Ether Shows Strength as Bitcoin Remains Steady Ahead of CPI Report
Bitcoin (BTC) briefly surpassed $110,000 amid news of tentative progress in U.S.-China trade negotiations but has since stabilized with minimal changes over 24 hours. The CoinDesk 20 index rose 2%, indicating a shift toward altcoins.
Key points include:
- The trade agreement requires approval from both Presidents Trump and Xi Jinping.
- Asian equities rose; Hang Seng added 0.8%. European indexes gained less than 0.2%. U.S. futures are down.
- Investors await the U.S. Consumer Price Index (CPI) report, expected to show a 0.3% increase in core inflation for May.
- Ether (ETH) shows strength with rising call options and significant ETF inflows totaling $450 million this month.
- Analysts suggest favorable macro conditions for ETH, driven by its role in tokenization and settlement processes.
Market movements reflect:
- BTC down 0.62% at $109,259.01.
- ETH down 0.65% at $2,755.53, with trading volumes exceeding BTC's.
- CoinDesk 20 index down 0.32% at 3,262.46.
Upcoming events include:
- June 11: Stratis (STRAX) activates mainnet hard fork.
- June 12: U.S. CPI data release.
- June 16: Brazil’s B3 exchange launches ether and solana futures contracts.
In derivatives positioning:
- BTC options open interest reached $36.0 billion; ETH options rose to $6.6 billion.
- Futures open interest hit $57.5 billion across major exchanges.
ETF flows indicate strong investor interest:
- Spot BTC ETFs saw daily net flows of $431.2 million.
- Spot ETH ETFs recorded $125 million in daily net flows.
Investors should monitor inflation data closely, as it may influence market trends.