TechFlow news, 10x Research released a new report (author: Markus Thielen) stating that the approval outlook for Ethereum ETFs appears less optimistic compared to Bitcoin ETFs, with analysts estimating only a 30% chance of approval. This uncertainty could weigh on Ethereum and potentially drag down Bitcoin after the Dencun upgrade is implemented.
In addition, recent inflation data from Europe and the United States have been released, and central bank officials' reluctance to commit to rate cuts has further dampened market sentiment, triggering Bitcoin sell-offs during Asian trading hours. Given these factors, Bitcoin failed to sustain its new all-time high, suggesting the possibility of a deeper and longer correction.
As the week progresses, inflows into Bitcoin ETFs typically slow down, reaching their lowest point on Fridays (net inflow of $199 million). Bitcoin may decline toward a potential target of $63,000 before resuming its upward trend.
Furthermore, altcoins closely tied to Ethereum's rally may have already reached short-term peaks, with tokens such as SHIB showing significant volume spikes. Declining Meme coin trading volumes in South Korea suggest last week's Meme coin frenzy may have peaked, signaling a broader market adjustment.
