Analysts say Bitcoin (BTC) is very bearish at the $67.5k level, amid the hype around ETH spot ETF 

Analysts noted that the bullish sentiments around Ethereum (ETH) are very risky for the Bitcoin (BTC) trade price stability. 

The current trade price of Bitcoin is $67,640 & this trade price is 1.68% down over the last 7 days. Notably the trade price of Bitcoin has been stable at $67.5k for the last week. 

On 1 June 2024, Crypto firm QCP, one of the largest crypto options trading desks, noted that three major factors are badly indicating the potential downfall in the trade price of Bitcoin.

In particular, $9.6 billion worth of Bitcoin distribution by Mt.Gox trustee and $305 million worth of Bitcoin stolen by an unknown hacker from Japanese Crypto Exchange DMM are going to increase Bitcoin supply rapidly in the next few weeks/months. 

Experts also noted that 31 May 2024 was the last date for Ethereum spot ETF issuers to submit their S-1 forms. It means the trading of ETH spot ETF is going to start in June month. 

So there are huge chances that ETH spot ETF trading will start earlier than expected, which itself is a very big bullish factor for the Ethereum market. 

All these things are going to harm the future trade price of Bitcoin & fuether impose pressure on the top investors to shift investment to the Ethereum market, instead of Bitcoin, as a part of the market trend. 

However, experts see this situation as negative for Bitcoin trade price but still, the BTC market saw a net inflow of $48.74 million in the Bitcoin market in only May. In particular, Grayscale ETF GBTC saw $124 million outflow, while BlackRock ETF IBIT received $169 million, and Fidelity ETF FBTC got $5.9 million in new investments.

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