Published Date: July 23, 2024
Author: HANetf
June was characterised by a confluence of factors that affected Bitcoin and cryptoassets negatively.
More specifically, ETC Group Physical Bitcoin (BTCE) returned -9.9% and ETC Group Physical Ethereum (ZETH) returned -9.7% in EUR-terms last month.
A deceleration in global ETP flows coincided with distributions from BTC miners amid declining mining revenues. In addition, BTC whales contributed to increasing selling pressure on exchanges that was exacerbated by larger bitcoin liquidations from US and German government entities.
The macro environment in June was mostly characterised by a worsening in sentiment as important leading indicators rolled over again. Most prominently, the ISM Manufacturing New Orders/Inventories ratio fell back to the lowest level since May 2023.
However, these negative factors have led to very oversold conditions in June as explained here.
What is more is that the recent price corrections have made overall Bitcoin valuations more attractive again and closer to “fair value” based on our estimations. In fact, the recent price corrections have brought bitcoin’s price more in line what is implied by the Halving induced supply scarcity. We expect that the steady increase in Bitcoin’s supply scarcity will provide an increasing tail wind for further price appreciation.
Read more in our latest monthly report here.
Important Notice: ETC Group Global Metaverse UCITS ETF (METR) has been converted to ETC Group Web 3.0 UCITS ETF (WEB3) effective 1st of July 2024.
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