Bitcoin, Ethereum, Dogecoin Bottom Out As US Government Wallet Sends $240M BTC To Coinbase

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Global crypto market capitalization is down 1.7% to $2.25 trillion as whale transactions, exchanges netflows plunge.
One trader noted that a sell signal has appeared on the RSI for Bitcoin, while another sees BTC testing bull market support.
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Cryptocurrency markets are down on Wednesday as major governments are liquidating Bitcoin holdings.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$60,979.32	-1.7%
Ethereum ETH/USD	$3,410.19	-0.1%
Solana SOL/USD	$137.84	-0.7%
Dogecoin DOGE/USD	$0.1241	-2.9%
Shiba Inu SHIB/USD	$0.00001737	-3.3%

Notable Statistics:

Bitcoin Spot ETFs reported a total net inflow of $31 million for the first time in a week after consistent net outflows.
IntoTheBlock data Bitcoin large transaction volume dropping 33% and daily active addresses falling 14%. Exchanges netflows are down 182.9%.
Coinglass shows 34,447 traders were liquidated in the past 24 hours for $75.9 million.
TreeNewsrshows that U.S. regulators are likely to approve Spot Ethereum ETFs for launch by July 4.

Notable Developments:

Benzinga future of digital assets conference

Top Gainers:

Cryptocurrency	Price	Gains +/–
Fetch.ai FET/USD	$1.82	+14.3%
SingularityNET AGIX/USD	$0.7407	+11.5%
Lido DAO LDO/USD	$2.48	+7.7%

Trader Notes: Notable crypto trader Seth posted stated the "Bitcoin daily candle just got rejected by the 7 EMA." He added that the daily RSI has not been this low since August 2023.

Another trader sees a sell signal for Bitcoin:

#Bitcoin

Don't forget:

A red signal has appeared in the "Better RSI" for $BTC.

Over the past two years, this signal has ALWAYS predicted that Bitcoin is very close to bottoming out or has already reached the local bottom‼️

A bottom could form here.🎯 https://t.co/ETjvH8uFuK pic.twitter.com/8hOP90KMPM
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