Crypto Daybook Americas: Bitcoin Retreats From $108K, But Bulls Aren’t Done

Bitcoin's price action on Wednesday showcased a classic bull market pullback, with BTC briefly touching $108,250 before retreating to $107,446.08 by 4 p.m. ET, marking a 0.37% decline from the session high. This movement comes amid robust institutional tailwinds, as Bill Pulte, director of the Federal Housing Finance Agency, announced on X that Fannie Mae and Freddie Mac have been ordered to consider cryptocurrency holdings in mortgage evaluations, a move that could deepen crypto's integration into the U.S. financial system. Alex Kuptsikevich, an analyst at FxPro, highlighted that the total crypto market capitalization reached $3.31 trillion, nearing a critical volatility threshold at $3.40–$3.55 trillion, which has historically triggered sell-offs. The Fear and Greed Index climbed to 74, just shy of extreme greed, signaling persistent bullish sentiment despite short-term fluctuations. Federal Reserve plans to ease bank capital requirements further buoyed risk assets, with ETH gaining 1.29% to $2,473.17, reflecting broader market resilience.

Spot Bitcoin ETFs continued their impressive inflow streak, recording a net addition of $547.7 million on Wednesday, according to data from Farside Investors. This marks 12 consecutive days of positive flows, bringing cumulative net inflows to $48.12 billion and total BTC holdings to approximately 1.23 million coins. Corporate adoption accelerated, with Metaplanet purchasing an additional 1,234 BTC for $133 million, elevating its total holdings to 12,345 BTC at an average price of $98,303. Meanwhile, Nasdaq-listed Bit Digital announced a strategic pivot to focus exclusively on ETH staking and treasury management, underscoring the growing institutional appeal of Ethereum. Hong Kong's new digital asset policy, aimed at streamlining regulations and expanding tokenized products, added to the positive backdrop. These developments highlight how sustained ETF demand and corporate accumulation are providing a solid floor for BTC, with trading volumes on major pairs like BTCUSDT hitting $4.44 billion over 24 hours, despite the price dip.

Derivatives markets revealed nuanced positioning, as BTC's pullback coincided with a spike in perpetual futures open interest on exchanges, suggesting some traders are hedging against further declines. BCH, PEPE, and XMR saw the largest increases in open interest, while CME BTC futures open interest surged to a four-week high of 159,850 BTC. However, the basis remained flat below 10%, weakening the bullish narrative. On Deribit, BTC options showed slight call bias, but ETH options retained a put premium, indicating cautious sentiment. Technically, the BTC-BCH pair on Binance is poised for a golden cross, with the 50-day SMA crossing above the 200-day SMA, a long-term bullish indicator. BCH outperformed, rising 1.62% to $501.80 on BCHUSDT, with volumes at $31.86 million, pointing to potential trading opportunities in altcoins as BTC consolidates.

Looking ahead, macroeconomic catalysts loom large, with key U.S. data releases on June 26 including durable goods orders (estimated 8.5% MoM vs. previous -6.3%), Q1 GDP revisions (expected -0.2% QoQ), and unemployment claims. CME Group's upcoming spot-quoted futures for BTC, ETH, and major indices could enhance liquidity. Token unlocks add supply pressure, with Optimism OP releasing 1.79% of its circulating supply worth $16.82 million on June 30, and Sui SUI unlocking $117.91 million on July 1. Governance votes in Lido DAO and Arbitrum DAO aim to improve decentralization and quorum thresholds, influencing protocol-specific tokens. As the dollar index fell 0.56% to 97.14 and Nasdaq futures rose, risk-on sentiment persists, with traders eyeing support levels near $106,000 for BTC and resistance at $108,500 for potential breakouts.

In summary, Bitcoin's retreat from $108K is a healthy correction in an ongoing bull run, driven by institutional inflows and macroeconomic tailwinds. With spot ETF demand unwavering and technical indicators like the golden cross signaling strength, dips could present buying opportunities. ETH's outperformance and altcoin resilience, such as SEI's 50% weekly surge, suggest diversified strategies. Monitoring Fed speeches and token unlock schedules will be crucial, as sustained dollar weakness and positive economic surprises could propel BTC toward new highs.