Benzinga – by Khyathi Dalal, Benzinga Staff Writer.
Cryptocurrency markets are trading in the green on Wednesday, led by the second-highest day of inflows into spot Bitcoin ETFs since their launch..
Prices as of 4 p.m. ET:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $71,378.80 | +1.6% |
| Ethereum (CRYPTO: ETH) | $3,875.36 | +2% |
| Solana (CRYPTO: SOL) | $173.34 | +2.7% |
| Dogecoin (CRYPTO: DOGE) | $0.1636 | +1.9% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002591 | +6.4% |
Notable Statistics:
- Coinglass data shows Bitcoin short liquidations ($26.1 million) peaking at the highest level since May 21. Open interest is currently at its highest since early April.
- IntoTheBlock shows addresses holding more than 1,000 BTC collectively owning more than 40% of the total Bitcoin supply, a trend that has been increasing since mid-March.
- At $73,000, $2.1 billion in shorts may be in danger of liquidation.
- CryptoQuant data highlights accelerating Bitcoin and Ethereum demand after the March to May slowdown, with permanent wolders and whale’s bitcoin balances growing at increasing speed.
Notable Developments:
- BlackRock’s Bitcoin ETF Up 50% Since Launch: Indicators Point To Continued BTC Bull Run
- Coinbase Launches Smart Wallets To Simplify Crypto Onboarding
- Bitcoin’s Current Cycle Is Outperforming According To These 3 Metrics, Says Analyst
- Bitcoin Could Go To $500K By October 2025, Says Silicon Valley VC
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Stacks (CRYPTO: STX) | $2.39 | +12.7% |
| Cronos (CRYPTO: CRO) | $0.1187 | +8.4% |
| Floki (CRYPTO: FLOKI) | $0.0003091 | +7.9% |
Trader Notes: Bitcoin Archive predicted that $100,000 is on the way, saying that the second wave of inflows is just getting started.
Notable crypto trader Jacob Canfield tweeted that Bitcoin’s open interest is indicating a $72,000 break.
$BTC – Open interest and all signs are pointing to a $72k break and a short squeeze to all time highs.
I wouldn’t be surprised if we see $80,000 by the end of June. pic.twitter.com/jmzL52h3RO
— Jacob Canfield (@JacobCanfield) June 5, 2024
Macro economist Seth believes that Bitcoin’s daily impulse just started and volatility is at its lowest since August 2023. He added, “Bitcoin RSI at 63. Sure, we can have a small pullback. But the Daily Impulse up just begun.”
Crypto analyst Ali Martinez points to the “most crucial support level at $68,500.” Bitcoin will go “up only” if it holds.
The most crucial support level for #Bitcoin is now at $68,500! If $BTC maintains this level, it’s up only from here. pic.twitter.com/cLRjkK1Q1x
— Ali (@ali_charts) June 5, 2024
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin All-Time Highs A ‘Stone’s Throw Away’ If It Starts Closing Above This Price, Predicts Trader
Image: Shutterstock
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