Ethereum Outperforms Bitcoin, While Broader Crypto Market Slips

Ethereum (ETH) outperformed Bitcoin (BTC) and other major altcoins in early morning trade on Thursday, while the broader market dipped.

The overall cryptocurrency market fell by 0.3% over the last 24 hours, with Bitcoin's price dipping 0.4% to under $111,000 at the time of writing. On Stocktwits, retail sentiment around Bitcoin moved higher but remained in 'bearish' territory over the past day. According to Glassnode, Bitcoin is consolidating between $104,000 and $116,000.“Futures and ETFs flows show cooling demand,” the on-chain analytics firm said in its weekly report. It predicts that strength above $160,000 could revive the uptrend, but a break risks a move to below $100,000.

Ethereum's price, on the other hand, climbed as much as 1.5% in the last 24 hours. However, retail sentiment around the largest altcoin on Stocktwits trended in 'extremely bearish' territory over the past day, down from 'bullish' last week.

Shares of Ethereum-holding companies, Bitmine Immersion Technologies (BMNR) and FG Nexus (FGNX), were mixed during pre-market trade, despite the strength in Ethereum's price. BMNR's stock fell nearly 1%, and FGNX's stock was trading flat. On-chain data on Arkham Intelligence shows that BMNR bought another ETH worth nearly $65 million late Wednesday. The company's total Ethereum holdings are now worth $7.73 billion, based on ETH's current price.

Meanwhile, Bitcoin-holding Strategy (MSTR) edged 0.8% lower in pre-market trade, but retail sentiment improved to 'neutral' from 'bearish' over the past day. Similarly, Bitcoin miner Riot Platforms (RIOT) gained 0.15%, while its peer Mara Holdings (MARA) moved 0.8% lower. Crypto exchange Coinbase Global (COIN) edged 0.11% higher. 

Other altcoins, including Cardano (ADA), Solana (SOL), Ripple's native token (XRP), and meme token Dogecoin (DOGE), were in the red during early morning trade. Cardano's price dipped the most, falling 1.1% over the past day, followed by Solana's price, which fell 0.8%. Dogecoin's price dipped 0.3% and XRP's price was down 0.2%. 

Crypto futures bets saw around $220 million in liquidations over the past 24 hours, according to Coinglass data. Long liquidations amounted to nearly $114 million, and short bets totaled $105 million. 

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