No matter how hard you look, you can't see the good news...Bitcoin, a pull-up in the 90 million won range

Bitcoin continues to weaken... In terms of won, it retreated to 90.8 million won.
Altcoins are disappointed by the stagnation of Ethereum ETF, many listings are put on sale
Glassnode: “BTC network figures increase uncertainty”

No matter how hard you look for good news that can change the atmosphere of the digital asset (cryptocurrency) market, it seems impossible to find it. Because there were no issues to brighten the mood, the prices of digital assets continued their boring trading trend.

The price of Bitcoin has not fluctuated significantly due to the disappearance of related news and the disappearance of materials that could improve market conditions. However, as price pessimism gains ground, the bearish atmosphere continues.

Altcoin prices were also not cool. This is because the situation related to the market launch of the Ethereum (ETH) spot exchange-traded fund (ETF) has become ambiguous. There was only a vague expectation in the market that the Ethereum spot ETF would soon be launched in the market, but with no tangible results, investors who were disappointed by the frustrating stasis put up a lot of items for sale.

However, there is also an analysis that the stoppage of market liquidity outflow to the US stock market is preventing a further decline in the digital asset market. This is because the U.S. stock market, which had been performing well for several days, fell all at once on the 20th (local time), except for the Dow.

◇Bitcoin = As of 5 p.m. on the 21st, the price of Bitcoin (BTC) is 90.8 million won as of Upbit. Bitcoin market share (dominance) was 55.43%.

As Bitcoin continued to languish for several days, analysis was raised predicting a further decline in Bitcoin.

Glassnode, an on-chain analysis platform, said, “Despite Bitcoin’s positive investor profitability, processing and transmission volumes on the Bitcoin network have declined sharply since its peak, which means that speculative appetite in the market has decreased and uncertainty has increased.” explained.

◇ Rising Coin = As of Upbit at 5 PM on the 21st, the digital asset that recorded the largest increase compared to the previous trading day was Ontology Gas (ONG), which rose by about 8% in one day. Ontology Gas rose for two consecutive days following a rise of about 19% the previous day.

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 63 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@