Bitcoin edges higher while Ethereum slips
Bitcoin traded at $84,541 on Oct. 3 at 9:30 a.m. Korea time, up 0.5% from a week earlier, according to data compiled by CoinGecko. The cryptocurrency was down 0.3% over the previous 24 hours.
Ethereum stood at $2,672, falling 0.9% over seven days and 1.2% over 24 hours. The total cryptocurrency market capitalization was $2.89 trillion, down 3.3% in a day, while Bitcoin accounted for 58.7% of the market.
Among other major cryptocurrencies, XRP fell 5.3% over the week to $1.49, Solana declined 3% to $119, and Avalanche gained 2% to $10.88.
U.S. spot Bitcoin ETFs resume inflows after nine-day streak ends
Investor flows into U.S. spot Bitcoin exchange-traded funds showed renewed movement after a nine-day run of net inflows came to an end.
Data from Farside Investors showed that spot Bitcoin ETFs recorded inflows of $31 million on Sept. 28 and $66.2 million on Sept. 29 before seeing a $148.7 million net outflow on Sept. 30. The inflow streak resumed on Oct. 1, when SoSoValue data showed $102.7 million entered the funds.
As of that date, the combined net assets of U.S. spot Bitcoin ETFs totaled $109.3 billion, with cumulative net inflows reaching $57.6 billion. Ethereum ETFs recorded a $55.4 million outflow on the same day, while Solana ETFs saw about $6 million leave and XRP ETFs received about $4 million.
Inflation data and market analysis shape crypto outlook
The U.S. core personal consumption expenditures price index, a closely watched inflation measure, rose 3% year over year in August. The increase was the lowest since February and below the 3.3% forecast, while the monthly gain of 0.2% also came in below expectations.
Citi raised its 12-month Bitcoin price target from $82,000 to $113,000 on Oct. 1 and increased its Ethereum target from $2,240 to $3,028. The bank cited renewed ETF inflows, regulatory developments after the Clarity Act failed to pass the Senate, and U.S. Treasury long-term bond buybacks as factors behind its revised outlook.
CryptoQuant data showed Bitcoin short-term holders had an unrealized profit rate of 33% as of Sept. 29, the highest level since December 2024. The firm also reported signs of reduced spot demand and said the market remained in a bullish phase but showed signs of fatigue.
Institutional blockchain activity and exchange recovery
Goldman Sachs linked its roughly $100 billion Treasury fund FTIXX to Lynq, a private permissioned Layer 1 network based on Avalanche technology. The move allows more than 30 institutional digital asset companies, including B2C2, Wintermute, Galaxy, FalconX and Fireblocks, to access the fund through tZERO Securities.
Meanwhile, Bitget said it had restored withdrawals after a backend infrastructure hack detected on Sept. 24. The exchange said losses expanded to $387.5 million across seven networks. Bitget CEO Gracy Chen identified a North Korean group as a suspected actor, though the attribution has not been confirmed. The company said private key theft was not involved and gradually reopened withdrawals for Bitcoin, Ethereum, USDT and other assets through Oct. 2.
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