Significant changes occurred in the cryptocurrency market over the past week. Ethereum continues to attract traders' attention, while Bitcoin shows outflows.
Trends in the ETF Market
Over the past seven days, Ethereum ETFs attracted net inflows of 197,938 ETH, while Bitcoin ETFs reported net outflows of 2,448 BTC. Total altcoin trading volumes reached $80.7 billion, surpassing Bitcoin's $37.8 billion, underscoring heightened trading demand.
Whale Movements in the Market
A prominent Bitcoin whale redirected capital into altcoins, marking a shift in sentiment. This investor, holding over 14,800 BTC, recently sold 670.1 BTC worth $76 million and took a long position in altcoins. On-chain data show that this address now holds approximately 68,130 ETH valued at over $295 million.
Technical Indicators for Ethereum
Ethereum's price is currently probing a multi-year resistance at $4,647. A decisive breach of this level could propel prices above $10,700. Analysts believe that the current price action resembles the framework of Bitcoin's bull run from 2018 to 2021.
Current trends indicate a growing interest in Ethereum and altcoins, while Bitcoin faces outflows. This could lead to a shift in the dynamics of the cryptocurrency market.
