@Bitcoin extends its decline toward $118,000, a key short-term support level, as
$BTC spot ETFs mark second consecutive day of outflows.
@Ethereum claws back gains, sliding below $3,700 on Wednesday, reflecting potential profit-taking pressure.
@XRP Finance ’s RSI unveils overheated market conditions as the price drops below $3.50.
#cryptocurrencies are showing signs of weakness overall, with leading assets, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), edging lower at the time of writing on Wednesday. A 3.5% decline in the total market capitalization to $3.9 trillion over the past 24 hours underscores the overhead pressure possibly due to profit-taking.
#StablecoinLaw Bitcoin price is currently trading at around $118,290, following a rejection from an intraday high of $120,090. The selling pressure is also impacting altcoins, with Ethereum price falling by more than 2% on the day to trade at $3,652. Similarly, the cross-border money remittance token, XRP, is down over 3%, exchanging hands at $3.44.
#BTCvsETH Market overview: Bitcoin ETF outflows persist as Open Interest rises
Bitcoin spot Exchange Traded Funds (ETFs) started the week on the back foot, recording outflows of approximately $131 million and $68 million on Monday and Tuesday, respectively. According to SoSoValue, the cumulative total net inflow averages nearly $55 billion, with net assets at $155 billion.
#ETFvsBTC Bitcoin spot ETF data | Source: SoSoValue
The picture is distinctively different for Ethereum, whose spot ETFs continue to experience net inflows. Following a capital inflow of $296 million on Monday, the crypto investment products purchased directly on stock exchanges recorded approximately a $534 million inflow on Tuesday.
@WhaleGuru @WalletConnect Ethereum currently boasts $8.32 billion in cumulative net inflows with net assets averaging $19.85 million.
@Caldera Official @Lagrange Official @Huma Finance 🟣 Ethereum spot ETF data | Source: SoSoValue
As for the derivatives market, Bitcoin futures Open Interest (OI) remains elevated at $86.82 billion, 90% above the lowest level in March at $45.72 billion. As Open Interest surges, it reflects growing investor confidence in the future of Bitcoin, hence the increase in bets for higher price levels.
Bitcoin Futures Open Interest | Source: CoinGlass
Interest in Ethereum remains relatively high, averaging $55.89 billion on Wednesday. Open Interest refers to the value of all the futures and options contracts that have not been settled or closed. If volume increases in tandem, the outcome is often heightened market activity, which helps to support price increases.
Ethereum Futures Open Interest | Source: CoinGlass
The same bullish outlook is reflected in the XRP derivatives market, where the futures OI has surged to new record highs, reaching $10.79 billion at the time of writing. XRP price hit a new all-time high of $3.66 on Friday before correcting to $3.44 at the time of writing. The decline could be a sweep through liquidity before the next attempt at breaking out to a new record high.
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