Bitcoin Range-Bound—Is It Time to Rotate Into Ethereum?
Bitcoin (BTC), the flagship cryptocurrency, is trading within a tight range of $103,600 to $105,500. This consolidation comes in the wake of heightened geopolitical tensions and a cautious stance from the U.S. Federal Reserve. Fed Chair Jerome Powell recently announced that interest rates will remain unchanged, maintaining a hawkish tone due to persistent inflation concerns.
Analysts suggest that markets had already priced in the Fed’s decision, and they anticipate BTC will continue to consolidate around current levels.
But with derivatives data painting a complex picture, is now the moment to sell BTC and consider buying Ethereum (ETH)?
Bitcoin has seen a significant pullback, dropping to price levels last seen in mid-May. This decline coincides with a looming options expiry worth over $3.3 billion on Deribit. The put-call ratio stands at 1.10, indicating a bearish tilt among traders, with many positioning for further downside or hedging existing exposure.
Ethereum isn’t immune to pressure either. Over 2.18 million ETH options contracts—valued at roughly $600 million—are set to expire. While the put-call ratio has risen to 0.74, call volumes are currently outpacing puts, suggesting a more balanced or cautiously optimistic sentiment around ETH.
ETH was up 1.5% at $2540 while the global crypto market cap was up 0.3 % at $3.28 trillion.
Altcoins Trade Mixed?
Altcoin performance was mixed in today’s session. XRP, BNB, and TRON posted gains, while ADA and HYPE traded lower.
BTC ETFs See Strong Inflows?
In the ETF space, U.S.-based spot Bitcoin ETFs recorded a strong inflow of $388.3 million on June 18, reflecting continued institutional interest. In contrast, spot Ether ETFs saw a more modest inflow of just $19.1 million.
Canada’s 3iQ launched its XRP ETF on the Toronto Stock Exchange, offering zero management fees for the first six months. Despite the launch, XRP remained flat at $2.15.
Hong Kong-based health services firm Prenetics made headlines after acquiring 187 BTC through Kraken at an average price of $106,712 per Bitcoin.
Meanwhile, Japan’s ANAP Holdings expanded its crypto holdings, purchasing an additional 31.2 BTC this week, bringing its total to 184.67 BTC.
Ondo Finance announced the formation of the Global Markets Alliance, aiming to broaden U.S. access to tokenized real-world assets (RWAs). Its native token ONDO rose 4% to $0.78 following the news.
In infrastructure developments, Deribit and Crypto.com have begun accepting BlackRock’s BUIDL token as collateral, lowering margin requirements. CRO responded positively, climbing 3.5% to $0.091.
Raydium (RAY) surged 10% after South Korean exchange Upbit listed RAY/KRW and RAY/USDT trading pairs. RAY is now trading at $2.29.
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