🔥📈 Nansen analyst shared his view on the recent crypto market rally, which wiped out almost $300 million in short positions, contributing to a significant price recovery.
- Demand for Bitcoin (BTC) increased, causing 11 US spot BTC ETFs to see outflows of more than $950 million.
- The approval of Ethereum (ETH) spot ETFs was a key factor that unexpectedly improved market sentiment.
- Despite the progress, the process may be gradual.
The analyst also highlighted the improvement in macroeconomic conditions. US short-term rates fell 40 basis points in 30 days.
At the moment, it seems that we are moving higher in cryptocurrency prices. 🚀💰
What do you think about it? Leave your comment below! 👇