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Bitcoin Dips Despite Record Monthly Inflow To Crypto Etfs
(MENAFN- The Rio Times) The cryptocurrency market witnessed a notable shift as Bitcoin retreated from recent highs. This movement occurred despite a significant influx of funds into Bitcoin spot ETFs.
Data from Farside revealed that these ETFs experienced net inflows of $235.2 million yesterday. This figure marks the highest flow recorded in October, a month that started slowly for the segment.
BlackRock's IBIT fund, the largest in its category, led the charge with an impressive $97.9 million inflow. This substantial investment underscores growing institutional interest in cryptocurrency-based financial products.
The surge in ETF inflows highlights the increasing mainstream acceptance of digital assets as viable investment options. Bitcoin, the leading cryptocurrency, reached a peak of $64,500 on Monday afternoon.
However, it subsequently slowed its upward momentum, mirroring the subdued mood in stock markets. Ethereum's native currency, Ethereum (ETH ), followed Bitcoin's trajectory.
It fell below the $2,500 mark, fluctuating just above $2,400. As of 10:20 AM (Brasilia time) on October 8, 2024, Bitcoin had decreased by 1% over the past 24 hours.
It was trading at $62,327. Ether experienced a more significant decline of 2.2%, trading at $2,419. However, these figures come from CoinGecko, a reputable cryptocurrency data provider.
Cryptocurrency Market Overview
The total market capitalization of all cryptocurrencies worldwide stood at $2.26 trillion. This valuation reflects the overall health and size of the crypto market.
Among altcoins, Solana (SOL) saw a 2.8% decrease, trading at $142.70. BNB, the token of Binance Smart Chain, showed a slight increase of 0.1%, reaching $572.91.
Avalanche (AVAX) experienced a more substantial decline of 3.4%, trading at $26.21. These fluctuations demonstrate the volatile nature of the cryptocurrency market.
They also highlight the varying performances of different digital assets. This week's key macroeconomic event will be the release of the US Consumer Price Index (CPI).
The CPI data for the previous month will be published on Thursday, October 10. This report often influences market sentiment and monetary policy decisions.
Data from Farside revealed that these ETFs experienced net inflows of $235.2 million yesterday. This figure marks the highest flow recorded in October, a month that started slowly for the segment.
BlackRock's IBIT fund, the largest in its category, led the charge with an impressive $97.9 million inflow. This substantial investment underscores growing institutional interest in cryptocurrency-based financial products.
The surge in ETF inflows highlights the increasing mainstream acceptance of digital assets as viable investment options. Bitcoin, the leading cryptocurrency, reached a peak of $64,500 on Monday afternoon.
However, it subsequently slowed its upward momentum, mirroring the subdued mood in stock markets. Ethereum's native currency, Ethereum (ETH ), followed Bitcoin's trajectory.
It fell below the $2,500 mark, fluctuating just above $2,400. As of 10:20 AM (Brasilia time) on October 8, 2024, Bitcoin had decreased by 1% over the past 24 hours.
It was trading at $62,327. Ether experienced a more significant decline of 2.2%, trading at $2,419. However, these figures come from CoinGecko, a reputable cryptocurrency data provider.
Cryptocurrency Market Overview
The total market capitalization of all cryptocurrencies worldwide stood at $2.26 trillion. This valuation reflects the overall health and size of the crypto market.
Among altcoins, Solana (SOL) saw a 2.8% decrease, trading at $142.70. BNB, the token of Binance Smart Chain, showed a slight increase of 0.1%, reaching $572.91.
Avalanche (AVAX) experienced a more substantial decline of 3.4%, trading at $26.21. These fluctuations demonstrate the volatile nature of the cryptocurrency market.
They also highlight the varying performances of different digital assets. This week's key macroeconomic event will be the release of the US Consumer Price Index (CPI).
The CPI data for the previous month will be published on Thursday, October 10. This report often influences market sentiment and monetary policy decisions.
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