BITPRISMIA
Ether ETFs saw $640 million in inflows for the eighth consecutive day, while Bitcoin ETFs recorded $231 million in gains despite outflows from major funds, with record-breaking trading volumes highlighting strong market momentum.
The CoinDesk 20 Index showed a 1.0% increase, with Avalanche (AVAX) and Cardano (ADA) as top performers, both gaining 3.4%, while Internet Computer (ICP) and Chainlink (LINK) were laggards.
Bitcoin's price is consolidating around $118.5K to $119K after a sharp drop, with mixed technical signals suggesting potential breakout or further downside depending on key levels.
The crypto market experienced a sharp decline on Aug. 14, resulting in over $1 billion in leveraged bets being wiped out, with a notable whale trader losing $83 million, driven by inflation fears and higher-than-expected U.S. Producer Price Index (PPI) data.
Bitcoin and other cryptocurrencies experienced a significant price drop following the release of higher-than-expected U.S. inflation data, which also impacted traditional markets.
Bitcoin's recent rally to over $124,000 is attributed to ETF demand, a weak dollar, and expectations of a Fed rate cut, with analysts predicting potential price targets between $131,000 and $177,000.
XRP's price is currently consolidating with bearish dominance, facing resistance at $3.25 and showing signs of weak buyer follow-through.
The CoinDesk 20 Index experienced a decline, with Uniswap (UNI) and Stellar (XLM) as the top underperformers, while ADA was the only asset trading higher.
Ether ETFs recorded their second-largest single-day inflow at $729.14 million, while Bitcoin ETFs extended their inflow streak to six days with $86.91 million, both reaching record trading volumes and net assets.
Michael Saylor explains four reasons why MicroStrategy's stock (MSTR) trades at a premium to its Bitcoin net asset value (NAV), highlighting factors such as credit amplification, options advantage, passive flows, and superior institutional access.