The cryptocurrency market saw a notable increase of 3.9% on June 10, bringing its total capitalization to about $3.41 trillion. This surge is largely attributed to ongoing capital inflows into digital asset investment products, reflecting growing confidence among investors. According to recent data from CoinShares, crypto investment products recorded inflows of $224 million for the week ending June 6, marking the seventh consecutive week of positive inflows. This brings the total for this period to $11 billion, signaling an increasing commitment from institutional investors.
Among the major cryptocurrencies, Ether led the way with inflows totaling $296.4 million, contributing to a remarkable $1.5 billion over the past seven weeks. James Butterfill, head of research at CoinShares, noted that these trends correspond with easing macroeconomic uncertainties, as investors await clearer guidance from the US Federal Reserve regarding inflation.
In addition to capital inflows, a significant cause for today’s price increase was a short squeeze, with $451 million in liquidations occurring in the past 24 hours. Of this, $391 million represented short positions, including roughly $195.8 million from Bitcoin alone. The largest liquidation took place on HTX, with an ETH/USDT position of $4.06 million being closed.
Graphical analysis indicates that TOTAL, which tracks the combined capitalization of cryptocurrencies, has confirmed a bullish flag pattern, recently breaching a critical resistance level at $3.25 trillion. Currently, it faces a key psychological barrier at $3.5 trillion, and analysts anticipate that a strong move above this could accelerate momentum toward a target of $4.36 trillion. The market's relative strength index (RSI) supports this outlook, rising from 44 to 59, signifying potential for continued upward movement. The recent formation of a golden cross, with the 50-day moving average surpassing the 200-day average, adds to the bullish sentiment in the market.
Investors should remain cautious, as volatility is inherent in the crypto space. While the current trends are positive, it's crucial for individuals to conduct their own research and consider market conditions before making investment decisions.
Among the major cryptocurrencies, Ether led the way with inflows totaling $296.4 million, contributing to a remarkable $1.5 billion over the past seven weeks. James Butterfill, head of research at CoinShares, noted that these trends correspond with easing macroeconomic uncertainties, as investors await clearer guidance from the US Federal Reserve regarding inflation.
In addition to capital inflows, a significant cause for today’s price increase was a short squeeze, with $451 million in liquidations occurring in the past 24 hours. Of this, $391 million represented short positions, including roughly $195.8 million from Bitcoin alone. The largest liquidation took place on HTX, with an ETH/USDT position of $4.06 million being closed.
Graphical analysis indicates that TOTAL, which tracks the combined capitalization of cryptocurrencies, has confirmed a bullish flag pattern, recently breaching a critical resistance level at $3.25 trillion. Currently, it faces a key psychological barrier at $3.5 trillion, and analysts anticipate that a strong move above this could accelerate momentum toward a target of $4.36 trillion. The market's relative strength index (RSI) supports this outlook, rising from 44 to 59, signifying potential for continued upward movement. The recent formation of a golden cross, with the 50-day moving average surpassing the 200-day average, adds to the bullish sentiment in the market.
Investors should remain cautious, as volatility is inherent in the crypto space. While the current trends are positive, it's crucial for individuals to conduct their own research and consider market conditions before making investment decisions.
