Brazil’s B3 stock exchange will roll out Ethereum (ETH) and Solana (SOL) futures contracts on June 16, after getting approval from the securities regulator CVM. The new contracts will be USD-denominated, with sizes set at 0.25 ETH and 5 SOL each. In a move to boost market liquidity, B3 will also reduce the size of its Bitcoin futures contracts from 0.1 BTC to 0.01 BTC, making it more accessible for traders and increasing market participation.
After recording the highest monthly close in May, Bitcoin (BTC) is on the precipice of a major parabolic rally in the near future. The flagship coin successfully rebounded from a previous weekly resistance level of around $104k and is now signaling the onset of a fresh rally.
Moreover, the heavy crypto liquidations in the past few days have cooled down the leveraged market, thus setting the stage for a fresh bull run. Additionally, Bitcoin’s Futures Open Interest (OI) has gradually increased in the past two months from around $47 billion to about $71 billion on June 3, during the late-North American trading session.
Whale Investors on a Shopping Spree for Bitcoin
According to on-chain data analysis from Santiment, around 151,820 Bitcoin wallets holding between 10 and 10k BTCs accumulated 79,244 coins in the past week. Consequently, the cohort now holds a cumulative 13.57 million Bitcoin.
As Coinpedia has reported in the past, Strategy has led more companies to adopt Bitcoin as a treasury management tool in the recent past. For instance, Reitar Logtech plans to raise $1.5 Billion to acquire BTC for its corporate treasury.
What Next for BTC Price
Bitcoin price has favored bullish sentiment in the past few weeks following the positive developments of the tariffs negotiations led by the United States. With gold price signaling a potential rally towards a new all-time high, Bitcoin price is well positioned to follow in tandem ahead.
From a technical analysis standpoint, BTC price is on the cusp of a major parabolic rally in the coming weeks, possibly akin to the 2017 summer. According to crypto analyst Gert van Lagen, Bitcoin price is en route to reaching $320k in the near future, especially after last month’s bullish confirmation.
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After recording the highest monthly close in May, Bitcoin (BTC) is on the precipice of a major parabolic rally in the near future. The flagship coin successfully rebounded from a previous weekly resistance level of around $104k and is now signaling the onset of a fresh rally. Moreover, the heavy crypto liquidations in the past …
Ethereum (ETH) price at $1,805 shows resilience above the $1,800 mark despite the sudden shakeout in the crypto market. With short-term bullish resilience, the upcoming Pectra upgrade is expected to boost the ETH market price with multiple changes in the ETH mainnet, leading to increased scalability and additional features.
Ethereum Price Prepares Bullish Launch From $1,800
In the 4-hour price chart, the Ethereum price trend showcases a sideways movement above the $1,755 mark. This crucial zone marks a high-demand area extending between $1,754 and $1,765.
Providing multiple bouncebacks, the high-demand area and the 200 EMA line hold the Ethereum price uptrend. Currently, the Ethereum sideways movement marks a consolidation range with the upper ceiling near $1,855.
As the ETH price holds above $1,800 after a prevailing recovery, the 100 and 200 EMA lines are on the verge of giving a positive crossover. However, the RSI indicator reflects a loss of momentum as the consolidation range grows.
Currently, the 4-hour RSI line struggles to overcome the halfway line. Based on the Fibonacci levels, a bullish breakout of the upper ceiling at $1,855 will likely test the 78.60% Fibonacci level near $1,949.
Optimistically, the uptrend could reach the $2,100 mark near the previous swing high. On the flip side, the crucial support below $1,755 remains at the $1,676 level.
On-Chain Data Signals Potential Price Surge to $2,000
As Ethereum holds its ground near $1,800, the in/out of the money around price indicator from IntotheBlock reflects a strong resistance ahead. The initial supply zone extends from $1,805 to $1,857, holding a total volume of 5.85 million ETH in 4.48 million addresses.
This is significantly larger compared to the nearest demand zone, extending from $1,748 to $1,800, holding a total volume of 2.29 million ETH within 3.46 million addresses.
In/Out of the Money Around Price
However, considering the short-term spike in Ethereum exceeds the overhead supply zone, the Ethereum price could witness a smoother sale towards the $2,000 mark. This is due to the short-term supply zones ahead holding a significantly lesser supply.
Will ETH Price Bounce Back as Analyst Signals an Ease in Selling Pressure?
As Ethereum hangs close to a crucial support, the spot volume is on a cooldown stage. As per the on-chain analyst DarkFost, this sudden slowdown in the Ethereum spot volume could actually be a good signal for a potential bullish recovery.
Based on the Ethereum spot volume bubble map by CryptoQuant, the analyst highlights the sudden drop in the spot volume, meaning the bigger the bubble, the higher the volume. Similarly, the change in the spot volume is denoted by the color of each bubble.
Currently, the sudden cool-off in the spot volume aligns with the prevailing correction in the Ethereum price trend. Witnessing a volume decline as the asset price declines could help reduce volatility under such conditions. This could also potentially reflect the slowdown in the selling pressure.
Ethereum spot volume bubble map
However, the analyst warns that the slowdown in the selling pressure does not mean the bottom is in.
The Pectra Upgrade Hype
The upcoming Pectra upgrade in Ethereum is likely to bring multiple key refinements to the mainnet. As per a recent tweet by Nansen AI, the key changes include the validator’s consolidation, reaching a 2,048 ETH market cap from the previous 32 ETH limit.
Furthermore, the Layer 2s can get cheaper, as blobs per block grow by 100% from 3 blobs to 6 blobs. Additionally, the EIP-7702 will bring temporary smart contract functionality to Ethereum wallets.
Overall, the key functionality brings faster staking, lower Layer 2 transaction fees, smarter wallets, and the Pectra Upgrade. These key upgrades will bring higher yields for stakers with easier operation.
Furthermore, roll-ups like Optimism and ZK-Sync will benefit from the cheaper data posting, with the increase in blobs per block. Decentralized applications (dApps) on the Ethereum ecosystem will be able to process batch transactions as gas sponsorships become easier.
Despite multiple upgrades, there are potential risks involved in the Pectra upgrade. Such as the validator’s consolidation could increase the risk of centralization on the Ethereum mainnet. Furthermore, the reliance of dApps on call data could increase transaction costs.
Finally, the growth of the smart wallet with the upgrade of EIP-7702 depends on the developers’ adoption. Nevertheless, the upcoming launch of Pectra upgrade shows potential to result in a massive Ethereum price surge.
Coinbase Announces Halt in Ethereum Deposits Ahead of Pectra
With the Pectra upgrade scheduled on May 7 at 3.05 am PT, Coinbase has announced a temporary pause of Ethereum deposits and withdrawals. This is to ensure the safety of the user’s funds. The temporary pause will extend from 2.50 am to 3.45 am PT.
Additionally, the initiation of new staking requests during this cool-off period will be delayed until 3.45 am PT. However, no existing stake positions will be impacted.
Spot Bitcoin ETFs extended their inflow streak by another day on Thursday, marking the fifth consecutive day of net positive flows. The total inflow for the day stood above $440 million.
The continued inflows come amid a modest market rebound over the past 24 hours.
Bitcoin ETF Inflows Hit $2.68 Billion for the Week
Bitcoin ETFs recorded another day of net inflows on Thursday, extending their streak to five consecutive days. The latest addition of $442 million brought the week’s total to $2.68 billion, the highest weekly net inflow since the first week of December 2024.
Total Bitcoin Spot ETF Net Inflow. Source: SosoValue
On Thursday, BlackRock’s ETF IBIT recorded the largest daily net inflow of $327.32 million, bringing its total cumulative net inflows to $40.96 billion.
Ark Invest and 21Shares’ ETF ARKB followed in second place with a net inflow of $97.02 million, pushing its total historical net inflows to $3.09 billion.
BTC Futures Show Uptick in Demand
The crypto market has witnessed a modest rebound over the past 24 hours, pushing BTC’s price up by 1% over the past day. During the same period, open interest in BTC futures has also risen, signaling a slight uptick in investor demand.
At press time, this is at $65.31 billion, up 1% today. The gradual rise in BTC’s price and open interest signals growing market participation and increasing confidence in the ongoing trend.
This simultaneous uptick suggests that new positions are being opened to support the price movement, often interpreted as a bullish indicator.
Moreover, call volumes have outpaced puts in the options market, reflecting a tilt toward bullish sentiment. As of this writing, the coin’s put-to-call ratio is at 0.74.
When an asset’s put-to-call ratio is below 1, more call options are being purchased than puts, reflecting a bullish sentiment among options traders. This suggests that investors are positioning for a sustained upside in BTC’s price.
However, despite these positive indicators, BTC’s funding rate remains negative. At press time, the metric is at -0.0008%.
The funding rate is a periodic payment between long and short positions in perpetual futures contracts. It keeps the contract price in line with the spot market. When the funding rate is negative, it indicates bearish sentiment, as more traders are betting on a price decline.
This suggests that some futures traders are still betting on BTC’s short-term downside, even as ETF demand and market metrics show renewed strength.
