NaijNaira
Bitcoin tumbled to $110,000 over the weekend before climbing back to $112,000, its weakest point since early July – www.naijnaira.com reports.
According to SoSoValue, spot Bitcoin ETFs in the US recorded a $1.17 billion outflow last week, the largest since February, cutting cumulative inflows to $53.8 billion.
Ethereum ETFs also suffered, with $578.9 million in outflows ending a 14-week streak of positive inflows.
Market data showed total crypto capitalization dropped to $3.91 trillion, falling 2% in a day and 3.5% from last week’s peak.
Despite Bitcoin’s slide, Ethereum hit new highs while Solana surged 11% in seven days, outperforming ETH’s 9% and BTC’s 3% decline.
“Liquidity seems to be moving from Bitcoin into Ethereum and altcoins,” analysts noted, pointing to Solana’s rapid rise.
On Friday, Lookonchain reported that a Bitcoin whale offloaded over 100 BTC dormant for seven years, shifting funds into Ethereum.
The SEC’s new approval for in-kind redemptions of BTC and ETH ETFs is expected to give institutions more direct exposure to crypto.
Meanwhile, Glassnode confirmed Bitcoin mining difficulty hit a record 129.7T, with the hash rate averaging 945 EH/s.
