Crypto Today: Bitcoin aims for $110,000 as Ethereum, XRP derivatives show signs of life again :
Bitcoin consolidates gains above $106,000, backed by steady BTC treasuries inflows.
Ethereum attempts a breakout but stalls below the 200-day EMA at $2,470 even as ETH futures Open Interest rebounds.
XRP struggles to sustain its uptrend, pausing under the 50-day EMA at $2.17, as futures contracts' Open Interest stabilizes around $3.76 billion.
Cryptocurrencies show signs of extending gains on Wednesday, following a sharp recovery from the weekend sell-off, which saw Bitcoin (BTC) slip below the $100,000 mark. The ceasefire between Israel and Iran continues to bolster sentiment in the market, as reflected by BTC's steady rise, which now trades at around $106,839 at the time of writing.
Leading altcoins, including Ethereum (ETH) and Ripple (XRP), are consolidating gains, supported by a spike in investor interest as indicated by the uptick in the derivatives market's Open Interest (OI).
Data spotlight: Bitcoin treasuries weekly inflows near $200 million
Institutional interest in Bitcoin has not faltered despite Middle East tensions, highlighting the role played by BTC as a hedge against uncertainty. According to SoSoValue, weekly net inflow into BTC treasury funds reached $198 million as of Monday, bringing the cumulative holdings to approximately $70 billion spread across 21 companies.
Strategy remains the largest corporate holder of Bitcoin, with 592,345 BTC valued at around $63 billion. Elon Musk's Tesla is in the second position with 11,509 BTC valued at $1.23 billion, followed by Metaplanet with 11,111 BTC valued at $1.18 billion.
Bitcoin spot Exchange Traded Funds ( ETFs) gained momentum on Tuesday, reaching $589 million from approximately $350 million recorded on Monday. BlackRock's IBIT led with the highest daily net inflow of $436 million, followed by Fidelity's FBTC with $85 million.
