Nansen CEO Alex Svanevik discusses the multichain future and other trends shaping up the crypto industry in an exclusive chat.
Read More -->
Speaking with Cointelegraph, Aurelie Barthere, an analyst at Nansen, explained that the rate cuts by the Federal Reserve were “one bullish driver for BTC.” “[…] the largest risk is equities and their expensive valuations (22.5x fwd PE for the S&P 500). If we get a significant correction, this would tighten financial conditions for the economy and for risk assets like BTC, even with the Fed cutting rates.”
Read More -->However, the $2,700 mark remains a significant resistance for the Ether price, which will be decisive for price action with Nvidia’s upcoming earnings report set for Aug. 28, according to Aurelie Barthere, principal research analyst at Nansen. The analyst told Cointelegraph: “2.7k is the next resistance level for ETH, and there is not enough evidence that it is broken yet. Because price did not hold above this resistance for long enough and with enough volume.”
Read More -->
For bitcoin to ever become a potential safe haven, the asset would need to see much wider adoption by institutions and much lower volatility, said Aurelie Barthere, principal research analyst at crypto analytics firm Nansen. “With bitcoin sometimes having an 80% drawdown in a year, it’s hard to see it as a safe haven,” Barthere said.
Read More -->
Aurelie Barthere, Principal Research Analyst at Nansen, points to a general trend of risk aversion in the market. “To me, it is still unclear if we are just taking a consolidation pause or if crypto prices have peaked,” Barthere told Benzinga, emphasizing the uncertainty surrounding both crypto and traditional risk assets.
Read More -->However, Ether’s price isn’t struggling due to the continued ETF outflows but due to a lack of risk-on appetite among investors, according to Aurelie Barthere, the principal research analyst at Nansen onchain analytics platform. The research analyst told Cointelegraph: “BTC has been down by 14% since July 23. My reading is tiredness in risk appetite, non-related to the ETF launch.”
Read More -->Despite the recovery, Ether needs to decisively reclaim the $2,700 resistance for more upside momentum, according to Aurelie Barthere, principal research analyst at Nansen. Barthere told Cointelegraph: “There has already been a death cross of ETH (50-day below 200-day). ETH needs to hold above $2,700, or the resistance tested yesterday and in January 2024.”
Read More -->
Despite fractal patterns signaling a local bottom, Bitcoin’s daily trend could still turn negative, according to Aurelie Barthere, principal research analyst at Nansen onchain analytics platform. The analyst told Cointelegraph, sharing the below chart: “Local bottoms, yes, but the daily trend in BTC (and Ether) still looks negative: The 50-day moving average is about to cross below the 200-day moving average (see attachment 1 on BTC; the red line is about to cross below the green line).”
Read More -->
Despite the positive reception, the Ether ETF market has experienced notable fluctuations. Data from Nansen on July 31 revealed nearly $750 million in outflows from Ether ETFs over four of five recorded trading days. This volatility saw Bitwise temporarily surpass BlackRock in total trading volume on July 30, only for the positions to reverse by the following day. As of August 1, BlackRock’s holdings accounted for 6.9% of assets under management, up from 5.59%.
Read More -->According to Nansen data on July 31, a different trend was revealed, highlighting almost $750 million in outflows from the Ether ETFs in four of five recorded trading days. The shifts saw Bitwise temporarily surpass BlackRock in the total trading volume of the Ether ETFs on July 30, but this was reversed by July 31. According to Nansen data, at the time of publication on Aug. 1, BlackRock’s holdings now account for 6.9% of assets under management, up from 5.59%.
Read More -->