On Friday, Spot Bitcoin and Ether ETFs collectively attracted $870 million in daily inflows, even as Bitcoin faced challenges in surpassing a significant resistance level at $102,000.
Leading the charge, Bitcoin ETFs saw substantial investments, with U.S. spot ETFs drawing in $597.5 million, according to data from SoSoValue. Prominent players such as Grayscale’s GBTC, Bitwise’s BITB, and Fidelity’s FBTC dominated the inflow landscape, underscoring strong investor confidence despite Bitcoin’s price hurdles.
In parallel, Spot Ether ETFs accumulated $273.6 million, capturing considerable investor interest. BlackRock’s ETHA, Grayscale’s ETH, and Fidelity’s FETH stood out as top performers, demonstrating Ethereum’s sustained market appeal.
Good morning,
Yesterday’s Bitcoin ETF flows were positive for $597.5 million.
Blackrock back in action with $431.6 million, Fidelity $30.5 million, Bitwise $61.4 million and BTC (mini-ETF with an impressive $110.8 million.
GBTC had $48.4 million of outflows.
Bitcoin price… pic.twitter.com/aRD20FoG4v
— WhalePanda (@WhalePanda) December 13, 2024
This influx occurs against a backdrop of the crypto market’s value slipping by 2.2% within a 24-hour period, settling at $3.7 trillion. Nonetheless, positive sentiment in the U.S. stock market this week propelled Bitcoin back close to the $100,000 threshold, subsequently attracting investor attention. As a result, the Cryptocurrency Sentiment Index climbed back into extreme greed territory, currently positioned at 76.
“Current [BTC] levels are above the psychologically important round level and the consolidation area of the last three weeks,” Alex Kuptsikevich, chief market analyst at FxPro. “It may be risky to talk about a breakout to new highs and a complete eradication of bearish sentiment. A confirmation of buying strength could see a quick rally into the $120,000 area.”
Ether experienced a slight decline of 0.5%, trading at $3,916, yet it has appreciated nearly 10% over the past week. Kuptsikevich noted that it will be interesting to observe how the price behaves as it approaches the $4,100 mark. At this point, there’s an approximate even chance of either a significant downward reversal or a breakthrough past the resistance, potentially heading towards $5,000, he said.
Bitcoin Commands 53% Market Share as Ether Approaches $4,100 Resistance
James Toledano, chief operating officer at Unity Wallet, said ETH’s chart does suggest bullish momentum, with structural signals and minimal resistance toward its all-time high.
“There is also significant ETF-related optimism, technical breakouts, and strong market sentiment that bolster its potential,” he said. “But investors should remain cautious, as significant gains of any cryptocurrency are often met with profit-taking —which appears to be happening as we speak. For some, ETH might indeed deliver a festive surprise, but for others it could be an unwelcome one.”
“So generally speaking, when the mercury on BTC rises, many others follow and ETH is the second biggest player in town. While both assets are fundamentally different they often move in tandem due to shared market dynamics, such as liquidity inflows from institutional investors and macroeconomic drivers like decreasing inflationary pressures.”
Bitcoin remains the dominant player, representing over 53% of the entire crypto market cap. Generally speaking, when Bitcoin’s momentum increases, many other cryptocurrencies follow suit, with ETH being the second largest contender. While both assets are fundamentally different, they often move in tandem due to shared market dynamics, such as liquidity inflows from institutional investors and macroeconomic factors like decreasing inflationary pressures.
