Early Signals by WOO X: BTC is in between bulls and bears - watch out for this week’s token unlocks

VICTORIA, Seychelles, June 03, 2024 (GLOBE NEWSWIRE) -- WOO X Research, the analysis team of the global centralized crypto futures and spot trading platform WOO X, is pleased to share its latest market insights on the current trends in the crypto landscape.

Market Overview:
BTC continues to maintain a narrow range, mostly fluctuating between $67,000 and $68,500. It has tested $67,000 multiple times but has stayed below. For BTC to strengthen, it must remain above $69,000 without falling below this level. The support level is $66,784; if broken, it increases the probability of a pullback before the main upward trend resumes. Currently, BTC is in a stage of contention between bulls and bears. Key upcoming dates include the announcement of the US unemployment rate and non-farm payrolls on June 7, the US May seasonally adjusted CPI on June 12, and the Federal Reserve's interest rate meeting on June 13. June 14 can be seen as a critical point to observe whether BTC will hold above $69,000 or choose to adjust lower to gather strength for a new high.

BTC Spot ETFs:
As of May 31, updated data shows a total net inflow of $13.86 billion into BTC spot ETFs, with a single-day net inflow of $48.74 million and a single-day trading volume of $1.73 billion. The net assets of ETFs account for 4.34% of BTC's market value. Key observations include:

  • GBTC: Single-day net outflow of $124 million, a cumulative net outflow of $18 billion, a single-day trading volume of $336 million, and a current net asset value of $19.26 billion.
  • IBIT: Single-day net inflow of $169 million, cumulative net inflow of $17 billion, single-day trading volume of $890 million, current net asset value of $19.67 billion.
  • FBTC: Single-day net inflow of $6 million, cumulative net inflow of $9 billion, single-day trading volume of $274 million, current net asset value of $11.08 billion.
  • ARKB: Single-day net inflow of $0, cumulative net inflow of $2 billion, single-day trading volume of $119 million, current net asset value of $3.18 billion.

Gaming Sector:
The NOT token market cap reached $2.4 billion, increasing fivefold in a week. Its trading volume on Binance surpassed BTC and ETH, ranking first site-wide, with a single-day trading volume of $2.2 billion. This significant wealth effect and trading volume have driven rapid increases in new Binance tokens REZ and BB, as well as gaming sector projects like XAI, PIXEL, PORTAL, ALICE, VOXEL, and LOKA. Continued attention to capital inflow into the gaming sector is advised.

  • NYAN (recent significant rise): Nyan Heroes is a team-based shooting game featuring cats as pilots, built on the Solana ecosystem. The token was launched on May 21, more than doubling from its bottom, with high user attention and a 24-hour trading volume of $47.98 million.
  • GME (single-day increase of 300%): YouTube streamer "Roaring Kitty," known for previously driving GameStop's stock price surge, posted on Reddit after three years, reportedly purchasing 5 million GME shares for $115.7 million and investing $65.7 million in call options, betting that GME's price will reach at least $20 per share by June 21. GME (Solana ecosystem) surged 300% in one day, with a 24-hour trading volume of $158 million.
  • PSTAKE (single-day increase of 29%): On May 15th, PSTAKE announced a partnership with Babylon to launch BTC liquid staking. On May 30, Bitcoin staking project Babylon completed a $70 million funding round led by Paradigm, stimulating increased activity in PSTAKE. BTC deposits are expected to go live on pSTAKE in the coming weeks, with a 24-hour trading volume of $2.43 million and a market cap of $46.92 million.

Token Unlocks:

  • Liquity (LQTY): Approximately 657,000 tokens will be unlocked at 00:00 UTC on June 5, accounting for 0.68% of the current circulation, valued at approximately $760,000.
  • Galxe (GAL): Approximately 2.03 million tokens will be unlocked at 00:00 UTC on June 5th, accounting for 1.76% of the current circulation, valued at approximately $7.4 million.
  • Euler (EUL): Approximately 60,000 tokens will be unlocked at 17:14 UTC on June 6th, accounting for 0.32% of the current circulation, valued at approximately $290,000.
  • Hashflow (HFT): Approximately 13.62 million tokens will be unlocked at 12:00PM UTC on June 7th, accounting for 3.36% of the current circulation, valued at approximately $4 million.

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About WOO X

WOO X is a global centralized crypto futures and spot trading platform offering best-in-class liquidity and price execution. WOO X has an average daily volume exceeding $600 million and is home to hundreds of thousands of traders worldwide. WOO X traders benefit from radical transparency through our industry-first live Proof of Reserves & liabilities dashboard and the company's mission to maintain the trust of its growing community of traders.

Disclaimer

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.


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