Bitcoin (BTC) surpassed the overall cryptocurrency market performance, experiencing a 4.83% increase and reaching a value of $68,000.
Prominent cryptocurrencies, including Solana (SOL), ether (ETH), BNB Chain (BNB), and Cardano (ADA), experienced an over-3% increase. Dogecoin (DOGE) experienced a 4% increase in value, whilst the memecoin popcat (POPCAT), which is built on the Solana blockchain, surged by over 9%.
On the third day, there were more liquidations of ether products than liquidations of BTC-tracked futures in the crypto futures market. The total value of long positions liquidated for ether products was over $70 million, while for BTC-tracked futures it was $55 million.
The open interest decreased by $1 billion in the last 24 hours, suggesting a withdrawal of funds from the market. Bitcoin exchange-traded funds (ETFs) attracted a net inflow of $31.16 million, resulting in a total cumulative net flow of about $17.5 billion since their launch in January. Ethereum experienced a 3.2% increase, reaching a value of $3,284.
The total net flow of funds for the ETFs since the beginning of this week stands at a negative value of $178.68 million. This is primarily due to the outflow of funds from the Grayscale Ethereum Trust (ETHE), which underwent a conversion into an ETF. This scenario has a striking resemblance to the debuts of Bitcoin ETF products earlier this year.
The outflows from the Grayscale Bitcoin Trust (GBTC), which is the largest bitcoin fund globally, had a negative impact on the price of bitcoin during the initial weeks. Subsequently, the influx of investments into competing funds counteracted the downward movement, driving BTC to reach its highest value ever in March.
If this pattern persists, the withdrawal from the Grayscale Ethereum ETF may conclude at a faster pace compared to Bitcoin in January, potentially as soon as the middle of next week. Following this, we anticipate a substantial increase in net inflow as a result of the influx into the other exchange-traded funds (ETFs) that has been noticed in recent days.
Recently, Mayor Steven Fulop of Jersey City has declared intentions to deploy a segment of the city’s pension fund towards Bitcoin ETFs, indicating a notable change in the city’s financial approach to incorporating crypto.
