Following last week's correction, billions of dollars of capital are returning to the crypto market, noted analysts said.
Earlier this month, digital assets underwent a major correction, with the market capitalization of cryptocurrencies plummeting from $1.7 trillion to $1.5 trillion in one day.
Analyst Ali Martinez told his 39,700 followers on social media platform He said there is.
“After the recent cull, there has been a notable resurgence, with more than $2.5 billion flowing back into the United States.” cryptography market. This influx could mean renewed investor confidence and an upturn in the market. ”
As of this writing, the market capitalization of cryptocurrencies hovers at $1.6 trillion.
Taking a closer look at Bitcoin, Martinez said the likelihood of a spot-based BTC exchange-traded fund (ETF) being approved is likely not fully priced in yet. Analysts say the cryptocurrency market is far from overheating, meaning traders are not stopping trading. Everyone joins in ahead of the highly anticipated event.
“Estimated leverage ratios across all exchanges have fallen to their lowest level in two years. BTC Traders are taking a more cautious approach, reducing the use of borrowed funds while awaiting regulatory clarity. ”
Traders are avoiding excessive leverage, but crypto whales are rapidly accumulating BTC in anticipation of the U.S. Securities and Exchange Commission (SEC) potentially approving a slew of Bitcoin ETF applications this week. Martinez said it may be in the works.
“In the past 24 hours, Bitcoin experienced its largest spike in transaction value in nearly two years, exceeding $100,000. 16,900 large transactions BTC We analyze whale activity and provide insight into how these major companies are positioned within the world. cryptography market. “
At the time of writing, Bitcoin is worth $44,091.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me twitterFacebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Mid Journey
