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Bitcoin (BTC) opens June Flat, Altcoins underperforming

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Bitcoin opened today at around $31,800 and hasn’t seen much movement overnight. Currently, the year to date for Bitcoin has dropped almost 15%. Altcoins are also underperforming at the current time. 

 Ethereum (ETH) is trading at $1840 at the time of writing, down around 26% from the year to date. 

Charles Storry, head of growth at Phuture suggests the sell-off is only just beginning. 

“We are entering a 12-18 month bear market. I am bullish long term as this is short term fear and panic selling,” Storry said.

Altcoins have been underperforming in the last day after a slight rally on Tuesday. Cardano has dipped 7%, Avalanche (AVAX) 5.7% and Solana (SOL).

Tron (TRX) was the only one to gain today with growth of 10%. 

The Optimism token has dropped nearly 65% from its listing price after its airdrop. 

Open interest in bitcoin futures and perpetuals now make up 63% of open interest in the crypto futures market, which has seen a 13% deviation from early April when it was at 50% according market data. It is the highest since October of 2021.

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