Bitcoin and Ethereum Surge: What’s Driving the Crypto Market Rally?
The global crypto market cap has risen to $3.24 trillion, having increased by 0.60% in the last 24 hours. Though total market volume declined by 29.50% to $118.19 billion, there is still robust bullish sentiment because of massive inflows into Spot Bitcoin ETFs and Spot Ethereum ETFs.
Bitcoin Leads the Market Rally Amid Bullish Momentum
As of writing, Bitcoin (BTC) is trading at $98,816.05, with an intraday gain of 0.80%. Bitcoin’s dominance has increased to 60.57%, up 0.39%, further solidifying its market leadership. Ethereum (ETH) has also gained momentum, trading at $2,816.71, up 0.61% in the last 24 hours.
BTC Long-Short Ratio
As of now, 51.13% long vs. 48.87% short. That is close to a tie, but short positions are ahead by a small margin, and this could set off a short squeeze that pushes the price of Bitcoin even higher.
Spot Bitcoin & Ethereum ETFs See Massive Inflows
A primary reason the crypto market is up today is because of the ETF investments which have surged.
- ✔️ Spot Bitcoin ETF recorded a $66.38 million net inflow, bringing the cumulative total to $40.67 billion. The ETF’s total traded value reached $2.04 billion, while total net assets hit $114.71 billion, now representing 5.95% of Bitcoin’s market cap.
- ✔️ Spot Ethereum ETF had an inflow of $18.11 million, pushing its total net inflows to $3.17 billion. Its total traded value is $298.61 million, and its net assets are valued at $10.49 billion, covering 3.15% of Ethereum’s market cap.
These institutional investments show that Bitcoin and Ethereum enjoy strong confidence. This, therefore, gives momentum to the markets.
MicroStrategy’s Bitcoin Holdings Boost Market Sentiment
- MicroStrategy, now rebranded as Strategy, continues to solidify its position as the largest corporate Bitcoin holder. The company now owns 218,887 BTC, valued at $20.5 billion, after aggressive acquisitions in Q3.
- Currently, MicroStrategy holds a staggering 471,107 BTC, accounting for 2% of Bitcoin’s total supply.
- Their continued BTC accumulation is a major reason why Bitcoin is up today, as institutional investors remain highly bullish.
What’s Next for Crypto?
- The Fear & Greed Index is back up in the green, so traders are closely eyeing ETF inflows and institutional activity for where the market will go from here.
- Strong inflows might continue the long trend for Bitcoin and Ethereum, but market volatility will be one of those critical factors, so it is important to stay informed as to the freshest crypto trends.
Keep Up with More News on Bitcoin, Ethereum, and the Entire Crypto Market!
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