An improved geopolitical outlook between the U.S. and Russia could signal that bullish markets are ahead.
The United States spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have posted a record weekly traded volume. Following a renewed demand for Ether’s investment products by institutional investors, the U.S. spot BTC and ETH ETFs recorded the biggest weekly traded volume of about $40 billion in the past five days.
During the past week, the U.S. spot ETH ETFs reported a record traded volume of about $17 billion. If the demand for U.S. spot Ether ETFs maintains a similar momentum in the next two weeks, then last month’s total net inflow of about $5.43 billion will be outshined.
Meanwhile, the U.S. spot BTC ETFs recorded a gradual increase in weekly total net inflow of about $561 million compared to last week’s $246 million.
From a technical analysis perspective, the ETH/USD pair has signaled macro bullish sentiment. The large-cap altcoin, with a fully diluted valuation of about $534 billion, recently broke out of a multi-month bearish consolidation with a megaphone structure.
In the four-hour timeframe, the ETH/USD pair has respected a rising pattern characterized by higher highs and higher lows. With the ETH price approaching the four-hour 50 Moving Average Simple (SMA), a possible rebound over the weekend and early next week could push the asset towards $5k.
However, a consistent close below the 4-hour 50 SMA could slow down the midterm bullish sentiment, possibly resulting in further choppy consolidation.
The rising cash inflow to U.S. spot Bitcoin ETFs has helped the BTC price maintain bullish sentiment. After hitting its all-time high (ATH) of about $124,128 earlier this week, the BTC price has cooled down in tandem with the leveraged market.
In the four-hour timeframe, the BTCUSD pair breached below the 50 SMA but found support above the 100 SMA on Friday, August 15. A potential rebound after filling the CME gap is highly likely in the coming days to mirror the 2017 crypto summer.
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