Sentiment for cryptocurrencies is positive, helped by gains on Wall Stree. Bitcoin is rebounding from $95,000 and is trading at $98,000; Ethereum at $3,700. During the last few days, Ethereum is starting to do significantly better, against Bitcoin. If this momentum continues, looking at historical data on-chain may conclude that the market has entered a more 'extreme' and perhaps the last phase of the bull market (if past patterns are not maintained).
- Bitcoin ETFs saw about $311 million in net inflows on Friday; vs. approx. USD 330 million on Ethereum; the net balance of the entire last week strongly 'favors' ETH
- The U.S. dollar strengthens after strong PMI and ISM data from U.S. industry, but doesn't bother cryptocurrencies. Strong gains for Avalanche, Chainlink, AAVE, Uniswap and Vechain;
- The cryptocurrency market hopes that not only the SEC, but also the CFTC under its new leadership will have a stance that is definitely friendly to the development of cryptocurrencies.
Is Ethereum overtaking Bitcoin?
Inflows into ETFs, last week, decisively beat Bitcoin itself, by the large margin. This is a unique situation looking at the cycle, which has been going on since 2023.
Inflows into Bitcoin last week turned out to be slightly lower. Source: Bloomberg Finance L.P, XTB Research
Ethereum ETFs performed exceptionally favorably last week. Accumulation was started by the iShares Ethereum Trust? Source: Bloomberg Finance L.P. , XTB Research
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Source: xStation5
Ethereum (H1 interval)
Bitcoin (D1, H1 interval)
Source: xStation5
Source: xStation5
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