During the past week, ETH’s price struggled compared to Bitcoin’s, with ETH falling by 1.2% while BTC rose over 3%. 10x Research suggests Ethereum might hold Bitcoin back from a sentiment perspective.
Bitcoin is predicted to hit a new all-time high of $83,000 if it breaks a key technical pattern by June 12. Markus Thielen, CEO of 10x Research, attributes this bullish outlook to global economic activities and a weaker US employment market.
10x Research notes that $13 billion in inflows across all sectors is needed for Bitcoin to reach this new ATH. Recent interest rate cuts in Canada, Denmark, and Europe support this prediction.
Positioning in Ether futures has lagged, with only $0.3 billion compared to Bitcoin’s $2.2 billion. This indicates traders prefer Bitcoin exposure at this time.
Bitcoin Spot ETFs recently accounted for 35% of total Bitcoin flow, highlighting their strategic importance in achieving the projected new all-time high.
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