BTC ETF had a net inflow of 887 million US dollars yesterday, which also directly boosted the capital and sentiment rhythm of the entire bull market.
Grayscale net inflow of US$28.2 million
The market also ushered in a wave of rebound, Bitcoin and Ethereum both performed well, and the Binance exchange token $BNB broke a record high
As for the market in June, what other positive factors may catalyze the rise?
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The cryptocurrency market will continue to fluctuate in the short term. From the data, Bitcoin whales are still accumulating positions, and the Ethereum spot ETF is expected to pass as early as June. The start of trading may drive up demand for Ethereum, which is a booster for the long-term positive in 2024.
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From a global economic perspective, the US tax payment has been completed, while China is injecting additional liquidity into the RMB. In addition, the European Central Bank (ECB) is expected to cut interest rates in June or July if inflation is under control, and crude oil prices fell below $80 for the first time since February.
These factors come together, and as technical indicators in the cryptocurrency market show a rebound, a short-term technical rebound may be ushered in.
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There are two important elections in 2024 - the European Parliament election and the US presidential election, both of which may have an impact on cryptocurrencies.
The upcoming European Parliament elections on June 6-9 and the US general election on November 5 of this year will be very important for the formulation of future legislation (including cryptocurrency policy).
Among them, the EU's attitude towards the Regulation of Markets in Crypto Assets (MiCA) is to create a unified regulatory framework for cryptocurrencies across the EU and provide uniform legal clarity. The results of the election will determine the speed and positivity of the implementation of these regulations.
A more crypto-friendly Congress could speed up the passage of supportive regulations, boosting market confidence.
As for the US election, the competition for crypto voters has become increasingly fierce. This can be seen from the recent change in attitude of the US Securities and Exchange Commission (SEC). The market is already considering the potential impact that the two most popular candidates, Trump or Biden, may have on the cryptocurrency market after winning the upcoming US election, and hopes that a government that is more friendly to cryptocurrencies will eventually be elected.
Overall, the approval of the Ethereum spot ETF, changes in global economic factors, and the impact of major elections are all important factors driving the cryptocurrency market towards a positive trend.
