CDS Crypto News Crypto News- Ether and Meme Coins Lead the Recovery as Bitcoin Stays Muted

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Crypto News- Ether and Meme Coins Lead the Recovery as Bitcoin Stays Muted

sevval19/06/20241 Mins read305

Crypto News- Ether And Meme Coins Lead The Recovery As Bitcoin Stays Muted

Crypto News- Ether and Meme Coins Lead the Recovery, Bitcoin Shows Limited Movement

Crypto News– During the European morning, the digital asset market saw an uptick with Ether reclaiming the $3,500 mark. ETH has risen by over 4% in the past 24 hours, currently trading at $3,540. The CoinDesk 20 Index (CD20) also saw a boost, adding around 1.6%. Dogecoin (DOGE) is up nearly 3.5% after its slump on Tuesday, while fellow meme coin Shiba Inu (SHIB) has increased by over 3%. Bitcoin remains relatively subdued, trading around $65,400, a modest 0.2% increase from 24 hours ago. Meanwhile, spot Bitcoin ETFs in the U.S. saw further outflows of $152.4 million on Tuesday.

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Data from CryptoQuant indicates that whales have sold over $1.2 billion worth of BTC in the past two weeks. These long-term Bitcoin holders are showing little sign of renewed demand, suggesting continued lack of upside momentum for the world’s largest cryptocurrency. Analysts noted, Traders are still not increasing their Bitcoin holdings, and the demand growth from large holders is still lacking strength.

Market observers suggest that crypto miners might be shifting their focus to the booming AI sector, leading them to sell their Bitcoin rewards instead of holding onto them. Both the crypto and AI sectors rely heavily on powerful computing chips for data generation and maintenance.

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Cumulative open interest in bitcoin perpetual futures trading on major exchanges has declined from $6.07 billion to $5.10 billion in two weeks.
It means the recent bitcoin price pullback is mainly driven by unwinding of bullish bets or profit taking rather than renewed bearish bets.
Source: VeloData

– Omkar Godbole

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.