PANews reported on June 18 that 10x Research CEO Markus Thielen wrote that when the U.S. Securities and Exchange Commission (SEC) approved the exchange's 19b-4 form to list the Ethereum ETF on May 23, futures traders rushed to complete the unfinished S-1 form, which will determine the listing date. On June 3, 10x Research pointed out that speculative positions relative to the price of Ethereum have reached extreme levels and there may be a risk of liquidation, which may prevent Bitcoin from setting a new record high. Despite the decline in Ethereum prices, futures positions are still too much - more Altcoin(here refers to tokens other than BTC and ETH) liquidations may be coming soon.
Last week was a pivotal moment for cryptocurrencies and one of the most critical weeks of 2024. Cryptocurrencies, especially Altcoin, fell sharply. The market had a hard time digesting $97 million from Aptos, $51 million from IMX, $75 million from STRK, $62 million from SEI, $90 million from ARB, $18 million from APE, and $90 million from UNI - a massive $483 million in token unlocks. Early investors and venture capital investors appear to be under pressure to cash out. These flows are dragging down Bitcoin.
Bitcoin miners have begun selling their Bitcoin inventory, and Ethereum balances on exchanges have seen a massive $2.5 billion increase, which was previously associated with potential selling pressure. Despite improved inflation data, Bitcoin ETFs have seen large outflows (5-day average of -$660 million), while total net flows across sectors (stablecoins, leveraged futures, ETFs, etc.) have also seen a net outflow of $2.4 billion - the third weekly net outflow since the ETF was launched in January 2024.
Solana played a key role in initiating a market rally in October 2023 and accelerating the meme coin rally in February 2024. But with SOL-USDT breaking below key trend levels and support lines, more downside pressure may be in the future. Midway through last week, our trading signals received a sell signal for Solana (and Bitcoin), while other analysis could see SOL-USDT falling to $100.
