Key Notes
- Crypto market saw $482 million in total liquidations.
- Crypto investment products witnessed $1.2 billion in weekly inflows.
- Bitcoin has reclaimed critical weekly support at $104,400.
With Iran and Israel striking a peace deal ending the 12-day war, crypto market rallied in the last 24 hours, with Bitcoin surging 4%, while altcoins like Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE) have all rallied by 8% in the last 24 hours. This massive rally comes as risk-ON sentiment revives with oil price tanking under $65 per barrel overnight.
Amid this massive pump, crypto market liquidations soared by a massive $482 million, of which $360 million is in short liquidations. At the same time, inflows into spot Bitcoin ETF and spot Ethereum ETF picked up pace once again as institutional activity revives.
However, investors are curious whether today’s crypto market upside is a dead cat bounce or the beginning of a new sustained move.
Will the Crypto Market Rally Continue Further?
After dropping below $100K levels earlier this week, Bitcoin price has recovered above the critical weekly support of $104400. As long as BTC stays above this level, the bulls hold the upper hand at this point. However, as per the Coinglass data , BTC futures open interest is up by just 1.5% in the last 24 hours, showing that traders are now much bullish for a rally ahead.
On the other hand, despite the geopolitical uncertainty, Bitcoin accumulation by big market players like MicroStrategy and Metaplanet has continued this week. Besides, other market players are also joining the queue to build their own Bitcoin Treasury.
Additionally, last week, crypto investment products recorded over $1.2 billion in inflows last week, primarily fueled by strong investor interest in Bitcoin (BTC) at $105,255 and Ethereum (ETH) at $2,403. This marks the tenth consecutive week of positive inflows, bringing the year-to-date total to an all-time high of $15.1 billion.
Will Altcoins Support Bitcoin in Market Rally?
Altcoins are showing major strength after entering a strong correction last week. Renowned crypto analyst Michael van de Poppe has drawn parallels between the current market climate and the COVID-19-driven altcoin bottom of 2020.
The analyst believes that the ongoing tensions, which had stoked fears of a potential World War III, are now de-escalating as involved nations appear to be returning to the negotiation tables.
He predicts a continued decline in the U.S. Dollar, a breakout for the Chinese Renminbi, and consolidation for Gold. Falling interest rates could act as a catalyst for what he foresees as “the biggest bull cycle ever” for Bitcoin and the broader cryptocurrency market.
nextThe previous bottom on #Altcoins was during COVID-19.
A big change in macro, and very similar (in terms of panic) to the current situation, while being completely different events.
The sounds of WW3 have been swinging around, which is now quickly fading away as it's likely…
— Michaël van de Poppe (@CryptoMichNL) June 23, 2025
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