The cryptocurrency market has been experiencing some interesting developments recently. According to on-chain data from Crypto Quant, the Bitcoin market has seen a decrease in volatility. This could potentially signal a shift in the market dynamics.
On July 1, Bitcoin ETFs saw a net inflow of $129 million, which has led on-chain analysts to predict a relief rally in the price of Bitcoin. Additionally, Gemini has predicted that Spot Ethereum ETFs could attract up to $5 billion in inflows, based on a recent report.
In terms of price movements, Ethereum has been trading above $3,400 and added nearly 3% to its value in the past week. This stability is seen as a positive sign ahead of the possible approval of Ethereum ETFs, expected as early as July 4.
XRP, another popular cryptocurrency, is currently trading at $0.4863. Key developments, such as a ruling by Ripple being accepted as a precedent in a lawsuit against the SEC, have impacted its price. Despite these challenges, XRP continues to trade above $0.47.
In other news, Pendle Finance, a leading DeFi project, has seen a 40% decline in its Total Value Locked (TVL) in the past week. Meanwhile, Bitcoin active addresses crossed 900,000 on July 1, reaching levels not seen since mid-April 2024.
Industry updates include Kronos Advanced Technologies becoming the first public company to accept Shiba Inu (SHIB) for payments. Additionally, ZKsync has unveiled the Elastic Chain, a network of ZK rollups that is designed to benefit new protocols and developers.
Overall, the cryptocurrency market is showing signs of stability and potential growth. With various developments and updates, investors and enthusiasts are closely monitoring the market for any new opportunities.