News: The crypto market is experiencing a notable downturn today, with Bitcoin trading below $61,000, extending a week-long slide. This bearish sentiment is amplified by increased short positions on Ether following Grayscale's withdrawal of its futures ETF application. However, there are underlying bullish signals, including strong institutional lending growth driven by spot Bitcoin ETFs and positive commentary from JPMorgan regarding Ether ETF approvals. Macroeconomic factors, such as rising US jobless claims, are also fueling hopes for Fed rate cuts, which could provide a short-term boost to risk assets like Bitcoin.

Market Probabilities: 
Bull 40% | Base 40% | Bear 20%

Recommendations: 
Short-term: HOLD
Long-term: BUY
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