether ETF
Bitcoin bulls battled to maintain $66,000 on July 23 as US ethereum exchange-traded funds (ETFs) surprised analysts.
The performance of Ether ETF is impressive
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) price strength rebounding after initial weakness at the Wall Street open.
The start of trading for the spot Ether (ETH) ETF appeared to catch market participants by surprise, reaching over $100 million in just 15 minutes, sending ETH/USD up 2.3%, recovering from its initial loss.
“Spot ETF starts by looking at expectations – take both perps and spot sales. Take a retracement and OIA is still high,” wrote popular trader Skew in part of his X cover.
Skew noted higher open interest in the ETH derivatives markets around the launch.
“The ETH ETF has crazy numbers. The first 15 minutes of the first day of Bitcoin in terms of volume: 50%: $112 million,” Michael van de Poppe, founder and CEO of the trading company MNTrading, wrote in his own X response.
“The launch of the Ethereum ETF is very undervalued and I expect it to trade ATH in the next 1-2 months.”
Prominent trader Diane CryptoTrades described initial flows as “decent,” predicting higher crypto market volatility.
As Cointelegraph reports, the ETF rollout was characterized by flat ETH price action, in contrast to what was seen in Bitcoin prior to ETF trading in January.
Bitcoin faces persistent threats of depression in the near future
Bitcoin retook $67,000.
Related: XRP hasn't seen $1 since 2021 – but that could change in Q4
The latest data from wealth tracker CoinGlass showed new buyer liquidity emerging at $65,750, with increased sell-side pressure from the top.
With new upside expected to build, traders were broadly optimistic.
“5 monthly candles to turn the previous cycle high into support,” famous trader Jelle argued in the latest BTC price analysis.
“Strong fundamentals are building, low prices for the next bear market. The best is yet to come.”
In a recent announcement to Telegram channel subscribers, trading firm QCP Capital stated that crypto markets have been on a wait-and-see basis following the latest ETF launch.
“The market's reaction to the ETH Spot ETF launch has been muted, with investors waiting to see if it follows the ‘buy the hype, sell the news' formula,” he wrote.
“For comparison, BTC dropped to $38k after the ETF's launch peak, but broke all-time highs two months later.”
QCP warned that judging by the behavior of the election market, traders expect the downside to prevail in the short term. These unrelenting exchanges have taken the form of new payments and geopolitical instability to the lenders of Mount Gox.
“With the ETH spot ETF not initially affecting prices, combined with selling pressure from the US government and MT Gox, prices could be bought until momentum picks up leading up to the election,” he concluded.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
