Bitcoin, Ethereum traders expect a bullish July as 25% options set to expire in the money (2024)

  • Bitcoin, Ethereum’s 25% options are set to expire in the money on Friday, setting the tone for a bullish July.
  • Bitcoin is struggling to break past the resistance at $62,500, trading at $61,442 on Wednesday.
  • Ethereum and XRP prices are nearly unchanged in the past 24 hours, trading at $3,377 and $0.4739 respectively.

Crypto update:

  • BTC/USDT is trading at $61,442 early on Wednesday, nearly unchanged in the past 24 hours. The largest asset by market capitalization has wiped out nearly 6% in the past seven days. Bitcoin has been in a choppy zone, directionless, and traders look to Friday’s option expiry for hints on what to expect from BTC.

Bitcoin steadies around $61,000 after liquidations on Defi platforms exceed $1 million

  • ETH/USDT is trading at $3,377, up nearly 0.2% on the day. The altcoin has sustained above key support with the optimism surrounding the expected approval of the Spot Ethereum ETF.

Analysis shows Ethereum ETFs could impact the market with $15 billion net flows by 2025

  • XRP/USDT is trading at $0.4739 at the time of writing. The altcoin is down nearly 0.40% in the past 24 hours. XRP’s social dominance is at its highest level since April 2024, as the altcoin’s relevance has increased among traders.

Ripple CEO Brad Garlinghouse slams SEC Gary Gensler for his remarks on crypto, XRP extends losses

  • Meme coins and Artificial Intelligence (AI) categories of tokens noted surges in their market capitalization. Meme coins added nearly 6% to their market capitalization, pushing it to $50.89 billion. AI tokens added 3% to their market cap in the same timeframe, up to $29.54 billion.
  • Luuk Strijers, CEO at Deribit, told Coindesk that over 25% of Deribit's open interest is set to expire this Friday, “in the money,” meaning the asset has already surpassed the strike price.

Chart of the day:

WIF/USDT daily chart

Dogwifhat (WIF) is trading at $2.0484, down 1% in the past seven days. The Moving Average Convergence Divergence (MACD) shows decreasingly shorter red histogram bars, and MACD is close to crossing above the signal line, a bullish sign for WIF.

WIF is likely to rally towards the lower boundary of the Fair Value Gap at $2.3281, a 14% rally. The meme coin could drop to support at $1.699.

Market updates:

  • German government Bitcoin transfers continue, with another 750 BTC moving early on Wednesday. The following transfers were tracked by Spotonchain:
    • 125 BTC moved to Kraken
    • 125 BTC moved to Bitstamp
    • 500 BTC moved to wallet “139PoPE1bK”
    • 0.001 BTC sent to Flow Traders (likely a test transaction)
  • In the past week, the German government has transferred 4,250 BTC worth $271.3 million at an average price of $63,828.
  • Bitcoin ETF net inflow turned positive after seven consecutive days of outflows. $31 million flowed into Bitcoin ETFs.

30-day net inflow of Bitcoin ETFs

  • Bitcoin Fear and Greed Index climbed from 30 to 46, but still remains within the “fear” zone.

Fear and Greed Index

Industry updates:

  • zkSync, a Layer 2 network, announces the launch of the interoperability layer Elastic Chain to compete with Polygon’s AggLayer. Polygon is currently the largest Ethereum scaling solution in the ecosystem.
  • Coin98 wallet announces support for .shib names from an identity service for the top web3 communities.

WOOF! @coin98_wallet now lets you send, receive, and store your favorite crypto & NFTs using your Viction, Core, or Shib Names!

Who's rocking a $SHIB Name already? Let's see those epic handles in the comments! #ShibArmy https://t.co/CMGE5eDKHO

— Shib (@Shibtoken) June 26, 2024
  • DEXScreener, a DeFi analytics tool, announced the launch of its meme coin decentralized application (DApp) Moonshot.

Moonshot does not have an X account, don't fall for scams. Steady lads, more to come!

— DEX Screener (@dexscreener) June 24, 2024

DEX Screener just launched their own Memecoin dApp!

Missed the early days of PumpFun? Don't waste your second chance to make millions on Moonshot!

The most complete guide on how to find the next x100 before everyone else pic.twitter.com/FVTiMEzHe5

— 0xNobler (@CryptoNobler) June 25, 2024

The top 3 gainers on Wednesday are Fetch.ai (FET), Notcoin (NOT) and SingularityNET (AGIX), up 10%, 8.5% and 9%, respectively, in the past 24 hours, per CoinGecko data.

Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Bitcoin, Ethereum traders expect a bullish July as 25% options set to expire in the money (2024)
Top Articles
Latest Posts
Article information

Author: Duncan Muller

Last Updated:

Views: 6619

Rating: 4.9 / 5 (79 voted)

Reviews: 86% of readers found this page helpful

Author information

Name: Duncan Muller

Birthday: 1997-01-13

Address: Apt. 505 914 Phillip Crossroad, O'Konborough, NV 62411

Phone: +8555305800947

Job: Construction Agent

Hobby: Shopping, Table tennis, Snowboarding, Rafting, Motor sports, Homebrewing, Taxidermy

Introduction: My name is Duncan Muller, I am a enchanting, good, gentle, modern, tasty, nice, elegant person who loves writing and wants to share my knowledge and understanding with you.