Sentiment in cryptocurrency markets has declined as concerns grow ahead of the forthcoming release of the PCE-based inflation readings from the U.S. for September. The postponed data is quite significant, as inflation readings based on PCE are regarded as the preferred gauge of inflation by the Fed. On Thursday, outflows from Bitcoin and Ethereum Spot ETF products in the U.S. led to a pessimistic mood in the market. The year-on-year reading is expected to increase to 2.8 percent, compared to 2.7 percent in the previous month. Reports shows that the likelihood of a quarter percentage rate cut in the Fed’s upcoming decision on December 10 is at 87.2 percent, a decrease from 88.2 percent the previous day, 86.4 percent a week ago, and notably higher than the 62 percent noted a month earlier.
Recent data indicates that Bitcoin Spot ETF products in the U.S. experienced outflows totaling $195 million on Thursday. Market leader BlackRock’s iShares Bitcoin Trust experienced significant outflows, totaling $113 million. On Thursday, Ethereum Spot ETF products saw outflows of $42 million, a stark difference from the $140 million in inflows noted the previous day. Market leader BlackRock’s iShares Ethereum Trust has seen impressive inflows, reaching a total of $28 million. The prevailing sentiment in the cryptocurrency market has experienced a slight decline, as indicated by the Fear and Greed Index. The index is at 25 today, a decrease from 27 yesterday and an increase from 20 a week ago. The index hit a yearly low of 10, reflecting significant fear, on November 22.
The market leader experienced fluctuations between $93,223.37 and $90,332.37 over the last 24 hours, while the leading alternative coin saw a range of $3,223.17 to $3,071.31 in the same timeframe. Currently, 81 of the leading 100 cryptocurrencies are facing overnight declines of more than 1 percent. In the past day, only 1 of the leading 100 cryptocurrencies has succeeded in increasing by more than 1 percent. The overall cryptocurrency market capitalization has seen a decrease of 2.1 percent overnight, currently at $3.08 trillion. The decline was, however, accompanied by a drop of 15.4 percent in the 24-hour trading volume, bringing it down to $148 billion. Bitcoin has experienced a drop of 2.6 percent in the past 24 hours, now valued at $90,137.99. The current price is roughly 29 percent lower than the all-time high of $126,198.07, achieved on October 7. The original cryptocurrency has seen a decrease of 2.4 percent over the last week and a fall of 3.5 percent since the beginning of the year. Ethereum saw a drop of 2.5 percent overnight, currently valued at $3,093.24. The leading alternative cryptocurrency is currently 38 percent below its peak and has experienced year-to-date losses of 7.2 percent.
Bitcoin is currently in the 9th position, whereas Ethereum occupies the 39th spot in the global asset rankings based on market capitalization, as reported by companiesmarketcap.com. The 4th ranked asset experienced a decline of 3.28 percent overnight, bringing its current trading price down to $2.06. Currently ranked 5th, the asset experienced a decline of 2.2 percent overnight, bringing its price down to $888.05. The 7th ranked Solana experienced a drop of 5.2 percent overnight, reducing its price to $135.35. Currently positioned 8th overall, TRON experienced a 0.9 percent increase overnight and is trading at $0.2848. Currently ranked 9th, the cryptocurrency experienced a decline of 4.30 percent overnight and is now trading at $0.1428. Cardano, currently positioned at the 10th rank, saw a decrease of 4.4 percent overnight, resulting in a trading price of $0.4258. In the latest market movements, Zcash has emerged as a standout performer among the top 100 cryptocurrencies, experiencing an impressive overnight gain of 6.8 percent while currently holding the 19th position. ZEC is the only cryptocurrency in the top 100 that has seen overnight gains of more than one percent. In a surprising turn of events, 76th ranked MYX Finance led the overnight gains among the top 100 cryptocurrencies, despite experiencing a decline of 10.9 percent. 64th ranked Pump.fun and 12th ranked Hyperliquid experienced overnight declines exceeding 9 percent.