DeFi
Bitcoin and Ethereum ETF Inflows Will ‘Completely Change the Mood,’ Trader Says: ‘Up Often, Up Only’
Renowned crypto analyst The DeFi Man shared an optimistic view of the cryptocurrency market despite potential obstacles.
What happened: The analyst highlighted several positive indicators, including the recovery of a strong spot premium and negative funding levels due to strong short selling, mainly from Bybit and OKX.
He also noted that few short positions have been liquidated so far, leaving plenty of room for growth above the $64,000 mark. The analyst anticipates positive news regarding Ethereum ETF ETH/USD and Bitcoin BTC/USD ETF inflows this week.
However, DeFi Man too mentioned potential challenges that could impact the market. He noted that Mount Gox should likely start distributing BTC this week, and Germany is expected to continue selling its $3 billion investment. He also suggested that the U.S. government could sell, which would leave Coinbase trading nearly $80 below Binance.
Read also : What do Bitcoin traders expect in Q3?
Why is this important: Despite these potential hurdles, DeFi Man remains optimistic. He believes that the market has already de-risked significantly in anticipation of the Mt. Gox distribution and that selling pressure will be less than expected.
He concluded his analysis by stating: “Every strong rally needs a wall of worry to climb, and a few green candles and a few hundred ETF entries will completely change the mood. Up early. Up often. Up only.”
This positive outlook despite potential challenges reflects DeFi Man’s confidence in the resilience and potential of the cryptocurrency market.
And after: The influence of Bitcoin as an Institutional Asset Class should be explored in depth in Benzinga’s next project The Future of Digital Assets event on November 19.
This content was partially produced using AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
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