BTC, ETH, and ALTCOINS acquire while ETFs and investment products face outflow amidst macro uncertainty.
The Crypto market hit the top on Monday, recovering from last week’s pull after US growth and employment data blew expectations for further Federal Reserve cuts.
Bitcoin (BTC) is currently switching to nearly $113,853, an increase of about 3.9% that day. According to data on Defiant’s pricing page, Ethereum (ETH) has risen more than 4%, trading nearly $4,175 following the lawsuit.
“We’ve seen $110,000 institutional and retail support from people who missed $BTC at the $100,000 level, so the small bounce here isn’t surprising. But the macro environment remains a bit uncertain last week,” said Paul Howard of WinCent. “Rate increases are burning into prices and there is still a risk of drawbacks until we see a bigger macro movement next month.”
Top 10 altcoins surpassed the majors at $210, with Solana increasing by nearly 5% and XRP increasing by 4.5%. BNB and Cardano (ADA) spiked at 4.4% respectively, with $1,020 and $0.80 respectively.
The largest Memecoin, Dogcoin, rose 3% to $0.23, while Tron slipped 0.5% to $0.30. Among the top 10 outer tokens, Pumpfun’s Pump rose 11% to $0.005, while Mantle’s MNT rose 9% to $1.89.
The biggest loser of the day was Plasma’s XPL, down nearly 11% just a week after its launch to $1.30, while Blockchain’s hash was 8.5% to $0.03.
Overall, Crypto’s total market capitalization has risen by 3.2% in the past day to $4 trillion, with Bitcoin dominance of 56.6% and Ethereum at 12.6%.
Liquidation, ETFs and Investment Products
In the last 24 hours, nearly $434 million in crypto positions have been liquidated for each Coinglass data, exceeding $144 million, with shorts accounting for about $330 million.
Ethereum led the way in a liquidation of nearly $151 million, with BTC accounting for about $95 million and Sol accounting for about $42 million.
The Spot Bitcoin ETF recorded a $418 million spill on September 26th, marking its second consecutive day of withdrawals. According to SoSoValue, Spot Ethereum ETFS has recorded more than $248 million spills and extended its winning streak to five days with a cumulative $796 million withdrawal.
Digital asset investment products experienced a $812 million spill last week, but the outflow from the start of the year, which remains at $39.6 billion, according to Coinshares’ Fund Flows Report.
Bitcoin lost $709 million and Ethereum cut $409 million in the face of its heaviest outflow, while Solana has garnered a $291 million inflow ahead of its expected US ETF launch.
Macro uncertainty
Monday’s rebound comes as investors digest mixed economic news. Last week, strong data on US growth and employment lowered expectations for further Federal Reserve cuts, but worries about the possibility of government shutdown this week keep the market cautious.
As a result, some traders are buying at low prices, while others remain on the sidelines, analysts said.
“The Federal Reserve Dovish Tilt is medium-term positive, [Fed Chair Jerome] Powell’s bubble warning and risk traders of shutdown risk should remain cautious in the short term,” Bitunix expert said in a comment shared with the rebels.