Bitcoin's bullish momentum spluttered in Q2 as spot ETF buying was outpaced by cash sellers. However, Q3 could facilitate a bullish continuation on speculation of further institutional adoption
Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.36% 🇨🇦CAD: 0.16...as demand from spot ETF buyers was counterbalanced by selling from cash holders. As we approach the end of Q2 and the beginning of Q3, Bitcoin is trading slightly lower around the $65,000 level.
This supply-demand imbalance, exacerbated by the diminished mining rewards, poses a challenge for the market.
While the approval of the 19b-4 forms is a significant milestone, the final authorization for the spot Ethereum ETFs is contingent upon the SEC's review and approval of the S-1 filings. Market participants anticipate that the SEC will complete this final stage of the approval process in early June, paving the way for investors to gain exposure to Ethereum through these regulated investment vehicles.
While Bitcoin remains notably below its all-time high, ongoing Bitcoin ETF demand, new Ethereum ETF demand, and lower BTC mining rewards will continue to underpin both Bitcoin and Ethereum and should see them both hit new all-time highs in the coming months.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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