Cryptocurrency markets are trading slightly down despite strong ETF inflows for the last 17 days.
Prices as of 4 p.m. ET:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $70,300 | -1.2% |
| Ethereum ETH/USD | $3,771.80 | -2.7% |
| Solana SOL/USD | $167.99 | -2.8% |
| Dogecoin DOGE/USD | $0.1589 | -2.8% |
| Shiba Inu SHIB/USD | $0.00002508 | -3.1% |
Notable Statistics:
- Coinglass data points to $38 billion in Bitcoin open interest, the highest since April 1, with long liquidations at lowest since a week.
- IntoTheBlock noted a 6,370.9% increase in exchange netflows and a 19.5% growth in large transaction volumes. Meanwhile, 98% of Bitcoin holders are currently making a profit.
Notable Developments:
Robinhood Announces Acquisition Of Crypto Exchange Bitstamp in $200M Deal
Bitcoin Could Reach $150K By Year-End If Trump Wins: Standard Chartered
JPMorgan: US Crypto Regulations Signal Opposition To CBDCs And Non-Compliant Stablecoins
Bitcoin Spot ETFs Record 17 Straight Inflow Days, Reaching $15.3B Year-To-Date
How Ethereum ETF Inflows Will Impact Bitcoin And Cryptocurrency Prices
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Dog (Runes) DOG/USD | $0.008402 | -11.5% |
| Bitget Token BGB/USD | $1.19 | -9.9% |
| Beam BEAM/USD | $0.02548 | -9% |
Trader Notes: Santiment data noted that $70,000 for Bitcoin is "not nearly as big of a deal for traders as it was 3 months ago." The post adds that the "lack of FOMO is a good sign that BTC and other coins can break through with less crowd euphoria that previously caused tops."
Heavily followed futures trader Satoshi Flipper highlights Bitcoin's attempt to break the resistance level.
Meanwhile, swing trader Jesse Olson commented on the Robinhood acquisition of Bitstamp. He added, "Did the U.S. big players really want to ban Bitcoin & #Altcoins or did they want a piece of the pie?"
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Does ‘Sell In May And Go Away’ Work For Bitcoin? This Researcher Crunched The Numbers
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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