Ants who left the stock market returned to the coin market by buying at low prices...Bitcoin rebounded slightly

Funds flow into the digital asset market thanks to the US stock market closure
Altcoins rebound by about 3% due to the inflow of low-price purchase tax
Cryptoquant predicts “BTC, demand recovery unlikely for the time being”

The digital asset (cryptocurrency) market, which had suffered a severe decline in recent days, rebounded slightly due to the inflow of low-price buying forces.

Digital assets, which had been falling due to the disappearance of good news amid the recent strong performance of the US stock market, successfully rebounded on the 20th. In particular, low-price buying flowed into altcoins that had suffered severe declines, and altcoins recorded an average rise rate of about 3%. Bitcoin (BTC) also rebounded by about 1%, putting the brakes on its downward trend.

The U.S. stock market, which had been hitting record highs every day, was closed on the 19th (local time) in observance of Juneteenth Day, a federal holiday. Because of this, funds that had left for the U.S. stock market temporarily returned to the digital asset market. In particular, it is analyzed that demand for low-price purchases of altcoins, whose purchase prices have fallen due to the continuation of the recent downward trend, has increased.

However, because there were no particularly positive news within the digital asset market, the rebound in the digital asset market ended up being only small.

◇Bitcoin = As of 5 PM on the 20th, the price of Bitcoin (BTC) is 92.75 million won as of Upbit. Bitcoin market share (dominance) was 55.26%.

Although Bitcoin temporarily rebounded, the price outlook was by no means bright. “Over the past two weeks, long-term Bitcoin holders and miners have been the biggest sellers of the asset, with little sign of demand picking up again,” on-chain analytics platform CryptoQuant said in its report.

According to wallets tracked by CryptoQuant, $1.2 billion worth of Bitcoin has been sold over the past two weeks, most likely through brokers rather than the open market.

CryptoQuant emphasized, “Investors are still not increasing their Bitcoin holdings, and the increase in demand from large holders, so-called ‘whales,’ is still not gaining traction.”

◇ Rising Coin = As of Upbit at 5 PM on the 20th, the digital asset that recorded the largest increase compared to the previous trading day was Ontology Gas (ONG), which rose by about 19% on this day alone.

Analysis suggests that the rise in Ontology Gas is related to the news of the approval of two Bitcoin and Ethereum spot ETFs in Hong Kong. It is said that large capitals in China are expected to enter the cryptocurrency market through Hong Kong, and Ontology Gas, one of the representative Chinese coins, has risen accordingly.

Ontology Gas is a token for running smart contracts on the multi-chain public blockchain Ontology. Ontology is a Chinese blockchain project established to build a DeFi ecosystem such as medical records and games. Ontology (ONT) for staking and governance participation in the blockchain and Ontology Gas (ONG) for smart contract execution exist separately.

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Greed’ stage with 60 points. The greed stage is the stage where price volatility and trading volume increase, and is the stage where prices rise. There is a high possibility of a short-term peak forming, so one must be cautious when selling.

Reporter Seungwon Kwon ksw@