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The price of Bitcoin continued to decline over the weekend as excitement around the launch of another BTC futures ETF wore off. The downside correction started as soon as BTC reached its new all-time high, resulting in a momentary dip below $60k before bouncing back to $62k. If previous cycles have taught us anything, it is that breakouts can be choppy — price discovery comes with volatility, and the predictability of human psychology almost guarantees short-term overleveraged behaviors. Just look at on-chain metrics — nothing has flipped bearish yet. Miners, arguably the most seasoned participants in the space, are not dumping during the current price discovery phase — a stark contrast to the patterns of the 2013 and 2018 cycles. That must be telling you something about the current price. Could it be that we are nowhere near the top yet?
About $2 billion worth of ETH has now been burnt by the Ethereum network, fuelling the momentum that propels the second-largest cryptocurrency by market cap to reach its all-time high. While BTC extended its losses over the weekend, the ETH/BTC pair stabilized, suggesting that the rotation from BTC to ETH may be happening sooner than we expect.