Ethereum’s performance is particularly reflective of current market sentiments.
The team stated that they are “actively working” to ensure a seamless distribution of the tokens to eligible users, although the exact timeline for the airdrop remains uncertain.
The positive inflow is attributed primarily to a reduction in withdrawals from Grayscale’s Ethereum Trust (ETHE).
The notable movement of the US government’s Bitcoin holdings amid upcoming FOMC statements has fueled BTC’s bearish sentiment.
The SEC is changing its previous position, specifically regarding the classification of various digital tokens.
At the forefront of this positive trend are BlackRock’s ETHA and Fidelity’s FETH which both saw considerable amounts of capital inflow last week.
The Bitcoin fear and greed index rallied to 74 on Monday as the underlying value spiked above $69k for the first time since early June.
Meanwhile, the 11 spot Bitcoin ETFs in the US have continued to see rising demand. Since their launch in January, these funds have accumulated a net inflow of $17.54 billion.
Bitcoin dominance has gradually risen beyond 56 percent following the poor performance of the spot Ether ETFs in the past three days.
Mt. Gox fears of a fire sale likely not the cause of recent Bitcoin price drop, analysts offer alternative explanations.
The ongoing crypto correction led by Ethereum triggered nearly $300 million in liquidations, mostly involving long traders.
Ethereum is also following the same trajectory that Bitcoin did after the approval of the spot BTC ETFs earlier this year.
The 30-day co-efficient of Bitcoin and the MSCI index for global equities is falling towards minus 0.20. This is a rare occurrence as the measure has stayed typically positive since 2020.
The US-based spot Ethereum ETFs scooped $107 million on the first day despite the notable cash outflow from Grayscale’s ETHE.
Bitcoin price could retrace to the support level above $60K before following gold and major stock indexes in further price discovery.