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After a euphoric week, leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) ended Sunday in the red, and selling continued to this week’s open. Currently, Bitcoin is trading at $42.1K, down 4.07% today, while Ethereum is at $2.23K, down 4.87%. 
However, traders continue to rally behind Bitcoin ETF Token as its presale surges toward $3.5 million. 
<h2 class="wp-block-heading" id="strong-market-overconfidence-corrected-but-analysts-fear-another-flush-strong">Market overconfidence corrected, but analysts fear another flush</h2> 
Warning signs of a steep correction have been everywhere over the past few days. Many analysts urged market participants to proceed cautiously, but some believe another flush is imminent even after the recent correction. 
<a href="https://coinmarketcap.com/charts/#fear-and-greed-index" target="_blank" rel="noopener">CoinMarketCap’s Crypto Fear and Greed Index</a> entered the “extreme greed” zone, indicating that the market may be overbought. This represents a high-risk time for new buyers to enter the market, as a selloff is necessary to restore balance.&nbsp; 
Meanwhile, <a href="https://www.coinglass.com/FundingRate" target="_blank" rel="noopener">crypto funding rates</a> recently reached a local high. This indicates significantly more long orders than short orders in the market, causing bulls to pay a premium to rebalance. <img loading="lazy" decoding="async" src="https://lh7-us.googleusercontent.com/8zTVRl6qTfBvlqbF5gP3i3HuBzWs9nd_f2xM3Z3oMcJJcaruv7AsofoJa6vwV_AHi0goko3ErmRd1ue05alis7y_ojx_4Tdk7K3wVZ2L9neJggx2hO7Wye85z3pQAQj6dBrDjJL7WxTrB0hpyR-GJEM" width="624" height="173" alt="Bitcoin and Ethereum prices cool off, traders bullish on this altcoin - 28"> 
High funding rates are often followed by a “flush,” where futures positions are forcibly closed, causing prices to cascade in the opposite direction. 
 You might also like: <a href="https://crypto.news/will-bitcoin-etfs-follow-gold-etfs-path-to-success/"> Will Bitcoin ETFs follow gold ETFs’ path to success? </a> 
This was highlighted by the analyst <a href="https://x.com/misterrcrypto/status/1733803997801099734?s=20" target="_blank">Mister Crypto</a>, who suggested that Bitcoin’s high funding rates were “signaling a top.” 
In the analysis, Mister Crypto noted that Bitcoin’s price retraced by 20% each time its funding rates reached their recent levels. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/18e3F-KQTB7E3ZjEIeUerAySWmiI1CJ-2cl-pfVoRJVzYZ-qMjV4PN3s2TvprFblaJ1cCtrpL1Y2PdSDzZbO-I6sXHren-yuhFL8o7_qH1FdIMhzKM6j1HuYZXNl-DsBqGuIZTPNSR7NPYSljgS3lKo" alt="Bitcoin and Ethereum prices cool off, traders bullish on this altcoin - 29">
</figure> 
Given Bitcoin has pulled back less than 5% so far, this could indicate a much deeper correction is imminent. 
Meanwhile, prominent X commentator <a href="https://x.com/HaloCrypto/status/1734042343882228202?s=20" target="_blank">MrChief</a> predicts that the market will “pullback enough to stop out early buyers &amp; get bears super excited then reverse back up.” 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/6XfQAgC99evO9tu3KBDZM_bAcMXgX__nTvUBkY3zzFfd7FiGIHcZoNqmDPRY-a30__UlnbY9-CuLIhceCTxXmJXeDuaWZHQ8ReE9QwQqtGtGZJ4tO6KalXyx9BwmpRhNe5pba3dt2pB7zA2gWS3IfLk" alt="Bitcoin and Ethereum prices cool off, traders bullish on this altcoin - 30">
</figure> 
However, other analysts believe the crypto market may be poised for a longer-term pullback. One is <a href="https://x.com/rektcapital/status/1733816832300036247?s=20" target="_blank">RektCapital</a>, who referenced earlier market cycles’ price action to suggest that “the Bitcoin Pre-Halving top may be very close.” 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/k7ppp9vmd00X-W9NL_TDWC1-rVsBXY1EalGKC8v8tkcEE4YZ6oscm6GZUttI1Osrzf4Rbf3AteRh13Ta_lpUCcKyzHuKWZ4HmVaqXnrWsBvUx1lBsJi2kvXphFTVwYANlP53d2iW740n6eiEJJtY888" alt="Bitcoin and Ethereum prices cool off, traders bullish on this altcoin - 31">
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That said, the Bitcoin halving is just 137 days away and spot Bitcoin ETFs are on the cusp of approval by the Securities and Exchange Commission (<a href="https://crypto.news/sec-registered-heron-finance-rolls-out-robo-advisor-built-on-blockchain/" data-type="post" data-id="14224220">SEC</a>). As such, the market looks poised for a solid mid-term trajectory. 
Even so, market participants seeking growth appear to be considering Bitcoin ETF Token whose presale is in progress. 
<h2 class="wp-block-heading" id="strong-bitcoin-etf-token-presale-raises-3-4-million-in-1-month-strong">Bitcoin ETF Token presale raises $3.4 million in 1 month</h2> 
<a href="https://bs_9694e08f.crypto-news.care/?referrer=bitcoin-and-ethereum-prices-suffer-losses-but-traders-remain-bullish-on-bitcoin-etf-token" target="_blank" rel="noopener">Bitcoin ETF Token</a> has raised almost $3.5 million in one month. The project features multiple use cases, rewarding holders as the SEC approves spot Bitcoin ETFs. 
The project features a deflationary mechanism. 25% of its supply is reserved to be burned across five Bitcoin ETF milestones. 
Additionally, there is a 5% burn tax on transactions, reducing by 1% at each target. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/ucwKF6Xs5gMGM9dd2m1hGuwVCdm09HG-etFn8Qc70qiYhZ1fHKSxIjZNLxjC4Ju7kCXGIVl2iy_1HskU5dZMo7qWIFiom6QtryiC-vODjzXYzhuNaYKGQyZwx1y8EnOWA8IHZSV1UUCKdsZlfRckC2w" alt="Bitcoin and Ethereum prices cool off, traders bullish on this altcoin - 32">
</figure> 
These scarcity-focused features, combined with the anticipated <a href="https://www.coindesk.com/markets/2023/10/18/spot-bitcoin-etf-approvals-could-add-1-trillion-to-crypto-market-cap-cryptoquant-says/" target="_blank" rel="noopener">$1 trillion in liquidity entering the crypto market</a> from the Bitcoin ETFs, could support Bitcoin ETF Token. 
 You might also like: <a href="https://crypto.news/bitcoin-breaks-above-40k-bitcoin-etf-token-raises-nearly-2-5m/"> Bitcoin breaks above $40k, Bitcoin ETF Token raises nearly $2.5m </a> 
Further supporting this is the project’s current early stage and low market cap at launch of just $12.39 million. 
Bitcoin ETF Token also has a staking mechanism, offering a 79% APY. Even so, this will decrease as more tokens are staked, incentivizing buyers to get in early to maximize their gains. 
The project also offers a Bitcoin ETF Alerts service. This is a news feed that pulls latest Bitcoin updates from around the web into one place. The feature aims to foster a more active and engaged community. 
<a href="https://bs_9694e08f.crypto-news.care/?referrer=bitcoin-and-ethereum-prices-suffer-losses-but-traders-remain-bullish-on-bitcoin-etf-token" target="_blank" rel="noopener">Visit Bitcoin ETF Token Presale</a> 
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Bitcoin and Ethereum prices cool off, traders bullish on this altcoin

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