Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Cryptocurrency markets are trading higher, with spot Bitcoin ETF inflows picking up steam over the week.
What Happened: Major cryptocurrencies are trading higher at the time of writing:
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $67,062.85 | +2.8% |
| Ethereum (CRYPTO: ETH) | $3,083.59 | +4.7% |
| Solana (CRYPTO: SOL) | $168.78 | +6% |
| Dogecoin (CRYPTO: DOGE) | $0.154 | +2.8% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002493 | +2% |
Notable Statistics:
- Morgan Stanley disclosed a $270 million investment in the Grayscale Bitcoin ETF.
- Spot Bitcoin ETFs posted $1.3 billion net inflows in two weeks, offsetting the entirety of the negative flows in April. This takes the inflows to a positive $12.3 billion net since launch.
- IntoTheBlock data highlights an increase of 9% in large transaction volumes to $56.7 billion, while exchanges’ net flows plunged 56%. A notable development was noticed in the Bitcoin holders making a profit at current levels. 93% of holders are currently in profit while 4% of holders are at a loss.
- Coinglass data notes $39.8 million worth of Bitcoin liquidations in the past 24 hours, with $29.8 million in short liquidations. Total crypto short liquidations tally at $80.6 million, compared to $35.8 million in long liquidations.
- Elon Musk Deepfake Scam Used To Promote Fraudulent Crypto Trading Platform, Hong Kong’s Financial Regulator Warns
- Coinbase Says Ethereum ETF Approval More Likely Than You Think— Here’s Why
- BlackRock, Fidelity Lead $257M Bitcoin ETF Surge, As Analysis Predicts $74,000 Comeback
| Cryptocurrency | Price | Gains +/- |
| Gnosis (CRYPTO: GNO) | $306.56 | +13.6% |
| Ordi (CRYPTO: ORDI) | $41.35 | +12% |
| Ondo (CRYPTO: ONDO) | $0.9405 | +11.9% |
Also Read: Former Goldman Sachs Executive Raoul Pal Answers Key Question: ‘When Do I Sell My Crypto?’
Analyst Notes: “Bitcoin OG” LLuciano aka Lucky noted something different in the Bitcoin chart: the last cycle top was at around $69,000 and struggled to stay in the $60,000 range for long, compared to holding $60,000 with ease this time. "This typical BTC behavior signals one thing: it’s gearing up for something big," he writes. He also predicts the largest altcoin runs are still on the horizon.
Full-time trader and analyst Skew tweeted that Bitcoin is at the "Biggest inflection zone for price" and the next target for bulls is a strong close around $69,000.
$BTC 4HBiggest inflection zone for price is around here
midrange pivot & pullback from previous high; next target for bulls is a strong close around $69K
However we do have a bullish cross of 1H 200EMA & 4H 200EMA, typically implies that both will be bought by algos on dips
~… https://t.co/SIjY4KVmEA pic.twitter.com/vzhUf1tsxK
— Skew Δ (@52kskew) May 17, 2024
Crypto researcher and trader Alex Wacy tweeted, "Given this pattern, is it fair to assume that the way to $80k is now open?"
Interesting…During the consolidation phases from the beginning of 2023, $BTC typically ranged for about 40 to 50 days before experiencing a decline, after which it started to rise again.
Given this pattern, is it fair to assume that the way to $80k is now open? https://t.co/A10LBJD7m8 pic.twitter.com/u38t2BJmPR
— AlΞx Wacy