Best Crypto to Buy Now June 26 – Notcoin, Ethereum Name Services, Pepe
Major cryptos are quietly consolidating within recent ranges as traders keep their powder dry ahead of major risk events/volatility expected later in the week, with traders instead turning to smaller altcoins as they hunt for the best crypto to buy now.
Bitcoin (BTC) and Ethereum (ETH) were flat in the respective $62,000 and $3,400 regions.
US Core PCE inflation data is set for release on Friday. This data will be closely watched by macro investors as they assess the likelihood of a September interest rate cut from the Fed.
Quarterly option expiries are also likely to trigger substantial volatility on Friday.
$6 billion in BTC options and $3 billion in ETH options are rolling off on leading derivatives exchange Deribit.
Big crypto option expiry day on Friday.
$6bn in BTC options & $3bn in ETH expire (40% of total outstanding contracts). Notably, 25% of the contracts are expiring in-the-money.
Expect some volatility. pic.twitter.com/BMv5PyTJMw
— Nic (@nicrypto) June 26, 2024
In the meantime, traders will continue to monitor German government BTC wallet movements, narratives such as Mt Gox and miner selling. These are themes that have weighed on the market in recent days.
But traders will be hoping that, with BTC having recently bounced from its 200DMA, a rebound could be coming. Support in the $60,000 has been very strong in recent months.
Ethereum could also bounce back to recent highs if upcoming Ethereum ETF launches attract stronger-than-expected demand.
Bitwise thinks that Ethereum ETFs could attract $15 billion in demand in their first 18 months.
Spot Ethereum ETPs Will Attract $15 Billion in Their First 18 Months
An excerpt from Bitwise CIO @Matt_Hougan's weekly memo to investors.
A good starting point for estimating inflows is
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