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BTC$84,4971.73%ETH$1,876.822.06%USDT$1.000.02%XRP$2.10-0.30%BNB$600.31-1.54%SOL$124.64-1.31%USDC$1.00-0.00%DOGE$0.171.23%ADA$0.670.33%TRX$0.240.14%STETH$1,876.612.13%WBTC$84,4081.76%TON$3.99-3.78%LINK$13.660.34%LEO$9.381.97%XLM$0.270.73%WSTETH$2,245.361.98%USDS$1.000.02%AVAX$19.150.44%SUI$2.350.09%SHIB$0.00001230-3.21%HBAR$0.170.59%LTC$82.47-1.85%DOT$4.09-0.46%OM$6.19-2.96%BCH$304.55-0.91%BGB$4.58-0.31%WETH$1,877.052.04%USDE$1.000.04%BSC-USD$1.00-0.18%BTC$84,4971.73%ETH$1,876.822.06%USDT$1.000.02%XRP$2.10-0.30%BNB$600.31-1.54%SOL$124.64-1.31%USDC$1.00-0.00%DOGE$0.171.23%ADA$0.670.33%TRX$0.240.14%STETH$1,876.612.13%WBTC$84,4081.76%TON$3.99-3.78%LINK$13.660.34%LEO$9.381.97%XLM$0.270.73%WSTETH$2,245.361.98%USDS$1.000.02%AVAX$19.150.44%SUI$2.350.09%SHIB$0.00001230-3.21%HBAR$0.170.59%LTC$82.47-1.85%DOT$4.09-0.46%OM$6.19-2.96%BCH$304.55-0.91%BGB$4.58-0.31%WETH$1,877.052.04%USDE$1.000.04%BSC-USD$1.00-0.18%

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Bitcoin Dips Despite ETFs Attracting Nearly $900 Million

Institutional interest in spot Bitcoin ETFs has continued to surge.
By: Mehab Qureshi • October 31, 2024
larry fink with bitcoin

The cryptocurrency market dipped on Thursday despite spot Bitcoin exchange-traded funds (ETFs) recording consecutive daily inflows of over $800 million.

Bitcoin (BTC) fell 1.5% to $70,800 after briefly nearing its all-time high the previous day. Ethereum (ETH) plunged 5% to $2,540. Solana (SOL) and Polkadot (DOT) dipped by 3% and 5%, respectively. The global crypto market cap declined 4% to $2.47 trillion over the last 24 hours.

BTC Price chart
BTC Price

Despite the market pullback, institutional interest in spot Bitcoin ETFs has continued to surge, with record inflows into BlackRock’s iShares Bitcoin Trust ETF.

According to Farside Investors data, Wednesday recorded an unprecedented net inflow of $872 million into the fund, as market watchers speculate on how the upcoming U.S. election may affect crypto. This massive inflow is the second-largest ever recorded, after $1.04 billion on March 12.

“The price action for Bitcoin has been nothing short of remarkable, rising over 8% and breaking the $73k level. The robust inflow into spot ETFs, fresh monetary easing cycles across major economies, and increasing odds of victory for crypto-friendly presidential candidate Donald Trump have been positive catalysts,” wrote analysts from QCP Capital, a digital asset trading firm.

Ethereum has also seen some growth in ETF interest, albeit on a much smaller scale. On Wednesday, spot Ethereum ETFs recorded $4 million in inflows, indicating that Ethereum may be benefiting from some of the broader interest surrounding crypto ETFs.

Crypto Stocks Dip

Crypto-linked stocks were also impacted. Coinbase (COIN) shares fell by 7% after missed earnings targets, while Robinhood (HOOD) dropped 13%.

The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average declined on Thursday, with the Nasdaq sliding by 2.3%.

Thursday’s personal consumption expenditures (PCE) price index, a key measure of inflation, revealed an annual inflation rate of 2.1% for September, inching closer to the Federal Reserve’s 2% target.

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