Bitcoin's bullish streak continues, BlackRock's Ethereum investment and Ripple lawsuit suspension draw attention

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Bitcoin, Maintaining Steady Flow Around 120 Million Won

Bitcoin (BTC) is hovering around 120 million won ($84,371), rising 0.51% in the last 24 hours and trading at 120.48 million won. Despite the Federal Reserve's tightening stance and physical ETF fund outflows, it maintains a solid position above the $84,000 level.

A large transaction of 600 BTC (approximately 50.6 billion won) moved from Matrix Port to Binance, but no market manipulation was detected. Technically, positive signals continue with RSI at 65, MACD bullish reversal, and increasing active addresses. Its correlation with gold prices is also strengthening.

Bitcoin's market capitalization is approximately 2,392 trillion won, accounting for 63.08% of the total market.

Ethereum, Limited Response Despite BlackRock Purchase

Ethereum (ETH) is trading at 2.27 million won ($1,593), rising 1.35% in 24 hours. Despite BlackRock purchasing Ethereum worth about 2 trillion won, subsequent selling pressure prevailed, failing to break through the $1,680 resistance line.

With the rise of Layer-1 alternative blockchains and slowing institutional fund inflows affecting price movements, future network upgrades and potential staking ETF regulatory approval could serve as catalysts. RSI is at 50, and MACD shows a bearish signal, indicating continued uncertainty.

ETH's market capitalization is 275 trillion won, representing 7.25% of the total market.

Ripple, Rising on Lawsuit Suspension and ETF Expectations

Ripple (XRP) is currently up 0.84% at 2,959 won ($2.09), with expectations high for legal uncertainty resolution as the SEC lawsuit is suspended for 60 days. The SEC must submit its next report by June 15. Simultaneously, ProShares' planned XRP futures ETF is stimulating market optimism.

While the options market still shows a preference for put options and maintains a cautious attitude, it has outperformed Ethereum for six consecutive months. This is interpreted as a reversal trend due to legal progress and ETF expectations.

XRP's market capitalization is approximately 172.6 trillion won, accounting for 4.55% of the total market.

Market Consolidation Phase, Key Variables are Regulation and Institutional Capital

The cryptocurrency market continues to be in a consolidation phase amid technical weakness and policy uncertainty. Bitcoin's stability, expanded institutional approach to Ethereum, and Ripple's legal progress and ETF issues are key to forming future momentum.

AssetCurrent Price24-hour ChangeKey Issues
BTC120.48 million won+0.51%Solid support despite ETF fund outflows, technical strength
ETH2.27 million won+1.35%Decline after BlackRock purchase, upgrade expectations
XRP2,959 won+0.84%SEC lawsuit suspension, ETF expectations, strength vs ETH

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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