The Ethereum market has faced immense selling pressure in the recent past emanating from whale selling led by the US spot Ether ETF issuers.
Despite the long-term prosperity of Bitcoin and the entire crypto industry, on-chain data shows more whale investors have been offloading their holdings.
Bitcoin creator Satoshi Nakamoto intended to disrupt the traditional financial system that was heavily siloed and left the network under users’ custody.
The flows from both spot Bitcoin and Ether ETFs on Tuesday suggest that unstable Bitcoin prices may have swayed investors.
The divergence in the performance between Bitcoin and Ethereum ETFs underscores the unique market conditions each faces.
The US spot Ethereum ETF registered zero cash inflow on Monday compared to more than $235 million recorded by the spot Bitcoin ETFs on the same day.
Bitcoin-based funds saw significant outflows globally, particularly in the US ($209M), Germany ($8.3M), and Hong Kong ($7.3M).
After a weak start to October, BTC price bounced back from the $60,000 bottom prepare investors for a 32% rally ahead of the US CPI data release.
With an HBO documentary set to Premier this week, the crypto industry may soon know who Bitcoin creator Satoshi Nakamoto is.
Bitcoin (BTC) price closed last week trading above crucial support levels, thus flipping October to a bullish outlook.
Interestingly, the renewed geopolitical tensions in the Middle East did not affect BlackRock’s IBIT, which bucked the trend by attracting $37 million in inflows.
A total of 105,849 traders were liquidated in the past 24 hours.
Bitcoin price is currently retesting a crucial support level around $60.6k, which must hold to avoid further bleeding in the near term.
The Bitcoin and Ethereum price slump in the past 24 hours has forced over $500 million in crypto liquidations.
Gold price gained in value in the past 24 hours while Bitcoin price declined around 4 percent as Iran attacked Israel in an escalating Middle East geopolitical crisis.