Unchanged at $61K Amid Mt. Gox and Macro Jitters

Bitcoin’s price remained stable on Friday, showing little change after a month marked by significant losses. Traders were on high alert due to the upcoming distribution of assets related to the collapsed Mt. Gox exchange, raising concerns about potential further declines.

Market sentiment across the cryptocurrency sector was also cautious ahead of a crucial U.S. inflation report, which could impact future interest rate expectations. As of 08:58 ET (12:58 GMT), Bitcoin saw a marginal increase of 0.1%, reaching $61,367.

### Concerns Over Mt. Gox Liquidation and June Losses

The possibility of distributions of tokens stolen from Mt. Gox in 2014 loomed large over Bitcoin. Liquidators announced that distributions would begin in early July, returning stolen Bitcoin and other tokens to affected clients. Given the significantly higher current value of these tokens compared to when they were stolen, many traders are speculating that recipients might opt to sell, leading to a large sell-off of Bitcoin. This expectation has weighed heavily on Bitcoin’s price, pushing it toward an almost 9% decline in June.

### Ether and Altcoin Performance

Price activity across the broader crypto market showed slight improvements, despite ongoing June losses. The second-largest cryptocurrency, Ether, also rose by 0.1%, buoyed by reports suggesting that the Securities and Exchange Commission (SEC) might approve a spot Ether exchange-traded fund (ETF) as early as next week. However, Ether is also facing a nearly 9% decline this month.

Other altcoins, including notable ones, experienced increases between 1.1% and 3.5%, but they too are dealing with prior losses. Among meme tokens, certain names gained 3.3% and 1% respectively.

The strength of the U.S. dollar, which has reached a two-month high, has further pressured cryptocurrency prices as investors shift towards the greenback ahead of the upcoming inflation report, a key indicator for the Federal Reserve’s interest rate decisions. The sustained prospect of higher interest rates has weighed down on crypto markets throughout June, as the sector often thrives in environments with low rates and speculative investments.

### Future Outlook for Ether Amid ETF Launch

The market sentiment surrounding the upcoming launch of a spot Ether ETF in the U.S. appears overly pessimistic, according to a recent report from Steno Research. The report anticipates net inflows could reach between $15 billion and $20 billion in the first year, which would likely be driven by increased institutional interest.

Analysts forecast that this influx could elevate Ether’s value, projecting it could reach at least $6,500 by the end of the year, fueled by expected ETF inflows and other positive factors. With the SEC recently approving filings from ETF issuers, trading in spot Ether ETFs could begin as soon as next week, pending further approvals.

If the anticipated inflows come to fruition, the Ether-to-Bitcoin ratio may strengthen to 0.065. The report emphasizes that even a modest inflow into Ether ETFs could significantly impact Ether due to its lower market capitalization and liquidity, suggesting that inflows into Ether spot ETFs are likely to exceed expectations.