Spot Bitcoin and Ether ETFs recorded a combined $870 million in daily inflows on Friday, signaling strong investor confidence despite Bitcoin struggling to break past the $102K resistance level.
Bitcoin ETFs Lead Inflows at $597.5M
Bitcoin ETFs accounted for the lion’s share of inflows, bringing in $597.5 million, according to data from SoSoValue. Leading the charge were:
- Grayscale’s GBTC
- Bitwise’s BITB
- Fidelity’s FBTC
These inflows underscore robust investor interest in Bitcoin, even as the crypto asset encounters price resistance near the $100K mark.
Ether ETFs Garner $273.6M in Daily Inflows
Spot Ether ETFs also witnessed substantial inflows, totaling $273.6 million. Top performers included:
- BlackRock’s ETHA
- Grayscale’s ETH
- Fidelity’s FETH
Ethereum continues to draw attention as a promising investment, reflecting its strong market presence and institutional backing.
Crypto Market Dips 2.2% but Sentiment Remains Bullish
The overall crypto market slipped 2.2% to $3.7 trillion within 24 hours, yet optimism fueled by the U.S. stock market drove Bitcoin close to the $100K mark.
- Cryptocurrency Sentiment Index returned to extreme greed territory, last recorded at 76.
- Alex Kuptsikevich, Chief Market Analyst at FxPro, commented:
“If buying strength continues, we could see a quick rally to the $120,000 area, but caution is warranted given potential resistance at current levels.”
Ether, meanwhile, is trading at $3,916, up nearly 10% in the past week, as it nears the critical $4,100 resistance mark.
Bitcoin Dominance and Ether’s Bullish Momentum
Bitcoin continues to dominate the market, holding 53% of the total crypto market cap. This influence often drives tandem movement in Ethereum and other major cryptocurrencies.
- James Toledano, COO at Unity Wallet, noted:
“Bitcoin’s market dynamics, such as liquidity inflows and macroeconomic factors like decreasing inflation, influence Ether’s trajectory. While ETH has bullish momentum, profit-taking could temper gains in the short term.”
He also highlighted Ethereum’s potential to break past resistance, stating:
“If ETH crosses the $4,100 mark, it could rally toward $5,000, delivering significant returns for investors. However, caution is essential as markets often see corrections after such gains.”
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