Bitcoin, Ethereum, Dogecoin Print More Red Candles, But Top Trader 'Can't Be Bearish Here'

Cryptocurrency markets are trading down again, as the Donald Trump-themed DJT meme coin causes shockwaves in the crypto industry.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$64,593.68	-2.5%
Ethereum ETH/USD	$3,440.87	-2.5%
Solana SOL/USD	$3,440.87	-6.7%
Dogecoin DOGE/USD	$0.1209	-8.1%
Shiba Inu SHIB/USD	$0.00001796	-9%

Notable Statistics:

• IntoTheBlock data shows a 67.7% increase in large transaction volume, while transactions greater than $100,000 spiked from 4,812 on June 16 to 6,958 on June 17.
• Coinglass data notes long liquidations at $286.15 million, which is the highest since June 7, with Bitcoin long liquidations at the highest since June 11.
• Early Bitcoin miners realized a profit of around $550 million in 2024 in the $62,000 to $70,000 price range.

Notable Developments:

• Hashdex Files For Combined Spot Bitcoin And Ethereum ETF
• Popular French Magazine Paris Match Converts Iconic Photos Into Ethereum NFTs, Puts Them For Sale In Auction
• Crypto Allegedly Associated With Donald Trump Shoots Up To $150M In Market Cap — A New Strategy For The Presidential Race?
• Bitcoin’s Sudden Dip Triggers Massive $420M Liquidation Of Long Positions

Top Losers:

Cryptocurrency	Price	Gains +/–
Core CORE/USD	$1.27	-19.5%
Celestia TIA/USD	$6.26	-16.9%
Jupiter JUP/USD	$0.7245	-16.7%

If this #Bitcoin market cycle mirrors the last three, the top could actually come around December 2024 or October 2025! pic.twitter.com/Bsuy3CjM9f

— Ali (@ali_charts) June 18, 2024

Capo of Crypto commented that while altcoins keep bleeding, Bitcoin and Ethereum remain strong. He added, "I can’t be bearish here. Buying more alts at a discount."

Altcoins keep bleeding, but:

-Very negative sentiment
– $BTC and $ETH remain strong
– $ETH ETF S-1 approval and trading start should happen in the next few weeks
-Alts/BTC at a major support level
-No bad news so far

I can't be bearish here. Buying more alts at a discount. pic.twitter.com/u9n7Z8HQ5P

— il Capo Of Crypto (@CryptoCapo_) June 18, 2024

CryptoQuant Founder & CEO Ki Young Ju pointed to some interesting statistics that are likely to impact the market.

• Bitcoin long-term holder whales sold $1.2 billion in the past 2 weeks, likely through brokers.
• ETF netflows are negative, with $460 million outflows in the same period.
• If this ~$1.6 billion in sell-side liquidity isn't bought OTC, brokers may deposit BTC to exchanges.

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: Where Do Bitcoin And Ethereum Go From Here?