Attributing the original insights to CryptosRUs, CoinSpeech team gathered the most critical updates from his recent appearance. Check the new video by CryptosRUs below.
Bitcoin’s Resurgence and ETF Impact
Bitcoin is nearing the $70,000 mark, continuing its bullish trend into June. According to CryptosRUs, “Bitcoin nearly at 70,000 once again… 69,800, we’re off to a strong start.” Despite a common misconception, May was actually a green month for Bitcoin, defying the “sell in May and go away” adage.
ETFs are significantly contributing to Bitcoin’s success. “The ETFs added nearly 30,000 Bitcoin,” removing them from circulation and driving up the price. Bitcoin’s spot ETFs are now active in multiple regions, including Australia, where the first spot Bitcoin ETF is launching soon.
Economic Updates: Fed and ECB
This week, the market is less likely to be spooked by commentary from Fed officials as there are no scheduled speakers. On the global front, all eyes are on the European Central Bank (ECB), which is anticipated to cut rates. CryptosRUs mentioned, “The ECB is supposed to have a rate cut this week,” although the specifics are still uncertain. The outcome could influence the U.S. economic landscape, especially with the ongoing discussions about rate cuts by the Fed.
GameStop’s Meteoric Rise
GameStop shares surged by 64% after Roaring Kitty revealed a significant stake. However, CryptosRUs cautioned, “I think this is total manipulation… but as long as people make money from it, I guess that’s all that matters.” The SEC might investigate this move given the timing of Roaring Kitty’s $66 million call option for June, which seemed designed to boost the stock price in his favor.
Global ETF Movements and Supply Shock
The proliferation of Bitcoin ETFs continues globally, with a marked impact on Bitcoin’s supply. “BlackRock has more Bitcoin than Grayscale,” leading to a removal of Bitcoin from circulation which in turn boosts its price. This cycle is described as a “Perpetual cycle” where higher prices attract more buying, perpetuating the bullish trend.
Market Sentiment and Bull Market Dynamics
Despite Bitcoin’s impressive performance, some investors remain skeptical. “How can anyone be bearish when 93% of all bitcoiners are in profit?” wonders CryptosRUs. Historical trends and upcoming macro-economic events, such as the presidential election and rate cuts, further solidify Bitcoin’s bullish trajectory. Predictions like Peter Brandt’s $150K target for Bitcoin might even be conservative.
Ethereum and Other Cryptocurrencies
Ethereum is also making headlines with $3 billion worth of tokens exiting exchanges, indicating a strong demand. CryptosRUs highlighted how exchange reserves for Bitcoin and Ethereum have been consistently declining. “The trajectory again, it doesn’t take much to figure this out… since 2020 when the exchange reserves peaked,” he explained.
Other projects like Ton coin, part of Telegram’s ecosystem, are also gaining traction with impressive transaction volumes and user growth. This surge indicates the potential impact of viral decentralized applications (dApps) and games on the wider crypto market.