New Data Highlights Contrasting Fortunes

• Bitcoin price rebounded above $25.4k on Friday with its dominance up approximately 3.2 percent in the past month to about 49.44 percent.
• The crypto market faces short-term uncertainty amid regulatory crackdown in the United States.

The crypto market has shown its resilience accumulated over the years after the United States government through the Securities and Exchange Commission (SEC) filed charges against top exchanges for allegedly listing unregistered securities.

With the matter in the hands of the court, the crypto community is hoping for clarity at the end. Meanwhile, Binance announced on Friday that it would be leaving the Dutch market after failing to secure the necessary registration as a virtual asset service provider (VASP) in the country. 

Closer Look at the Crypto Market Outlook 

Despite the crypto regulatory crackdown in several jurisdictions, investors remain optimistic about the market’s future bullish outlook. Moreover, the crypto market has been adopted in Europe through MiCA policies, and in Hong Kong among other countries. Additionally, investors can access top digital assets through self-custody despite regulatory scrutiny in different jurisdictions.

As a result, experts forecast the crypto market could rebound in the coming months and put all investors at profits. Currently, on-chain data provided by Intotheblock shows more Bitcoin holders are in profit. Precisely, approximately 62 percent of Bitcoin holders are said to be long-term holders and are in profits compared to about 38 percent whose investments have recorded losses so far.

In the past seven days, on-chain data shows the total Bitcoin inflows to exchanges is about $4.51 billion compared to an outflow of approximately $4.77 billion.

Similarly, most of the Ethereum holders, amounting to approximately 60 percent are in profit despite the recent pullback below $1,700. Nonetheless, the market remains bearish on Ethereum among other altcoins following sustained negative sentiments.

Conversely, approximately 91.52 percent of Cardano (ADA) holders are underwater compared to only seven percent of the investors who have achieved a breakeven point. Meanwhile, the majority of Dogecoin and Litecoin holders are underwater following the recent crypto capitulation. 

Worth noting, the Avalanche (AVAX) network remains under huge whale buy pressure despite the sustained bearish sentiment. According to on-chain data provided by Binance-backed Coinmarketcap, approximately 91 percent of AVAX is held by whale traders despite most of the addresses holding less than $1k worth of AVAX tokens.

Nevertheless, the altcoin market could record relief in the near term as the total altcoin market cap retests a major support level.

The #TOTAL2 / #Altcoin market cap is the support zone area i was expecting some relief off here. Explains the nice relief we are seeing on some Alts, but we still need to see a lot before we get a reversal

Head and Shoulders pattern remains the top outcome ✅ pic.twitter.com/qULD1r7veH

— Crypto Tony (@CryptoTony__) June 16, 2023

Bigger Picture 

The cryptocurrency market is expected to remain an integral part of the global financial system in the coming years. Moreover, high net worth investors including BlackRock have shown tremendous interest in crypto through Bitcoin in the recent past. Not to forget, Bitcoin is already used as a legal tender in El Salvador and the Central African Republic. As a result, the crypto market is expected to peak further after next year’s Bitcoin halving. 

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