In the often unpredictable realm of digital assets, Bitcoin found itself in a lull, drifting listlessly as the much-anticipated discourse between Elon Musk and Donald Trump on X neglected to touch upon cryptocurrency. By the European morning session, Bitcoin was hovering around the $58,750 mark, a slight dip of just over 1% from its previous 24-hour position. The broader cryptocurrency market, as reflected by the CoinDesk 20 Index (CD20), mirrored this muted descent, shedding a similar percentage.

The crypto community, abuzz with speculation, had set its sights on the two-hour exchange between X’s proprietor, Musk, and the Republican presidential hopeful, Trump. The conversation drew over a million listeners, yet left them wanting as the word “crypto” remained conspicuously absent. This omission came despite bettors on Polymarket assigning a 65% probability to the mention of crypto, with wagers surpassing $600,000 on this very topic.

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Amidst the subdued atmosphere, a pessimistic outlook emerged from some quarters of the market. Alex Kuptsikevich, an analyst with FxPro, projected a further decline in Bitcoin’s value, predicting a drop of $5,000 from its current rate around $58,500. “Bitcoin seems more poised to shed $5K than to reclaim an equivalent gain,” Kuptsikevich opined via email. His bearish sentiment was underscored by Bitcoin’s struggle to maintain momentum above the critical $60,000 threshold, particularly after the occurrence of the ‘death cross’—a bearish intersection of the 50-day and 200-day simple moving averages. Kuptsikevich highlighted that Bitcoin’s failure to surpass the $60K resistance and subsequent selling pressure following attempts to breach the 50- and 200-day moving averages underscored a prevailing bearish sentiment. Additionally, the 14-day relative strength index (RSI) no longer indicated oversold conditions, suggesting a potential for further downward movement, in line with recent seller dominance above $60,000.

In parallel, data from SoSoValue indicated that daily net inflows into U.S.-listed spot Ether ETFs reached $4.93 million on Monday. Notably, Grayscale’s funds reported no new flows, while Fidelity’s FETH ETF saw an influx of $3.98 million. Franklin Templeton’s EZET registered $1 million, and Bitwise’s ETHW ETF posted a positive inflow of $2.86 million. However, VanEck’s ETHV ETF was an outlier, recording an outflow of $2.92 million. On the Bitcoin ETF front, collective daily inflows amounted to $27.87 million. Despite this, Grayscale’s GBTC witnessed an outflow of $11.7 million, and Bitwise’s BITB saw a larger outflow of $17 million.

This period of muted activity and slight declines across the digital asset landscape serves as a reminder of the volatile and often unpredictable nature of the cryptocurrency markets, where expectations can quickly turn into disappointments, and anticipations can fade into quietude.