It's Tuesday, June 20th, 203, and this is Markets Daily from CoinDesk.

I'm Adam B. Levine Kyrgyan with George Kuludis for your daily news roundup.

On today show, we're talking Bitcoin, the IMF, top headlines, and more.

And just a reminder, CoinDisc is a news source and does not provide investment advice.

Bitcoin, Ether, and the CoinDesk market index are higher, while overall crypto markets are showing

mostly lower prices. While the market remains optimistic that BlackRock, of course the largest

asset manager in the world, will be successful with its recent application for a Bitcoin-spot

exchange-traded fund, Craig Erlum, a senior market analyst with Hwanda, said in a note that Bitcoin

still looks vulnerable. Quote, Bitcoin ended last week quite positively after dropping the three-month

lows on Wednesday,

but it continues to look vulnerable to further declines.

Erlum said, continuing,

The two-month trend is not in its favor, and the news flow isn't exactly helping the situation either.

It's had a remarkable year and remains more than 50% higher, so it's hardly a dire situation, end quote.

Erlum still thinks there's a bullcase for Bitcoin, it just hasn't been realized yet.

The recent downturns, he argues, are simply a correction phase within an overall optimistic

ball market, quote.

However, there's little evidence indicating any imminent improvement, especially considering

the securities and exchange commissions intensifying scrutiny of major exchanges, he concluded.

Meanwhile, quite a few Bitcoin are migrating at the fastest rate in six months. Commission's intensifying scrutiny of major exchanges, he concluded.

Meanwhile, quite a few Bitcoin are migrating at the fastest rate in six months into wallets controlled by illiquid entities or network participants with little to no spending history.

All of that suggests that long-term holders are increasingly buyers in this market.

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