Ethereum Beats Bitcoin and XRP as BlackRock Files to Reduce Bitcoin ETF Withdrawal Time

• Bitcoin price corrects at $63,000, Ethereum targets $2,817 resistance, XRP needs investors to establish buying momentum.
• The crypto market is set for more than $600 million worth of token unlocks in the next two weeks.
• BlackRock has filed an amendment to reduce the withdrawal time for its Bitcoin spot ETF.

Bitcoin, Ethereum and XRP Updates

• Bitcoin (BTC) traded above $64,500 on Monday for the first time in nearly a month before seeing a slight correction. The largest asset by market capitalization is trading at just over $63,000 at the time of writing. Bitcoin could extend its gains to $65,378 if it sustains its move above the psychological level of $62,000.
• Ethereum (ETH) has continued to outperform Bitcoin since the Federal Reserve’s (Fed) decision to cut rates. The top altcoin broke a key rectangle resistance at $2,595 and is trading around $2,650, up 3.5% on the day. As a result, $2,595 now serves as support, and ETH could rise to $2,817 if the new support level holds.
• Ripple’s XRP is trading around $0.588 at press time after failing to sustain a move above the psychological $0.60 level over the weekend. XRP may retest its daily resistance at $0.626 if investors restore their buying momentum.

ETH/BTC/XRP/USDT Hourly Chart

Market updates

The crypto market will witness over $600 million in token unlocks from several top projects in the next two weeks, per Token Unlocks token analytics platform.

Token unlocking can lead to cryptocurrency prices falling if demand fails to match the new supply.

The unlock value for this week is around $48 million, led by VENOM, Yield Guild Games (YGG) and tokens from the newly formed Artificial Superintelligence Alliance (ASI) – Fetch.ai (FET) and SingularityNet (AGIX). Next week’s unlocks are heavier, with SUI, Solana (SOL), Worldcoin (WLD), Immutable X (IMX), and Zetachain (ZETA) expecting a supply increase of around $568 million.

In other news, DefiLlama founder @Oxngmi said in a X post on Monday that Coinbase’s recently launched cbBTC encapsulated Bitcoin token is “way below par in terms of transparency.” He explained that DefiLlama did not list cbBTC because Coinbase failed to provide users with a Proof-of-Reserve (PoR) to verify that the issued tokens are backed.

Meanwhile, BlackRock has filed an amendment with the Securities & Exchange Commission (SEC) to adjust withdrawal times for its Bitcoin spot ETF. The amended filing required its custodian, Coinbase, to process BTC withdrawals to a public blockchain address within 12 hours of the request. This follows SEC approval for Nasdaq to list options on BlackRock’s Bitcoin ETF.

Additionally, crypto ETFs saw a combined net inflow of $321 million last week, with Bitcoin ETFs posting net inflows of $284 million.

Category of the Day: Artificial Intelligence Tokens

Artificial Intelligence Tokens: Coingecko