Over the past month, Bitcoin investors have endured significant losses. Starting from nearly 72,000 at the beginning of last month, the coin’s price has steadily declined, briefly dropping below the 60,000 mark. As July commences, ETF funds are gradually flowing back in a positive direction, lifting BTC prices above the previous month’s range of 60,000-62,000. The key test lies in whether BTC can sustainably break through the $63,200 barrier, a pivotal moment eagerly awaited by investors. Failure to do so could see BTC revisiting the lows below 61,000, echoing the woes of June.
Simultaneously, Federal Reserve Chairman Powell is set to deliver a speech on Tuesday, followed by the release of influential U.S. macroeconomic data throughout the week, including ADP on Wednesday, Services PMI, and Friday’s Non-Farm Payrolls and hourly wages, all closely monitored by the market.
In the options market, implied volatility continues its descent, with BTC hitting recent historical lows. ETH IV, despite volatility spurred by several ETF News shocks, shows an overall downward trend, currently around 50%+. Comparatively, ETH ETFs, having had their S-1 forms returned by the SEC, are expected to be approved within two weeks. Additionally, their fees, strategically set below 30 basis points, aim to capture market share from Bitcoin ETFs.
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