Bitcoin, Ethereum, XRP hold steady as ETF inflows resume
Bitcoin (BTC) holds above $101,000 at the time of writing on Friday amid improving sentiment in the broader cryptocurrency market as institutional demand returns. Meanwhile, altcoins, including Ethereum (ETH) and Ripple (XRP), are stabilizing above short-term support levels.
Data spotlight: Bitcoin, ETH stable as institutional and retail demand returns
Bitcoin Exchange Traded Funds (ETFs) have resumed inflows after six consecutive days of outflows. According to SoSoValue data, US-listed BTC spot ETFs recorded approximately $240 million in inflows on Thursday, bringing the cumulative total to $60.52 billion and net assets to $135.43 billion.
BlackRock’s IBIT led with a net inflow slightly above $112 million, followed by Fidelity’s FBTC with nearly $62 million and 21Shares’ ARKB with approximately $60 million.
The resumption of ETF inflows is a major signal for improving sentiment in the crypto market. It is crucial to monitor the performance of BTC ETFs over the coming days to gauge whether institutional interest is increasing.
Ethereum also experienced a minor ETF inflow of approximately $12.5 million, bringing the total net inflow volume to $13.91 billion and net assets to $21.75 million.
Three of the nine US-listed ETFs recorded inflows, with one ETF (Grayscale’s ETHE) experiencing net outflows of $3.53 million. The rest of the ETFs neither experienced inflows nor outflows.
Retail demand for Ethereum has stabilized, with futures Open Interest (OI) averaging $38.96 billion on Thursday, up from $38.1 billion the previous day. Such stability is required to improve investor confidence, following a prolonged risk-off sentiment since the October 10 deleveraging event. Furthermore, a steady increase in the OI would indicate that investors are ready to return and increase their risk exposure.
Source: Fxstreet
