Ether traders eye record highs as ETH jumps 8% – Bitcoin, BNB, SOL see profit-taking
|Bitcoin (BTC) steadied near $118,300, up 6.6% for the week, as June’s U.S. CPI print cooled investor nerves even as ETF-driven inflows continued, with eyes on ether (ETH) as watchers await a breakout to record highs.
The largest cryptocurrency hovered near $118,400, logging a modest 0.4% daily gain and up 6.5% over the week, while ether held above $3,340, climbing 6.7% in the past 24 hours and 20.5% over seven days. XRP (XRP) continued its vertical run, rising 6.4% on the day to $3.09, with a 27% weekly gain.
Solana's SOL (SOL) ticked up 5% to $170, and Dogecoin (DOGE) added 6%, trading just above 20 cents. BNB Coin (BNB) rose nearly 3% to $708, and Tron's TRX (TRX) rose 3.7% to 31 cents.
The broader market remains risk-on, with top assets extending gains for the second straight day on continued ETF optimism and easing macro conditions.
U.S. spot bitcoin ETFs posted their tenth consecutive day of net inflows at $799 million on Wednesday, led by BlackRock’s IBIT at $763 million.
The macroeconomic narrative played out across traditional markets too. Asian equities dipped as investors recalibrated rate-cut timing, gold edged higher, and the dollar softened, further supporting crypto gains. U.S. equities showed modest weakness, weighed down by tariff concerns, as investors retrenched ahead of the summer.
Importantly, the dollar index (DXY) is down roughly 10% year-to-date, providing substantial support to dollar-denominated crypto assets and broad risk plays alike. Amidst this tug-of-war between profit-taking and new demand, analysts are divided.
QCP traders said in a Wednesday note that bitcoin’s momentum briefly stalled after cresting past $120,000, with a support zone developing between $114,000 and $118,000, where downside bids began re-emerging. They warned of seasonal trading slowdowns and equity exhaustion potentially stalling further moves.
Still, the bulls aren’t backing off. Ryan Lee, chief analyst at Bitget Research, remained bullish in a note to CoinDesk.
“The road to $150,000 by Q3 looks increasingly plausible, powered by ETF inflows, supply constraints, and macro tailwinds like a weakening dollar and potential Fed cuts,” he said.
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