- Spot Bitcoin ETFs saw $240 million in inflows, ending a two-week outflow streak totaling over $2 billion.
- Ethereum ETFs also showed recovery, bringing in $12.5 million after nearly $1 billion in recent outflows.
- Despite ETF inflows, major cryptocurrencies like Bitcoin, Ethereum, and XRP posted losses, while Dogecoin was the only top-10 token to gain.
- The overall crypto market declined by nearly 2%, triggering liquidations of around $660 million.
- Analysts remain divided on Bitcoin’s near-term direction, with price targets ranging from below $100,000 to $170,000.
Bitcoin spot Exchange-Traded Funds (ETFs) registered $240 million in inflows on Thursday in the United States, halting a string of outflows that began October 29 and had reached more than $2 billion, according to SoSoValue data. Ethereum spot ETFs also attracted $12.5 million after six consecutive days of losses that saw almost $1 billion leave these funds.
Major cryptocurrencies, however, continued their downward trend. Bitcoin fell 2.4% in the last 24 hours and was last seen trading near $100,700. Ethereum dropped 3.4% to around $3,280. Retail sentiment for both coins stayed in the “neutral” range on Stocktwits, with discussion levels remaining high.
Across the broader crypto market, capitalization dropped to $3.4 trillion, nearly a 2% decrease in a day. Data from CoinGlass revealed that almost $660 million in positions were liquidated, including $450 million from traders betting on prices rising (long bets) and $208 million from traders betting on prices falling (short bets).
XRP led losses among top assets, plunging over 5% to trade near $2.20. Despite the price drop, sentiment around XRP shifted from neutral to bullish on Stocktwits. Other tokens like Solana (SOL) dropped 2.9%, Binance Coin (BNB) edged lower by 0.3%, and Cardano (ADA) slipped 0.1%. Dogecoin (DOGE) gained 1% and was the only major digital asset to finish higher, though overall sentiment remained bearish.
On the equities front, Strategy (MSTR) shares fell 1.2% pre-market, while Bitmine Immersion Technologies (BMNR) rose 0.1%. Coinbase (COIN), a major crypto exchange, declined 0.2%.
Crypto analysts offered mixed views. Nikolaos Panigirtzoglou of JPMorgan suggested in a recent note that Bitcoin could reach $170,000 within a year, highlighting its relative undervaluation compared to Gold, following a significant $1.9 billion liquidation event in October. Independent crypto analyst Scott Melker stated in a social post that the Relative Strength Index (RSI) signals selling pressure is decreasing, which could precede a price rebound. In contrast, Geoffrey Kendrick at Standard Chartered noted a fall below $100,000 is likely and described it as a potential last opportunity to buy, while gold advocate Peter Schiff reiterated in a statement that Bitcoin remains “ridiculously overpriced”.
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