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The supply of Ethereum on centralized exchanges has remained stagnant since March this year, despite the approval of US spot Ether ETFs.
The demand for Bitcoin has gradually increased in the recent past as shown by the U.S. spot BTC ETFs in the past two weeks and multi-year low in CEXs supply.
The upcoming Federal Reserve meeting is crucial for the crypto market, with experts predicting a rate cut that could drive prices up.
The US spot Bitcoin ETFs registered an impressive performance on Tuesday, of more than $186 million in cash inflows, with none of the issuers reporting net cash outflow.
With a 69 percent chance of a 50 bps interest rate cut on Wednesday, Bitcoin price could rally towards its all-time high in the near term.
Despite the rising demand from institutional investors, Bitcoin price has suffered midterm bearish sentiment, with some analysts predicting a dip below $50K soon.
After steady economic growth as showcased by economic data, the Federal Reserve now have the basis to cut interest rate
The rally in the gold price recently could signal potentially favorable macroeconomic conditions for Bitcoin in the near future following the liquidity infusion from central banks.
Thursday’s inflows represent a sharp turnaround from the previous day’s negative trends across Bitcoin ETFs. Investors appear to be capitalizing on Bitcoin’s price stability around $58,000.
The possibility of the US Fed cutting its benchmark interest rate next week has increased, thus rejuvenating bullish sentiments for Bitcoin and the entire altcoin industry.
Ark Invest and 21Shares’ ARKB led the outflows after $54.03 million left the product yesterday.
Despite the choppy Bitcoin market, BTC miners have continued to install new ASIC hardware, thus pushing the hashrate higher in the recent past.
Despite the recent outflows, Bitcoin ETFs continue to dominate the ETF market.
Nick Forster, founder of Derive, outlines three crucial factors for Ether to break its all-time high: Trump’s victory in the 2024 U.S. election, aggressive Federal Reserve rate cuts, and a rise in global liquidity.
Fear of further Bitcoin price capitulation in the short term significantly increased amid continued sell-offs from whale investors.