Bitcoin
Ether and Meme Coins Lead the Recovery While Bitcoin Remains Subdued
The digital asset market rose during the European morning with ether recovering $3,500. ETH is up over 4% in the last 24 hours, trading at $3,540 at the time of writing. The CoinDesk 20 Index (CD20) added about 1.6%. DOGE rose nearly 3.5% after its drop on Tuesday, while meme coin SHIB also rose more than 3%. Bitcoin remains subdued, trading around $65,400, up 0.2% from 24 hours ago. US spot bitcoin ETFs saw another $152.4 million in outflows on Tuesday.
Wallets tracked by CryptoQuant show whales sold more than $1.2 billion worth of BTC in the last two weeks. These long-term bitcoin holders are showing few signs of renewed demand, indicating a continued lack of upside for the world’s largest cryptocurrency. “Traders are not yet increasing their bitcoin holdings and demand growth from large holders still lacks momentum,” the analysts wrote. Market observers say cryptocurrency miners may increasingly be looking to the growing AI sector rather than bitcoin to ply their trade, leading to them selling their bitcoin rewards rather than holding them. Both sectors rely heavily on powerful computing chips to generate and maintain data.
Bitcoin and crypto-linked stocks are Undervalued and Ripe for Institutional Adoption, According to Broker Bernstein. While BTC and bitcoin ETFs may have shown promise before disappointing in recent months, Bernstein predicts ETF approval by major wirehouses and large private banking platforms in the second half of the year. Bitcoin ETF flows are expected to accelerate in the third and fourth quarters, the report said, and the next stage of adoption will be driven by large advisors approving ETFs and margin allocation of existing portfolios. Bernstein has achieved outperform ratings for publicly traded bitcoin-adjacent companies such as MicroStrategy, Robinhood, and miners Riot Platforms and CleanSpark.