<\/p>\n
Bitcoin is back above $71,000, while Ether has rallied above $3,600. <\/p>\n
A wave of green is splashing over the crypto market as most tokens notch up green candles to kick off the week.<\/p>\n
Bitcoin<\/a> trades for $71,740, clocking a 3.3% gain in the past 24 hours. The most valuable cryptocurrency hasn\u2019t seen this price level since late March when traders took profit after BTC topped its previous all-time high.<\/p>\n Ether<\/a> has spiked 7% today and is now changing hands for $3,632. With a $436 billion market cap, the second largest crypto has not been able to break its previous all-time high yet, which stands at $4,878.<\/p>\n <\/p>\n The crypto industry\u2019s global market cap has surged 3.6% to $2.8 trillion.<\/p>\n The biggest winners for today include NEO, which surged 33% to $20.55; and famed memecoin DogWifHat<\/a>, which spiked 13% to $4.13, corresponding to an eye-watering $4.1 billion market cap.<\/p>\n There are few losers today, and those that are down are nursing minor losses. Fresh off its airdrop<\/a>, which took its market cap to $2.5 billion, Wormhole has lost 3.5%, trading for $0.98, with a market cap of $1.7 billion.<\/p>\n According to<\/a> Bitcoin analyst Dylan Leclair, supply distribution in the Bitcoin ecosystem has begun, with sales by old holders met with \u201can impressive wave of new capital inflows.\u201d<\/p>\n Using Bitcoin\u2019s realized market cap, which values every coin at the price it was last moved on-chain, a high positive rate of change is indicative of meaningful levels of inflow to meet profit taking from the incumbent \u201chodler\u201d cohort, Leclair explained \u2013 with today\u2019s ratings trending higher.<\/p>\n Leclair added that the current price action reminds him of 2020, just as the previous Bitcoin halving was taking place. With Bitcoin\u2019s quadrennial halving<\/a> around the corner and its history of price appreciation in the months that follow, it seems investors are allocating increasing amounts of capital to the asset.<\/p>\n <\/p>\n Start for free<\/a><\/div>\n <\/p>\n That idea echoes Ki Young Ju\u2019s view. The founder and CEO of trading platform CryptoQuant pointed out today on X that onchain indicators are signalling buy, with miners holding and no significant exchange inflows from Bitcoin whales.<\/p>\n \u201cSame vibe as the previous Bitcoin halving,\u201d Young wrote<\/a>.<\/p>\n The stars of Bitcoin\u2019s recent rally are the spot Bitcoin ETFs, which have accumulated more than 4% of the network\u2019s total circulating supply, worth $59 billion.<\/p>\n BlackRock, which stands in top place for BTC held on behalf of its customers, announced last week that it was adding<\/a> several big-name TradFi players to its ETF offerings, including Citigroup and Goldman Sachs.<\/p>\nBTC Supply Distribution<\/h2>\n
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ETFs Continue To Grow<\/h2>\n