Bitcoin ETFs Slide Amid Risk-Off Sentiment
Bitcoin and Ethereum ETFs saw significant drops, with IBIT down 2.67% and ETHE down 3.08%. Prediction markets are pricing in a high probability of Bitcoin staying below $75k by month-end, reflecting bearish short-term sentiment.
Key takeaways
- 01
Bitcoin and Ethereum ETFs saw significant drops, with IBIT down 2.67% and ETHE down 3.08%.
- 02
Prediction markets are pricing in a high probability of Bitcoin staying below $75k by month-end, reflecting bearish short-term sentiment.
- 03
The crypto market is under pressure, with the traditional ETF prices reflecting immediate selling.
Full analysis
The crypto market is under pressure, with the traditional ETF prices reflecting immediate selling. The IBIT ETF, a proxy for institutional Bitcoin investment, fell 2.67% to $33.55. The Ethereum ETF ETHE fell 3.08% to $12.58. The prediction markets are even more bearish. The KXBTCMINMON-BTC-26JU market shows a 42% probability that Bitcoin's trimmed mean will be below $57,500 by June 30. The KXBTCMAX100-26-JUNE market shows only a 1% probability of Bitcoin exceeding $100,000 by July 1. The most liquid crypto contract is KXBTCMINMON-BTC-26JU with a volume of 68k. Meanwhile, the KXETHMINMON-ETH-26JU market shows a high 58% probability of Ethereum being below $1,500. The broader correlation with equities is evident, as the Nasdaq (QQQ) fell 1.39%. The key narrative is that the risk-off environment is hitting riskier assets like crypto hardest. Traders should watch for any catalyst that could reverse this sentiment, such as positive regulatory news or a Fed pivot.
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