Investors are focusing on GDP and PCE reports, and the market is consolidating after the launch of ETH ETF, with encryption.

Author: Mary Liu, BitpushNews

After the launch of the SpotETH ETF in the United States on Tuesday, the encryption market entered a consolidation mode on Wednesday.

Traders are currently focusing on Thursday’s US second quarter GDP data and Friday’s June PCE inflation data, hoping that this Favourable Information will prompt the Fed to cut interest rates in September. The FedWatch tool of the Chicago Mercantile exchange currently shows a 100% chance of a rate cut in September.

According to Bitpush data, BTC attempted to break through the resistance level of $67,000 during the morning session, but encountered resistance from shorts and fell to the support level of $66,000. As of the time of writing, the BTC trading price is $65,416, with a 24-hour decline of 0.87%.

On Wednesday, the performance of altcoins in the market was mixed, with the majority of Tokens in the top 200 Market Cap rankings experiencing losses.

Among the Tokens of pump, SATS (1000SATS) has the largest increase, pumping by 16.7%, followed by Jito (JTO) pumping by 12.4%, and Flow (FLOW) pumping by 11.6%. Mog Coin (MOG) is the biggest loser, falling by 11.4%, Convex Finance (CVX) falling by 10.5%, and ENS falling by 8.5%.

The overall Market Cap of Cryptocurrency is 2.39 trillion USD, with BTC’s market share at 54.4%.

In terms of US stocks, the performance of tech giants such as Alphabet/ TSL in their financial reports was flat, sparking concerns among investors that the ‘seven giants’ of the US stock market may be losing momentum, leading to the worst day for US stocks in months. As of the close of that day, the S&P 500 index, the Dow Jones index, and the Nasdaq index all closed down, falling by 2.31%, 1.25%, and 3.64% respectively.

Spot Ethereum ETF listing news has been digested by the market

According to data compiled by The Block Pro Research, the volume of Spot Ethereum (ETH) ETF in the United States was approximately 951 million US dollars on Wednesday. On the first day of listing on Tuesday, the trading volume of these funds was 1.054 billion US dollars.

Amberdata blockchain researcher Pat Doyle said, “Compared to BTC ETF, the performance of ETH ETF on the first day is within expectations. We set our estimates based on the Market Cap of ETH and BTC. The Market Cap of ETH is currently about 30% of BTC’s. Conservatively estimated, ETH volume is about 20-30% of BTC volume.”

Despite the successful debut of the Spot ETF on Tuesday, ETH did not perform well, falling to $3,300 at one point, down nearly 4% in the past 24 hours. Compared to BTC, the price of ETH has also hit its lowest level in two months. This indicates that the launch of the ETF has largely been priced in, especially since the key documents for the ETF were approved by the U.S. Securities and Exchange Commission in May.

$66,000 is a key support level

BTC fell below $65,500 on Tuesday and Rebound to $66,500, but the potential selling pressure from Mt.Gox hindered BTC from continuous pump. Bitstamp said it would start distributing funds to creditors from Thursday.

Secure Digital Markets analyst said: “It is widely believed that creditors will sell off BTC as soon as they receive it, which puts downward pressure on the price of BTC. The market is eagerly awaiting bullish triggers to break through the current trading range. Donald Trump is scheduled to speak at the Nashville conference on July 25th, which could be a catalyst, especially if he announces plans to use BTC as a national reserve.”

According to market analyst Emperor, after the recent pullback to $63,500, $66,000 has become a key support level.

Emperor analyst said: “Initially, people thought selling would start at 63,500, but this position is the partial bottom of the selling, 66,000 level has been broken multiple times, and then retested as a support level, BTC will spend a lot of time here and accumulate. 67,000 US dollars has also been broken through, so it can be determined that it is no longer a strong resistance level, but we need some positive news to break through it and establish it as a support level. The best option now is to be prepared to buy on appropriate dips and continue to accumulate until September.”

Market analyst Elija Boom on X platform said that BTC traders don’t have to wait until September, because he sees that once the distribution of Mt. Gox BTC to creditors is completed, the rising trend will resume within a week.