Buying pressure from ETF flows has strengthened crypto market sentiment, elevating Bitcoin to a 24-hour high of $87,360. Aggregate market capitalisation experienced an increase of over one percent, driven by a significant liquidation of short positions alongside a widespread rally in the cryptocurrency market. Amidst the tech-driven surge on Wall Street, Bitcoin Spot ETF products in the U.S. experienced a significant increase in net inflows, rising to $999 million on Monday from $433 million on Friday. iShares Bitcoin Trust ETF topped with net inflows of $381 million. ARK 21Shares Bitcoin ETF recorded net inflows of $289 million, while Fidelity Wise Origin Bitcoin Fund followed closely with net inflows of $239 million. Ethereum Spot ETF products in the U.S. experienced a notable increase in net inflows, rising to $270 million on Monday from $144 million on Friday. iShares Ethereum Trust ETF topped with net inflows of $110 million.
Expectations of a new diplomatic initiative aimed at resolving the enduring Middle East crisis have led to a decline in crude oil prices, which in turn has fuelled an increase in cryptocurrency values. Brent Oil futures for November settlement are presently trading 1.8 percent lower at $98.55, while WTI Crude Oil for the same month is trading 2.2 percent lower at $90.31. The recent decline in bond yields, coupled with a slight weakening of the dollar, has contributed to an increase in cryptocurrency prices. Crypto prices have been bolstered by the short squeeze occurring within the market. The total liquidations over the 24-hour timeframe amounted to $624 million. Liquidation of long positions totalled $201 million, significantly less than the liquidation of short positions, which reached $423 million. The sentiment in the cryptocurrency market experienced an uplift due to revived expectations regarding institutional backing for the sector. Virginia-headquartered Strategy Inc announced on Monday the acquisition of 950 Bitcoins valued at $75.7 million during the period from September 14 to September 20. The prominent Bitcoin treasury firm under the leadership of Michael Saylor has increased its total Bitcoin holdings to 846,000, with an average acquisition cost of $75,416.
The recent decision by the U.S. SEC regarding the trading of tokenised stock has also bolstered market sentiment. The Securities and Exchange Commission had on Thursday issued an order granting temporary, conditional exemptive relief to Tokenised Securities Venues to trade tokenised National Market System stock using innovative permissioned automated market makers and liquidity pools. The exemption, anticipated to modernise America’s capital markets by enabling onchain trading of specific tokenised stocks, has been approved for a duration of five years. Amidst the convergence of favourable market drivers, the total cryptocurrency market capitalisation has risen to $2.91 trillion. Market capitalisation has experienced a 1.5 percent increase over the past 24 hours, while trading volumes have surged by 28 percent. Bitcoin, the largest cryptocurrency, is currently trading 1.7 percent higher on an overnight basis at $85,893.85. The leading cryptocurrency has experienced an increase of 11.5 percent over the past week, which has brought year-to-date losses down to a mere 1.9 percent. Bitcoin currently holds the 12th position in the global ranking of all assets based on market capitalisation, according to data. The leading cryptocurrency occupies a position between Broadcom, ranked 11th, and Saudi Aramco, ranked 13th.
Ethereum is trading 1 percent higher at $2,742.09. The leading alternate coin has experienced a rally of 10.4 percent over the past week. Ethereum has ascended to the 58th position in the global ranking of all assets based on market capitalisation, as reported. The 4th ranked BNB experienced a 0.29 percent increase overnight, bringing its price to $786.86. 5th ranked XRP, a payments-focused cryptocurrency, added 2.9 percent overnight and is currently trading at $1.53. The price of 7th ranked Solana increased by 0.77 percent overnight, reaching $116.82. Solana Spot ETF products listed in the U.S. experienced net inflows amounting to $26 million on Monday. TRON, positioned 8th in the overall rankings, is presently trading at $0.3464, reflecting an increase of 0.6 percent. The 9th ranked Zcash experienced a decline of 2.1 percent overnight, with the cryptocurrency currently trading at $1,503.65. 10th ranked Hyperliquid edged down 0.12 percent on an overnight basis to $95.20. Hyperliquid Spot ETF products listed in the U.S. experienced net inflows amounting to $3 million on Monday.
