Bitcoin Market Update

Bitcoin (BTC) is currently holding steady above the $61,000 mark after a minor dip to $59,200 earlier during the Asian trading hours. In the past 24 hours, the world’s largest digital asset has experienced a 2% decline, with a 6% drop over the last 7 days, as per CoinDesk Indices data. The CoinDesk Indices Bitcoin Trend Indicator reflects a notable downtrend, while the CoinDesk 20, which tracks major digital assets, remains relatively stable as Ethereum (ETH) has not faced the same level of pricing pressure as BTC.

Ether staking protocol Lido (LDO) has been a standout performer, registering a 14% increase in daily trading and a 25% surge over the past week. Traders are particularly impressed with the platform’s fees, revenue generation, and total value locked.

The recent selling pressure on bitcoin can be attributed to the anticipated Mt. Gox bankruptcy redemptions and the ongoing sales by miners. Market data reveals that bitcoin ETFs witnessed an outflow of $174 million as the New York trading session concluded on Monday, following a nearly $1 billion outflow last week.

Polymarket predictions suggest a 14% likelihood of bitcoin rebounding to $65K by the week’s end, while there is a 71% probability that an ether ETF will commence trading by July 4.