Crypto Market Update: NEAR Surges 31% as XRP ETFs See Significant Inflows

The cryptocurrency market has been experiencing a significant transition phase, with the acute selloff from May 12-18 coming to an end. Liquidations have normalized, ETF outflows are decelerating, and sentiment is stabilizing in the high-30s/low-40s range.

However, the recovery hasn't started yet, with Bitcoin still range-bound at $76,750, 6% below its 200-day moving average. The mid-cap rally, led by NEAR, HYPE, Grass, and ZEC, is happening independently of BTC, while altcoin ETF accumulation is building structural demand for non-BTC assets.

The base case for the next 48 hours is that Bitcoin stays range-bound between $76,500 and $78,000, with the mid-cap rally continuing to broaden. The real question is when – not if – BTC ETF flows flip positive, which would signal a shift from stabilization to recovery.