Bitcoin

The crypto markets could be set for a “relief rally” after a market rollercoaster in June, with some analysts suggesting selling pressure on exchanges has tapered off.
“Looking at July’s outlook, there is major reason to be optimistic after so much small trader capitulation,” crypto intelligence platform Santiment <a href="https://x.com/santimentfeed/status/1807955662540099767" target="_blank" rel="noopener nofollow">posted</a> to X on July 2. 
It added negative market <a href="https://cointelegraph.com/learn/the-most-common-crypto-metrics-a-beginners-guide">sentiment</a> and trader losses mean “a relief rally may just be beginning.”
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) fell almost 7% in June, bottoming out at $59,500 during the month, <a href="https://pro.cointelegraph.com/coins/bitcoin">according</a> to Cointelegraph Markets Pro.
Many other cryptocurrencies followed as the crypto market capitalization shaved off around $400 billion between its $2.5 trillion peak and its low in May, <a href="https://www.tradingview.com/chart/9TERcreT/?symbol=CRYPTOCAP%3ATOTAL" target="_blank" rel="noopener nofollow">according</a> to TradingView.
Analyst and CryptoQuant verified author Minkyu Woo had a similar reason to be optimistic, stating in a July 1 <a href="https://cryptoquant.com/insights/quicktake/66823259931dcb63aea0152b-Sellers-are-finally-exhausted" target="_blank" rel="noopener nofollow">post</a> that sellers “are finally exhausted.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/9709b43b-aaa5-4998-998d-9f1a4695c212.png" alt="" title="">
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 The average top USDT outflows with circles noting surges. Source: Minkyu Woo/CryptoQuant
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</figure>
He found the average size of the top Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) outflows from exchanges since January 2023 saw a “decrease in outflows after a strong surge,” with the latest surge in June indicating that “large-scale selling pressure on exchanges is diminishing.”
<blockquote data-ct-non-breakable="true">
 “This reduction in outflows suggests that investors are more inclined to hold their assets rather than withdrawing cash from the market.”
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“This could imply that investor sentiment has turned more positive following the Bitcoin halving event,” Woo added. 
Related: <a href="https://cointelegraph.com/news/bitcoin-price-interesting-triple-candle-61-5-k">Bitcoin price gets ‘interesting’ as triple candle close sees $61.5K return</a>
BTC is currently trading for around $62,950, down 0.4% over 24 hours.
In July, <a href="https://cointelegraph.com/news/3-things-spoil-bullish-july-for-bitcoin">some headwinds for Bitcoin</a> and the crypto market include the $9 billion worth of BTC unlocked by long-bankrupt exchange Mt. Gox, which could lead to selling pressure as creditors seek to cash out their crypto that’s been locked up for a decade.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-market-makers-legit-dodgy-fake-it/">What do crypto market makers actually do? Liquidity, or manipulation</a>

Crypto ‘relief rally’ may be just beginning, with sellers exhausted

Cointelegraph

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