Governments are selling into the summer, while open interest in ETH is surging towards record levels with the ETF launch drawing near.
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Governments sell into summertime sleepiness
Summers are typically quiet for crypto, and this summer is no different so far. Last week’s volatility burst settled with BTC trading between $60k and $63k, leading 7-day volatility to 1.7%. We expect volatility to continue dropping this week due to the 4th of July holidays. 30-day volatility remains near yearly lows amidst a ranging market. Despite this low volatility, however, we saw Germany and the U.S. government selling seized BTC. The German government is now a consistent seller, sending ~500 BTC to exchanges each weekday.
BTC is down 8% over the last week due to significant negative supply shocks and consistently negative ETF flows. With spot ETH ETFs possibly coming next week and BTC's overhanging sales pressure, positioning for ETHBTC strength should be considered. lg...more
A week of poor momentum across the entire crypto complex, particularly among smaller altcoins. While altcoins have faced a significant long squeeze, BTC leverage remain high and steady.lg...more