- Bitcoin, in a fit of pique, has tumbled from a lofty $110K to a mere $107K, all thanks to the Middle Eastern melodrama. 🎭
- Meanwhile, Ethereum has donned its superhero cape and is flexing its muscles against BTC; will it keep the upper hand? 🦸♂️
On the 11th of June, Bitcoin [BTC] had a brief dalliance with the $110K mark, buoyed by some rather lackluster U.S. inflation data (2.4% annual basis, a smidgen better than the 2.5% forecast). But alas, it soon plummeted to $107K, courtesy of the Israel-Iran kerfuffle. 🥴
Despite these price pirouettes, our dear friend Matt Mena, a crypto sage from 21Shares, opined that the cooler CPI (Consumer Price Index) inflation data might just be the secret sauce for a BTC rally in the long run. In a rather optimistic email to AMBCrypto, Mena declared,
“Today’s CPI print may serve as a bullish catalyst for Bitcoin – and it may be the unlock that brings this target ($138.5K) forward by several months.”
He boldly predicted that BTC could soar to $120K if it manages to break free from the $110K shackles and touch $138.5K by summer’s end. The year-end target remains a lofty $200K, citing BTC’s corporate trend, which sounds rather impressive, doesn’t it? 📈
But hold onto your hats, for Ethereum [ETH] is the one stealing the limelight in this theatrical production.
Bitcoin Trails Behind Ethereum
On the 11th of June, BTC ETFs saw a rather paltry $164.5 million in daily inflows. In stark contrast, ETH ETFs basked in a glorious $240.3 million, highlighting Ethereum’s superior performance on the institutional stage. 🎉
In fact, ETH ETFs have been enjoying a delightful inflow streak since mid-May, unlike their BTC counterparts, which seem to be on a rather dreary holiday. 🏖️
Interestingly, this remarkable performance has led to a bullish breakout for the ETH/BTC ratio, which is a rather fancy way of saying ETH is looking to outshine BTC in the near future. 🌟
In early May, ETH outperformed BTC by a staggering 40%, as evidenced by the ETH/BTC ratio gallivanting from 0.01 to 0.02. It then took a breather, forming a rather dapper bull pennant pattern. 🎩
A textbook breakout from this formation could see the ETH/BTC run extend to 0.03, which would translate to a delightful 28% ETH rally against BTC, or a price target of $3.15K for ETH. Now, wouldn’t that be a treat for the altcoin sector, provided Bitcoin’s dominance takes a nosedive? 🍰
However, after the U.S.-China trade deal, we find ourselves facing some macro headwinds in the form of tariff wars and the ongoing Israel-Iran tensions. Oh, the drama! 🎭
Over the past two days, the 25 Delta Skew has dropped, indicating a rising demand for puts (bearish bets, hedging) over calls (bullish bets). 📉
Notably, the Skew for the 7-day and 30-day tenors has declined from nearly +2 to -1, suggesting an increased appetite for short-dated BTC puts amid the Middle Eastern hullabaloo. 🥳
Overall, the Q2 recovery has given BTC and ETH a bit of a lift amid easing macro pressures. But beware, for the renewed Israel-Iran tensions could very well rain on the summer parade for the bulls. ☔️
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2025-06-12 21:40