Avalanche’s (AVAX) price hit a multi-month low following bearish market conditions, but this did not last long.

Increased bullish whale activity and improved market conditions substantiate the potential for recovery.

Avalanche Whales Attempt to Influence the Price

Avalanche’s price could be benefitting largely from the bullishness exhibited by the whales. These large wallet holders have been on an accumulation spree over the last two weeks. 

Since whale addresses are some of the most important cohorts of investors, their move also influences the price action. Accumulation leads to a rise in price, whereas selling results in a drawdown.

During this time, the whale addresses acquired $139 million worth of AVAX in just one day. This buying spree indicates strong interest and confidence among large investors in the altcoin’s potential.

In addition to this substantial whale activity, AVAX’s correlation to Bitcoin remains strong, currently standing at 0.88. A high correlation often suggests that AVAX’s price movements will closely follow those of BTC.

Given Bitcoin’s recent recovery, AVAX’s strong correlation to BTC bodes well for its own recovery prospects. As Bitcoin continues to rise, it is likely that the altcoin will experience similar upward momentum.

Read More: How To Buy Avalanche (AVAX) and Everything You Need To Know

AVAX Price Prediction: Rise in Sights

Avalanche’s price trading at $29.61 is closing in on the critical resistance level at $31.15. This price has tested as a crucial support level multiple times in the past and flipping it into support again is the target.

Given that AVAX has already bounced back from a seven-month low of $24.40, there is a good chance it could breach $31 as well.

Read More: Avalanche (AVAX) Price Prediction 2024/2025/2030

However, the market’s volatility cannot be ruled which keeps this recovery vulnerable. If the support at $24.40 is lost, the bullish thesis could be invalidated completely, leading to Avalanche’s price dropping to $20.

Ethereum (ETH) price is expected to note a massive surge following the launch of spot ETH ETFs this week. 

However, the bigger question is whether the hype surrounding the ETFs will be able to bring interest back into staking or not.

Spot Ethereum ETF Could Bring Major Changes

Ethereum’s transition from proof of work to proof of stake was met with extreme bullishness. It introduced a new form of yield for ETH holders, something that Bitcoin cannot offer since it is a proof-of-work chain. 

Plus, with ETH staking came the power of partial governance as becoming or endorsing a validator made the investors an integral part of the chain. 

This ideology led to millions of ETH being staked in the chain. However, the eventual arrival of restaking in June 2023 resulted in significant outflows of staked ETH, which have been continuous since May 24 this year.

As the spot Ethereum ETF applications received approval on May 23, the validators halted their unstaking. Since then, the number of validators, i.e., the number of unique addresses holding at least 32 ETH, has been stable at around 116,480.

Read More: How to Invest in Ethereum ETFs?

Nevertheless, the launch of spot ETFs is expected to revive the interest in staking again. Discussing the same, Chen Arad, Co-founder and CXO of Solidus Labs, exclusively told BeInCrypto,

“A key element for institutional interest in Ethereum ETFs moving forward would be staking of ETH held by ETF funds, which is not currently included in the approved rule-change and proposals. This could make ETH ETFs an even more attractive product for wider audiences and open the door to further institutional inflows and engagement with DeFi. 

However, to get regulators comfortable with the staking of ETH ETF funds, the industry needs to continue addressing fundamental concerns about compliance and security risks in the pre-chain block-building process.”

This could have a similarly bullish impact on Ethereum’s price as well.

ETH Price Prediction: Eyeing $4,000

Ethereum’s price bounced back from the support of 38.2% Fibonacci Retracement at $3,336. The second-generation cryptocurrency is currently changing hands at $3,474. There is anticipation that ETH will reclaim the 50% Fib line at $3,582.

Ethereum’s price would be open to a massive recovery if this happens, potentially even flipping 61.8% of the Fib line into support. This level lies at $3,829, which could boost ETH toward $4,000 in the long run.

Read More: Ethereum (ETH) Price Prediction 2024/2025/2030

On the other hand, a failure to breach any of these key resistance levels could result in a slowdown in recovery. If ETH investors sell their holdings during this duration, the altcoin could end up at $3,336 again, invalidating the bullish thesis.

Sony and Metaplanet, two giants in Japan, have fastened their grip on crypto in 2024. This comes as the country battles with a dwindling currency and government officials issue warnings.

Cryptocurrency adoption in Japan is growing, with firms venturing into the space to offer alternative options for customers.

With a $103 billion valuation, Sony has forayed into the crypto scene by acquiring digital asset trading services provider Amber Japan. According to a press release, the firm will change its name to S.BLOX.

Amber Japan operates the “WhaleFin” cryptocurrency trading service. The acquisition will provide an easier-to-use service and deliver more supported currencies and functions for the app. WhaleFin confirmed the development in a Monday announcement. 

“Going forward, as a member of the Sony Group, we will work to create new added value in cryptocurrency trading services by collaborating with the group’s diverse businesses,” reads the release.

In hindsight, Amber Japan experienced financial troubles ever since the collapse of FTX in 2022. Its parent company, Amber Group, had to undergo a debt-to-equity transaction with Fenbushi Capital before Sony Group expressed interest. Sony leverages partnerships and acquisitions to enhance its venture into Web3. This new deal marks its foray into the crypto scene.

As a Japanese multi-industry conglomerate, Sony is not alone. Reports indicate that investment firm Metaplanet is also advancing its status in the crypto industry.

By adding 20.195 BTC worth $1.02 million on Monday, Metaplanet becomes Japan’s biggest corporate holder of Bitcoin. Like MicroStrategy, Metaplanet has progressively increased its Bitcoin coffers since April 2024. It disclosed a $1.6 million BTC purchase on June 11 and committed to $6 million more on June 24 sought from bond issuance. 

Read more: Who Owns the Most Bitcoin in 2024?

According to the report, the firm’s basic policy is to hold Bitcoin for the long term. The report cited its commitment to reduce exposure to Yen, Japan’s local currency. The firm also wants to offer Japanese investors access to crypto with a preferential tax structure. 

Japan Pivots to Crypto as Japanese Yen Falls

Sony and Metaplanet’s moves point to growing crypto adoption in Japan. This comes at a time when the country’s officials are concerned about a falling currency. Amid the major devaluation of the Japanese Yen and some monetary policies by the Bank of Japan (BOJ), the crypto landscape in the country has changed significantly.

Reuters reported on June 27 that Japan’s Finance Minister Shunichi Suzuki and Chief Cabinet Secretary Yoshimasa Hayashi expressed concerns about sharp declines in the Yen.

“A weak yen is among factors that push up inflation, so we will closely watch the currency’s moves in guiding monetary policy,” BOJ Deputy Governor Shinichi Uchida said in a meeting.

Stable currency moves are manageable, but a rapid single-sided move tends to affect the country’s economy. When a currency’s value falls, investors may look for alternative assets to protect their wealth or seek higher returns. In this scenario, some investors may turn to Bitcoin as a store of value.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

For example, Metaplanet said it made BTC a reserve asset to reduce its exposure to risk arising from Japan’s debt burden and the resulting volatility in the yen.

In the same scenario, as the US dollar slips lower ahead of the week’s key employment report, MicroStrategy founder Michael Saylor has issued a bullish urge on BTC. He says to sell the USD and buy Bitcoin. At the time of writing, Bitcoin price is trading at $62,813.