Ethereum ETF Frenzy: Inflows Jump 5x While Bitcoin Stalls

Trump Media and Technology Group (TMTG), the company that owns US President Donald Trump’s Truth Social platform and is partially owned by the president, has received approval from the US Securities and Exchange Commission (SEC) for its registration statement tied to its $2.3 billion Bitcoin treasury deal.

According to a June 13 SEC filing, the agency “declared effective” TMTG’s S-3 registration statement — filed on June 6 — for the Bitcoin (BTC) treasury deal. The S-3 is a form that US companies use to register the sale of various securities, like stocks, options, and different types of debt. TMTG filed a corresponding final prospectus with the SEC on the same day.

Trump Media’s CEO says the firm is “aggressively” expanding

The SEC filing said that, as part of its Bitcoin treasury plan, TMTG registered the resale of approximately 56 million shares and 29 million more tied to convertible notes as part of debt and equity agreements with around 50 investors, which yielded $2.3 billion.

Although the registration statement includes a universal shelf to give TMTG “greater flexibility” for future growth plans, the company currently has “no immediate plans” to issue any securities under it.

Bitcoin’s recent rally appears to have paused as the asset declined to just above $104,000 following a 2.1% drop over the past 24 hours. This latest movement signals a potential shift in short-term market momentum, with traders increasingly opting to exit positions.

While the broader cryptocurrency market has experienced similar pullbacks, Bitcoin’s trajectory is attracting closer scrutiny due to its influence on overall sentiment and market structure.

Analysts are looking into how external factors, particularly geopolitical developments, are impacting trading behavior. One such development is the reported military engagement between Israel and Iran on June 13, which triggered sell pressure across high-risk assets, including digital currencies.

Amid these events, key metrics on Binance, particularly Net Taker Volume, are showing increased sell-side dominance, suggesting short-term volatility may continue.

Binance Net Taker Volume Hits Multi-Week Low Amid Bitcoin Panic Selling

According to on-chain analyst Amr Taha on CryptoQuant’s QuickTake platform, Bitcoin’s Net Taker Volume on Binance fell to -$197 million, the most negative reading since June 6.

This metric, which compares aggressive selling to aggressive buying, indicates heightened urgency among traders to sell at market prices, bypassing limit orders. The seven-hour moving average (7HMA) has remained in negative territory since June 12, reinforcing the current downward pressure.

Historically, such extremes in net taker volume have been linked to local price bottoms, as they often signal panic-induced capitulation by retail and overleveraged traders.

Taha highlighted that a similar event occurred on June 6, followed by a 4% rebound in Bitcoin’s price within 24 hours. The implication is that, while aggressive selling may signal weakness, it also presents conditions that have previously preceded price reversals.

Geopolitical Shock Triggers Liquidation Cascade, May Signal Local Bottom

Taha also pointed to the geopolitical backdrop, specifically the sudden escalation between Israel and Iran, as a major catalyst for recent market behavior. News of the strike led to a surge in liquidation activity, especially among long-leveraged positions.

The correlation between the timing of the conflict and the spike in Binance sell volume suggests that traders are reacting to broader market uncertainty, contributing to downward momentum.

Despite this, Taha still views these conditions as potentially bullish in the medium term. Heavy selling often flushes out weaker hands, creating opportunities for long-term holders or institutional participants to accumulate positions at lower prices.

Taha suggests that while the short-term outlook remains volatile, the current setup resembles previous recovery phases, marked by contrarian buying and reduced selling pressure.

Featured image created with DALL-e, Chart from TradingView

Brewing tensions between Israel and Iran have triggered global de-risking across risk-on assets, including Bitcoin (BTC). The top cryptocurrency by market cap is down 1.7% over the past 24 hours. That said, technical indicators still point toward a potential new all-time high (ATH) for BTC in the coming months.

Bitcoin Tracing The ABCD Pattern

According to a recent post on X by crypto analyst Titan of Crypto, BTC appears to be following the ABCD pattern. The analyst noted that Bitcoin is currently trading within a wedge formation and could target as high as $137,000 if it breaks out.

For the uninitiated, the ABCD pattern is a classic chart setup with four points and three legs – AB, BC, and CD – where AB and CD are typically equal in length, and BC serves as the retracement. It helps identify potential reversal zones and signals when a price move may be losing momentum.

Several other technical indicators also point to a potential new ATH for BTC. For instance, crypto analyst Crypto Caesar shared the following 4-hour Bitcoin chart highlighting a bullish double bottom pattern that suggests BTC is primed for recovery.

Fellow crypto commentator Jelle identified a cup and handle pattern on the daily BTC chart. Jelle shared the following chart showing that BTC has already formed the “cup” and is now beginning to shape the “handle,” which typically precedes a sharp upward move.

Meanwhile, crypto trader Merlijn the Trader pointed to the Hash Ribbons – an on-chain indicator historically associated with major rallies. Merlijn shared the following BTC daily chart, noting that the last four appearances of this signal preceded strong Bitcoin uptrends.

To explain, Hash Ribbons is an on-chain indicator that uses Bitcoin’s 30-day and 60-day hash rate moving averages (MA) to spot miner capitulation and recovery. A bullish signal appears when the short-term average crosses above the long-term one.

Are BTC Bears Regaining Ground?

Although BTC remains above the psychologically important $100,000 mark, some concerning signs are beginning to emerge. The cryptocurrency was recently rejected from the $110,000 resistance level again, giving bears temporary control.

Similarly, on-chain data shows that long-term holders are beginning to exit the Bitcoin market which retail investors are starting to join in. Such dynamics are typically observed during the late phase of a bull cycle.

In parallel, short-term holders are showing signs of declining confidence in BTC, as reflected in recent on-chain activity. At the time of writing, BTC trades at $105,568, down 1.7% over the past 24 hours.

Bitcoin’s market price has experienced renewed downward pressure, falling to just under $106,000 in the last 24 hours. This marks a 1.8% dip over the past day and places the asset approximately 6% below its all-time high of over $111,000 reached last month.

While the correction is not severe compared to historical volatility, it highlights ongoing uncertainty in the market as BTC consolidates near record highs without sustained upward momentum.

One metric drawing attention amid this price movement is the Puell Multiple, a tool used to evaluate whether Bitcoin is overvalued or undervalued relative to miner income.

Bitcoin Puell Multiple Suggests Miner Revenues Have Yet to Catch Up

CryptoQuant analyst Gaah highlighted that while prices recently surged above $108,000, the Puell Multiple remains below 1.40, a level typically associated with discounted or non-euphoric market phases.

This decoupling between BTC price and miner revenue offers insight into how recent gains may be more demand-driven than organically supported by on-chain mining fundamentals.

The Puell Multiple measures the daily issuance of BTC in USD terms relative to its 365-day moving average. Historically, readings below 1.0 are seen during market bottoms or accumulation phases, indicating undervaluation.

Gaah points out that current readings hovering around 1.40 suggest miner profitability is still lagging, even as the asset trades near historic highs. This pattern contrasts with previous bull cycles where high prices were often accompanied by elevated miner earnings, driven by both network activity and block rewards.

This disparity may be due in part to the April 2024 Bitcoin halving event, which reduced block rewards from 6.25 BTC to 3.125 BTC per block. While halving events typically drive price appreciation through reduced supply, they simultaneously put downward pressure on miner revenue.

In this case, despite a climb in market price, the halving’s impact continues to suppress income for miners, implying that the price increase has not yet been accompanied by the kind of broader economic expansion that would traditionally drive a full-fledged bull market.

Potential for Continued Growth as Institutional Forces Drive Demand

Gaah also points to the possibility that external factors may be playing a more dominant role in driving recent price action. These include increasing institutional inflows through spot Bitcoin ETFs, as well as a tighter circulating supply as long-term holders reduce active selling.

These forces could be supporting price without necessarily boosting miner profitability in the short term, especially if the uptick is concentrated in secondary market demand rather than new BTC issuance.

The current environment may signal a unique window for participants analyzing Bitcoin’s valuation. A high market price combined with conservative fundamentals suggests the market is not yet in a speculative excess phase.

If miner revenues eventually rise in line with growing demand, driven by either increased transaction fees or broader network usage, it could support further upside. As such, both technical and fundamental indicators may continue to evolve in the coming months, offering a clearer view of whether the current cycle has more room to run.

Featured image created with DALL-E, Chart from TradingView

Short-term holders may face serious repercussions after Shiba Inu recently broke through a crucial support level. SHIB has dropped by almost 3% today and is currently trading at about $0.00001187, well below the crucial technical barrier of $0.00001231, which served as a launching pad for rallies in April and May. 

Following several unsuccessful attempts to break above resistance close to the 50-day and 100-day EMAs, which are both presently convergent around $0.0000138-$0.0000140, the market broke through this floor. The asset has sunk so far into bearish territory that the 200-day EMA, which is situated further above at $0.00001546, has remained unchanged for weeks. The volume of this breakdown spike is also concerning because there is not any obvious buying support to intervene, leaving SHIB open to further declines.  Chart by TradingView">

The RSI at 32.79 indicates that the token is almost oversold, but it is too soon to consider this a dip-buying opportunity in the absence of any obvious reversal signals. As of right now, investors should not anticipate a recovery rally unless SHIB can swiftly and heavily retake the $0.0000123 zone.

If not, momentum will probably push the asset lower toward the psychological $0.00001000 level, which is a significant round number and the last line of defense before panic-selling gets worse. The general sentiment of the market exacerbates the situation. In times of declining risk appetite, meme-based assets like SHIB are typically the first to be dumped. It is reasonable to anticipate further declines or at most stagnation unless there is an unexpected catalyst (a burn event, whale movement or integration news, for example).

Bitcoin's direct hit

Following a textbook recovery, all eyes are on what will happen next with Bitcoin . Directly off the 50-day EMA, Bitcoin experienced a rapid reversal back toward $105,000, following a precipitous decline to $102,816. Such a response at a crucial technical support level indicates the existence of aggressive interest in dip buying as well as potentially algorithmic activity in the vicinity of moving averages.

The action was taken shortly after a significant liquidation cascade that we previously reported on, which consisted of a series of lengthy liquidations that went above and beyond expectations and cleared out overly leveraged positions. As the sell pressure subsided and buyers intervened at support, that aggressive flush set the stage for a countermove. One factor, though, cannot be disregarded: descending volume. The volume did not rise proportionately to the strong candle recovery. 

Bulls' lack of conviction could indicate that this is a temporary relief bounce rather than a return to the trend. It makes sense that market participants would be cautious. Although there may still be room to run without crossing overbought territory, the RSI, which is currently at 53.75, indicates that momentum is not as strong as it was when Bitcoin tested its all-time high of $112,000 in early June. 

That level is still the main psychological barrier, and a retest might take longer to occur if there is not a clear trigger. In the short term, bulls are likely to keep control if Bitcoin stays above the 50 EMA (~$103,000) and does not fall below $102,000. The 100-day EMA may provide the next line of defense if risk shifts back toward $98,000.

XRP's last chance

Even though XRP is holding onto its last line of defense, bulls may need it to engineer a dramatic reversal. The asset has retreated toward the 200-day moving average, which now serves as a crucial turning point for any possible recovery and is currently trading close to $2.14. Despite recent rejection in the $2.40-2.50 range, XRP has not yet made a clear break. 

Moving averages, especially the 50, 100 and 200-day EMAs, are converging and compressing the price into a tight structure, indicating that a high-volatility move may be imminent. Red candles notwithstanding, this consolidation might be a traditional springboard configuration. Since the RSI is still neutral at about 45, neither side has yet to experience severe exhaustion. 

A bounce toward $2.60 and ultimately a retest of $3 is still possible if bulls defend the 200 EMA and the price stays above $2.09. But at the moment, bears are gaining momentum. Over the past few sessions, the volume has been decreasing, suggesting that neither side is very convinced. On a red day, if volume increases and XRP closes below the 200 EMA, a steeper sell-off toward $1.85 or less is probably in store. 

However, for traders and long-term investors, considering an entry this might be a unique chance. As there is currently no structural breakdown and a slow bleed into key support, the current setup is similar to past XRP price action that has preceded significant reversals.