Recently, there has been market activity every Sunday night, and last night was no exception. The market was driven by ETH, which surged from $3,500 to over $3,800 over the weekend, while other altcoins also saw considerable gains. Bitcoin, however, remained at around $118,000, and the Bitcoin dominance index BTC.D has also been declining, nearing a drop below 61%, indicating that funds have shifted from previously favoring Bitcoin to gradually entering the altcoin market.
The main reason investors are optimistic about ETH is due to a lot of positive news for Ethereum last week, among which SharpLink Gaming (SBET) significantly increased its financing from $1 billion to $6 billion, primarily to purchase Ethereum as reserves. Secondly, the inflow of Ethereum spot ETFs also hit a record high last week, reaching $726 million on Thursday. At the same time, it was reported that BlackRock has submitted revised documents to the SEC to add staking features to its Ethereum spot ETF. Multiple positive news items have fueled the surge in Ethereum's price.
Currently, on Monday, it is important to pay attention to the impact of the Liberal Democratic Party's major defeat in the Japanese Senate elections on the yen and the Japanese stock market. If the yen significantly depreciates, it may increase pressure on the Bank of Japan to raise interest rates, which could drag down the global stock market like last year, and also impact the cryptocurrency market. However, the current cryptocurrency market is optimistic due to the positive news for ETH and the U.S. House of Representatives passing three cryptocurrency bills last week, but attention is still needed regarding the performance of the U.S. stock market at the opening on Monday.
"MICA Daily | Institutional Increases and ETF Inflows Favor Ethereum, Surpassing $3,800 on Sunday" This article was first published on (Blockke).
