Bitcoin’s price performance has been lackluster, with BTC/USD hovering around $26,000. Traders and analysts are cautiously waiting for new signals on direction while avoiding a bearish view. Speculators in the spotlight include short-term holders (STHs), whose cost basis is $26,400, which Glassnode says is the pivotal level in determining both the direction and momentum of the local trend. The Federal Reserve and Purchasing Managers’ Index data could cause surprise volatility later in the week as the market watches Bitcoin’s correlation to traditional risk assets.
Grayscale Bitcoin Trust (GBTC) has seen a fresh attempt at narrowing its heavy discount versus BTC spot price, reaching 36.6%, and buyers have made themselves known. As for the Crypto Fear & Greed Index, it remains stable, scoring 47/100 as of June 19. The BlackRock filing for a Bitcoin spot exchange-traded fund (ETF) and rumors of Fidelity Investments following suit may offer potential fuel for markets, though reactions have been hostile.
Speculators in the Spotlight
Short-term holders (STHs), whose cost basis is $26,400, are the focus of attention for on-chain analysis. They correspond to wallet entities that have held coins for 155 days or less. Recent price action has centered on their aggregate cost basis, which Glassnode says is the pivotal level in determining both the direction and momentum of the local trend.
Macro Cools After Intense Week
The Federal Reserve and Purchasing Managers’ Index data could cause surprise volatility later in the week as the market watches Bitcoin’s correlation to traditional risk assets. The focus is equally on how macro triggers impact them.
Grayscale Bitcoin Trust (GBTC) Gets a BlackRock Boost
Grayscale Bitcoin Trust (GBTC) has seen a fresh attempt at narrowing its heavy discount versus BTC spot price, reaching 36.6%, and buyers have made themselves known. As for the Crypto Fear & Greed Index, it remains stable, scoring 47/100 as of June 19. The BlackRock filing for a Bitcoin spot exchange-traded fund (ETF) and rumors of Fidelity Investments following suit may offer potential fuel for markets, though reactions have been hostile.
Market Optimism Sees Repeated Tests
The Crypto Fear & Greed Index remains stable, scoring 47/100 as of June 19. Grayscale Bitcoin Trust (GBTC) has seen a fresh attempt at narrowing its heavy discount versus BTC spot price, and buyers have made themselves known. The BlackRock filing for a Bitcoin spot exchange-traded fund (ETF) and rumors of Fidelity Investments following suit may offer potential fuel for markets, though reactions have been hostile.