The post Bitfinex Says Bitcoin Will Surge After One Last Crash, Shares Expected Bull Date appeared on BitcoinEthereumNews.com.

Bitfinex has released a new report revealing a significant divergence in market performance between Bitcoin and Ethereum, especially in the ETF space. Ethereum ETFs continue to face challenges, while Bitcoin ETFs have shown resilience, boosting confidence in the world’s largest cryptocurrency as the fourth quarter approaches, according to the report. The report notes that Ethereum ETFs have struggled, especially compared to their Bitcoin counterparts. Large capital outflows have negatively impacted Ethereum’s market performance, leading to a sharp 40% drop in prices as of early August. This decline has also caused the ETH/BTC ratio to fall to its lowest level in more than 1,200 days. Emerging Ethereum ETFs like BlackRock’s iShares Ethereum Trust saw some positive inflows, but these gains were overshadowed by significant outflows from more established products like Grayscale’s Ethereum Trust (ETHE). Aggressive selling by major market makers including Jump Trading further exacerbated the situation. In contrast, Bitcoin ETFs have remained stable with continued inflows and relatively stable price performance. Despite challenges such as oversupply in the market, investor confidence in Bitcoin remains strong. Bitfinex suggests that Bitcoin will follow its historical pattern of strong performance after a year of halving, with a particularly bullish fourth quarter. The report also highlights the potential for a final round of declines to find a bottom for Bitcoin in the third quarter, followed by a strong bullish trajectory. This outlook is based on historical data and market trends. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/bitfinex-says-bitcoin-will-surge-after-one-last-crash-shares-expected-bull-date/

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Filed under: News - @ August 20, 2024 2:17 am