Cryptocurrency markets are trading sideways on Monday morning as markets await tariff-related news.
Notable Statistics:
- IntoTheBlock data shows Bitcoin's large transcation volume and daily active addresses increasing by 3.9% and 6.5%, respectively.
- Coinglass data shows 61,019 traders were liquidated in the past 24 hours for $179.64 million.
- SoSoValue data shows net inflows of $601.9 million into spot Bitcoin ETFs on July 3, while spot Ethereum ETFs saw net inflows of $148.6 million.
Trader Notes: Crypto trader Rekt Capital highlighted that Bitcoin just posted its highest-ever weekly close, breaking through a key resistance level. A successful retest could trigger a breakout toward new all-time highs.
Despite the gains, Glassnode data shows signs of a summer slowdown, with spot volume at $5.02 billion and futures volume at $31.2 billion, both at their lowest in over a year and continue to decline.
Crypto McKenna turned bullish on Ethereum, noting bearish sentiment as a contrarian signal. He cited mass removals of ".eth" from X usernames and emphasized Ethereum's dominance in stablecoins. He expects the Genius Act to fuel on-chain activity and push ETH well above $3,000.
His conclusion that “hated assets have hated rallies,” suggests that negative sentiment could fuel a sharp upside.
CryptosBatman pointed to strong support and surging demand for tokenized stocks on-chain. Wallets tied to these assets jumped from 4,400 to over 33,000 in 48 hours, suggesting large-scale accumulation and bigger moves ahead.
Dogecoin is forming a double bottom, with Trader Tardigrade setting an upside target of $0.476.
Meanwhile, XRP is approaching a key selling wall, and trader CW predicts a breakout attempt is imminent.
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