Major Coins Enter 'Holding On' Phase... XRP (Ripple) Alone Sees 9 Consecutive Weeks of Institutional Fund Inflows

▲ Bitcoin (BTC), Ethereum (ETH), XRP / AI Generated Image

Bitcoin (BTC) and Ethereum (ETH) have been hampered by 8 consecutive weeks of outflows from spot ETFs. In contrast, XRP (XRP) showed the opposite trend with 9 consecutive weeks of fund inflows. A defensive battle has officially begun for Bitcoin around the $61,936 support level, Ethereum at $1,700, and XRP at $1.1.

According to cryptocurrency media outlet FXStreet on July 6 (local time), risk aversion sentiment continued in the cryptocurrency market amidst macroeconomic burdens, geopolitical uncertainties, and a lack of clear upward catalysts. The Crypto Fear & Greed Index rose from an average of 12 last week to 24, but investment sentiment for risky assets has not clearly recovered.

In terms of institutional fund flows, the sluggishness of Bitcoin and Ethereum was evident. US-listed Bitcoin spot ETFs saw an outflow of $527 million last week, marking the 8th consecutive week of net outflows, with cumulative inflows totaling $51 billion and average net assets at $74 billion. Ethereum spot ETFs also saw an outflow of $14 million last week, continuing 8 consecutive weeks of fund exits, but the outflow amount was reduced compared to $273 million in the previous week. In contrast, XRP spot ETFs saw an inflow of approximately $12 million, recording 9 consecutive weeks of net inflows, with cumulative inflows totaling $1.49 billion and average net assets at $988 million.

Bitcoin is under pressure below a resistance zone where key moving averages overlap. The 50-day exponential moving average (EMA) is at $65,739, the 100-day EMA is at $69,453, and the downtrend line is near $71,371. Upper resistance levels are presented sequentially at $65,513, $65,739, and $69,453. On the downside, the middle line of the Bollinger Bands at $61,936 serves as the first support, with an additional demand zone near $58,359. The RSI (Relative Strength Index) remained in neutral territory at approximately 49, and the MACD (Moving Average Convergence Divergence) histogram maintained a positive value.

Ethereum faced resistance from the 50-day EMA and Supertrend overlapping at $1,805. If this zone is breached, the 100-day EMA at $1,972 and the 200-day EMA at $2,256 are presented as the next resistance lines. The MACD remained in the positive territory, trading above the signal line, and the RSI also slightly exceeded 50. FXStreet analyzed that the price movement in the $1,700-$1,750 range is a critical point to confirm the continuation of recent buying momentum.

XRP has pulled back from resistance near $1.2 and is approaching support zones at $1.1 and $1.01. The 50-day EMA is at $1.18, the 100-day EMA is at $1.29, and the 200-day EMA is at $1.5, with the upper Bollinger Band near $1.2. The MACD turned positive, continuing an upward trend, but the RSI remained near 50. FXStreet analyzed that if the lower Bollinger Band at $1.01 breaks, a bearish trend could resume.

[Article Summary]

-Bitcoin spot ETFs and Ethereum spot ETFs recorded 8 consecutive weeks of net outflows, respectively, but XRP spot ETFs continued 9 consecutive weeks of net inflows.

-For Bitcoin, $61,936 was presented as a major support area, and for Ethereum, the $1,700-$1,750 range.

-XRP pulled back from $1.2 resistance, with $1.1 and $1.01 identified as key lower support levels.

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