Data from TradingView showed Bitcoin’s price strength rebounding after an initial dip at the Wall Street open. The launch of trading for spot Ether ETFs surprised market participants with impressive volumes, totaling over $100 million in just 15 minutes. This sent ETH/USD up 2.3%, recovering from an initial drop.
BTC/USD 1-hour chart. Source: TradingView
Popular trader Skew noted the expected take-profit selling in both perpetual and spot markets, with heightened open interest in ETH derivatives around the launch. Michaël van de Poppe, founder and CEO of MNTrading, highlighted the impressive early trading volumes, comparing them to Bitcoin’s first day. He predicted the Ethereum ETF to trade towards an all-time high within 1-2 months. Fellow trader Daan Crypto Trades described the initial flows as “decent,” anticipating increased market volatility.
Bitcoin Faces Near-Term Bearish Threats
Bitcoin retraced its own initial down move, retaking $67,000. Monitoring resource CoinGlass revealed new buyer liquidity at $65,750 and increased sell-side pressure above.
ETH market data. Source: Skew
Traders remained optimistic about Bitcoin’s future. Jelle, a popular trader, emphasized the strong foundations being built for the next bear market lows. In a bulletin to its Telegram subscribers, QCP Capital noted that the crypto market’s reaction to the ETH spot ETF launch was muted, with investors waiting to see if it follows the “buy the hype, sell the news” pattern.
ETH/USD 1-hour chart. Source: TradingView
QCP compared this to Bitcoin’s ETF launch, which saw a drop to $38,000 but hit all-time highs two months later. The firm warned of short-term downside risks, including fresh payouts to creditors of defunct exchange Mt. Gox and geopolitical uncertainty. They concluded that prices may remain subdued until momentum builds leading up to the elections.
