House View – June 2024

In the June edition of the Crypto Finance House View, we cover the following topics:

Market Review & Outlook

Bitcoin ETFs have been very successful in the US in 2024 so far, leading to anticipation for Ethereum ETFs following SEC approval of spot Ethereum products. Hedge funds are expected to drive significant ETF flows through cash and carry trades. This strategy involves leveraging futures premiums for near risk-free trades. Despite lower volumes compared to Bitcoin, the outlook for Ethereum ETF flows remains positive, supported by hedge fund interest in yield diversification.

By Friedrich Herzog

Technical Analysis

BTC, currently trading at USD 68,342, has been consolidating sideways in a range between USD 56,000 and its all-time high of around USD 74,000. The important support level of USD 60,000 was tested at the beginning of May, with two closing prices below it, but prices bounced back into the USD 60,000-74,000 range on 3 May to reinstate our scenario.

We are sticking to our plan, monitoring the new support level at around USD 56,000, and expecting the uptrend to continue once resistance at around USD 74,000 has been broken. Two projections lead to similar levels: the width of the sideways channel added to the all-time high and the projection of the first leg before the consolidation, added to the retracement, define a level of USD 92,000. This scenario will be invalidated on a clear break of USD 56,000.

The long-term RSI model has confirmed its long position. RSI readings are currently at 70.11, well above the trigger level of 53.

The relative strength of ETH vs. BTC moved in favour of ETH this time. The positive acceleration in ETH was mainly driven by the ETFs‘ approval news.

By Michael Zbinden

Crypto Reads: The Sovereign Individual Mastering the Transition to the Information Age – By James Dale Davidson & Lord William Rees-Mogg

Written by esteemed investment advisors James Dale Davidson and Lord William Rees-Mogg, authors of acclaimed works such as The Great Reckoning, The Sovereign Individual transcends its 1997 origins to resonate deeply in the digital landscape of 2024.

By Crypto Finance Editorial Team

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All information in this document is provided for general information purposes only and with no warranty or liability for accuracy, completeness, or fitness for a particular purpose. No information provided in this document constitutes or is intended as investment advice. This document is not, and is not intended as, an offer, recommendation, or solicitation to invest in financial instruments including crypto assets. Crypto Finance is a financial group supervised by the Swiss Financial Market Supervisory Authority FINMA on a consolidated basis with Crypto Finance AG as a securities firm and Crypto Finance (Asset Management) AG as an asset manager for collective investments with the corresponding FINMA licenses. This document and its content including any brand names, logos, designs, and trademarks, and all related rights, are the property of the Crypto Finance Group and Deutsche Börse Group. They may not be reproduced or reused without their prior consent.

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