Despite a sluggish start to the day, the crypto market has turned green, led by Ethereum's surge. However, Bitcoin, the largest cryptocurrency by market capitalization, has struggled to regain its momentum. The recent outflow of over $700 million from US Spot Bitcoin ETFs has weighed on investor sentiment, causing concern and impacting risk appetite.

The crypto market's optimism has been fueled by the cooldown in global inflation, with the European Central Bank announcing its first rate cut in years. Additionally, the US CPI and PPI data showed inflation easing, boosting bets on potential rate cuts by the Federal Reserve. However, this positive data has not had an immediate impact on Bitcoin or the broader crypto market.

Ethereum's price surge comes after the US SEC concluded its investigation into Ethereum's security status, sparking optimism over a potential approval of the US Spot Ethereum ETF by July 2. This development has led to a shift in investor focus towards lower-priced altcoins, seeking further clarity before entering the market.

Despite Bitcoin's struggles, market analysts remain optimistic about its long-term trajectory. Historical trends suggest that Bitcoin could reach its top in December 2024 or October 2025. As of writing, Bitcoin has wiped off some of its losses and is trading at $65,300, while Ethereum has soared nearly 4% to $3,560.

In conclusion, the crypto market has shown resilience despite Bitcoin's struggles, reflecting growing investor confidence. As the market continues to evolve, it remains to be seen whether Bitcoin will regain its momentum and join the altcoin rally.