Bitcoin and Ether ETFs recorded a combined $870M daily inflows on Friday.
Bitcoin’s price faced resistance at $102K, while Ethereum neared the $4,100 mark.
Spot Bitcoin and Ether ETFs recorded $870 million in daily inflows on Friday, demonstrating strong investor confidence. Bitcoin ETFs led the surge with $597.5 million, while Ether ETFs attracted $273.6 million, according to data from SoSoValue. The robust inflows coincided with Bitcoin struggling to breach the $102,000 resistance level.
Grayscale’s GBTC, Bitwise’s BITB, and Fidelity’s FBTC dominated Bitcoin ETFs, showcasing continued trust in these funds despite the asset’s challenges. Similarly, BlackRock’s ETHA, Grayscale’s ETH, and Fidelity’s FETH spearheaded Ether ETF investments, reinforcing Ethereum’s appeal in the market.
Crypto Market Declines but Sentiment Remains Positive
The broader crypto market dropped 0.60% over 24 hours, with its total valuation slipping to $3.61 trillion. The total crypto market volume fell 9.31% to $197.77 billion during the same period. Despite this, optimism in the U.S. stock market buoyed Bitcoin close to $100,000, driving renewed investor interest. The Cryptocurrency Sentiment Index rose to 76, re-entering extreme greed territory.
Ether traded at $3,916 after a slight 0.5% dip but has gained 10% over the past week. Kuptsikevich pointed out Ether’s critical resistance at $4,100, suggesting an even chance of either a significant reversal or a breakout toward $5,000.
Market analysts highlighted the importance of current Bitcoin levels. Bitcoin continues to dominate the market, accounting for 53% of the total crypto market cap. Toledano remarked that Bitcoin’s movements often influence other cryptocurrencies due to shared dynamics, including institutional liquidity inflows and macroeconomic factors like easing inflation.
While Bitcoin remains the top choice for investors, Ethereum’s performance highlights its significant market position. Both assets benefit from growing institutional interest, reflecting a broader shift in market dynamics driven by ETFs and favorable economic conditions.
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