Bitcoin ranges between $69K-$70K amid defensive positioning, large holders keep buying
Bitcoin has remained range-bound between $69,000 and $70,000 as derivatives signal caution, while whales continue accumulating. The cryptocurrency was trading at the $70,752 level.In the past 24 hours, Bitcoin and Ethereum rose 0.02% and 0.20%, respectively. Among the major altcoins, XRP, BNB, Cardano, and Hyperliquid slipped up to 1.30%, whereas Solana and Tron gained up to 1.66%.Also Read | MF Tracker: This flexicap fund turns Rs 10,000 SIP to Rs 1.35 crore in over 2 decadesThe global crypto market capitalisation edged down 0.1% to $2.42 trillion, according to CoinMarketCap.Derivatives data shows defensive positioning, with increased downside hedging. Higher put activity and lower implied volatility indicate expectations of range-bound price action, said Riya Sehgal, Research Analyst, Delta Exchange.Sehgal further said that on-chain data shows shark and whale wallets have increased by 3.9% over the past three months, despite the price decline, which suggests continued accumulation by large holders.“Volatility has affected multiple asset classes, including gold. Bitcoin has remained relatively stable during this period. Overall, the market is in an accumulation phase, with a potential directional move after macro conditions improve and key levels are reclaimed,” Sehgal said.In the past week, Ethereum gained 2.46%, whereas Bitcoin fell 0.63%. Among the major altcoins, BNB and Dogecoin fell 2.15% and 1.37%, respectively, whereas XRP, Solana, Tron, Hyperliquid, and Cardano gained up to 6.96%.Nischal Shetty, Founder, WazirX, said the crypto market is in a steady consolidation phase, with clear signs of institutional strength and accumulation. Institutional interest continues to drive momentum. Bitcoin ETFs recorded $767 million in inflows, while Ethereum ETFs saw $160 million.“Overall, the market remains range-bound with a mild bullish bias. With institutional inflows rising and selling pressure easing, the groundwork for the next major move is being set,” Shetty said.Also Read | All investments in green? Here’s how to realign your mutual fund portfolioAccording to Binance Weekly Market Research, Bitcoin has demonstrated risk-off characteristics specific to geopolitical tail events. Bitcoin ETFs recorded US$1.5B in net inflows since the onset of the conflict, contrasting sharply with US$4.04B and US$2.58B in outflows from S&P 500 and Nasdaq ETFs, respectively.Looking ahead, oil prices, the status of the Strait of Hormuz, Gulf energy infrastructure, and the broader Middle East situation remain the dominant macro drivers. For Bitcoin, a sustained hold above US$70,000 is critical before any recovery can be characterised with conviction rather than dismissed as a dead cat bounce.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)If you have any mutual fund queries, message ET Mutual Funds on Facebook/Twitter. We will get them answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in along with your age, risk profile, and Twitter handle.
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