These positive indicators suggest the crypto bull market may still have momentum
The past two months have seen a peculiar market atmosphere—while meme coins and airdrops from top projects continue making headlines, an underlying sense of uncertainty lingers. Bears seem to whisper warnings while bulls appear hesitant, leaving markets hovering between breakdown and resurgence.
This analysis examines hidden catalysts from recent months and explores overlooked bullish factors that could drive the second half of 2024's narrative.
01 BTC Spot ETF Flows Turn Positive Again
Markets often overestimate short-term impacts while underestimating long-term effects. For Bitcoin spot ETFs launched six months ago, a crucial signal emerged:
Per SoSoValue data, Bitcoin spot ETFs witnessed renewed inflows starting mid-May, sustaining nearly a month-long wave. June 4 recorded $886 million—the second-highest daily inflow after March 12's $1.05 billion.
Though recent days saw declines, the overall trend reversed sharply from April-May's outflows. As of June 21, total ETF net assets reached $56.24 billion, representing 4.39% of Bitcoin's market cap, with cumulative net inflows hitting $14.67 billion.
02 Regulatory Shifts & Accelerated Ethereum ETF Approvals
The 2024 election year backdrop has created favorable macro conditions:
- On May 22, the FIT21 Act passed the House 279-136
- On May 24, the SEC approved 19b-4 forms for eight Ethereum spot ETFs
This regulatory softening was foreshadowed by whale activity—entities like Justin Sun accumulated ETH around $3,000, betting heavily on ETH/BTC ratio rebounds.
ETH's market performance validated these moves. After underperforming BTC since October 2023 (with ETH/BTC dropping from 0.064 to below 0.045), the ratio rebounded past 0.055 in June, peaking at 0.058—a 29% recovery.
03 Web2 Giants Double Down on Web3 Adoption
June 6: Robinhood announced its $200M acquisition of crypto exchange Bitstamp—half what NXMH paid in 2018. This strategic move:
- Expands Robinhood's 11M monthly active users with Bitstamp's 400K primarily European clients
- Adds 85+ tokens to Robinhood's current 15-token US offering
- Provides institutional services like staking, stablecoins, and prime brokerage
The acquisition helps Robinhood counter SEC pressures while establishing a European foothold against competitors like Kraken and eToro.
04 Macroeconomic Tailwinds Emerge
Despite recent strong US economic data delaying Fed rate cut expectations, global easing accelerates:
- June 5: Canada cut rates to 4.75% (first reduction in 4 years)
- June 6: ECB lowered rates to 3.75% (first cut in 5 years)
While Fed officials now project just one 2024 rate cut, the global easing trend creates favorable conditions for risk assets like crypto.
05 Payment Giants Re-Enter Crypto
Recent infrastructure developments bridge crypto and traditional finance:
- Binance restored Mastercard crypto purchases
- MetaMask launched a Mastercard Web3 payment card for real-world spending
- Visa cards resumed on Binance's platform
These moves lower entry barriers by enabling seamless fiat/crypto conversions and Web2-like payment experiences—critical for mass adoption.
06 Key Takeaways
- ETF Momentum: Renewed BTC ETF inflows suggest institutional interest persists
- Regulatory Green Lights: Ethereum ETF progress indicates warming policy winds
- Traditional Adoption: Web2 players like Robinhood expanding crypto services
- Macro Support: Global rate cuts improving liquidity conditions
- Payment Rails: Major card networks reintegrating crypto access
👉 Discover how leading exchanges are adapting to these trends
While market sentiment remains cautious, these developing fundamentals suggest the bull run may simply be catching its breath rather than ending.
FAQ Section
Q: Should I invest in crypto during this uncertain period?
A: Dollar-cost averaging into major assets like BTC/ETH during pullbacks has historically worked well, but only allocate risk capital you can afford to lose.
Q: How will Ethereum ETFs impact ETH's price?
A: Similar to Bitcoin ETFs, they could bring billions in institutional inflows—though exact timing depends on SEC approval of S-1 registrations.
Q: What's the most reliable bull market indicator?
A: Sustained ETF inflows coupled with increasing network activity (transactions, active addresses) typically signal healthy momentum.
Q: How do global rate cuts help crypto?
A: Lower rates reduce opportunity costs for holding volatile assets while increasing liquidity in financial systems.
Q: Is now a good time to buy meme coins?
A: Meme coins remain highly speculative—they often peak late in cycles when retail frenzy peaks. Diversification into fundamentals-driven projects is safer.