Featured News Headlines
Crypto Market Skyrockets 3.9% — Golden Cross Hints at Further Gains
Crypto Market Skyrockets 3.9% – The cryptocurrency market witnessed a strong upward movement on June 10, with the total market capitalization rising approximately 3.9% to reach $3.41 trillion. This surge is supported by sustained capital inflows into crypto investment products and significant short position liquidations, boosting investor optimism and market momentum.
Continued Inflows into Crypto Investment Products
Crypto investment funds have attracted steady capital for the seventh consecutive week, with $224 million in inflows recorded during the week ending June 6, according to the latest CoinShares report. Over the past seven weeks, total inflows have accumulated to an impressive $11 billion, reflecting growing institutional interest in digital assets.
Leading this trend, Ether (ETH) saw inflows of $296.4 million, marking its seventh week of positive net investments and totaling $1.5 billion. James Butterfill, Head of Research at CoinShares, attributed this to a reduction in macroeconomic uncertainty as investors await clearer signals from the US Federal Reserve on monetary policy.
Additionally, US-based spot ETFs also attracted significant funds, with $788.9 million flowing into spot Ethereum ETFs between May 22 and June 9. On June 10 alone, spot Bitcoin ETFs recorded inflows of approximately $386.2 million, reinforcing the steady demand for crypto investment products.
Massive Short Liquidations Trigger Price Rally
Another key factor behind today’s rally is a wave of short liquidations causing a sharp short squeeze. Over the past 24 hours, more than $451 million worth of crypto positions were liquidated, with around $391 million from short positions. Notably, short Bitcoin leveraged positions worth $195.8 million were liquidated.
The largest liquidation occurred on HTX, where an ETH/USDT position valued at $4.06 million was closed. This scale of liquidation mirrors similar events on May 21 and 23, which were accompanied by a 7% increase in the total crypto market cap, highlighting the critical role of short squeezes in amplifying bullish rallies.
Bull Flag Pattern Confirms Upside Potential
The TOTAL market cap of all cryptocurrencies confirmed a bull flag breakout on June 8, surpassing the $3.25 trillion resistance level. Currently, the market is testing the psychological resistance at $3.5 trillion, with a potential upside target of $4.36 trillion — representing a 30% gain from current levels.
Technical indicators support this bullish outlook: the Relative Strength Index (RSI) has climbed from 44 to 59 over five days, while the recent golden cross—where the 50-day moving average crossed above the 200-day moving average on June 6—signals a sustained upward trend in the crypto market.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
