Ethereum Slumps 7% as Bitcoin Rides High on ETF Inflows

Why Ethereum is down 7% while Bitcoin’s price is gaining

The cryptocurrency market has witnessed a divergence in the performance of its two largest assets, with Ethereum experiencing a notable decline. According to DLNews, Ether's value fell by 7% over the past week, settling at $2,525. In contrast, Bitcoin remained stable around $68,957. This decoupling comes after the launch of spot Bitcoin exchange-traded funds (ETFs), which have attracted significant inflows compared to their Ethereum counterparts.

Since July when Ethereum ETFs were introduced, they have seen outflows exceeding $504 million as per SoSo Value data. Meanwhile, spot Bitcoin ETFs amassed nearly $22 billion since January. Analysts like Ben Caselin from VALR and Shauli Rejwan from Masterkey.VC suggest that regulatory openness towards BTC might be contributing to this trend.

Bitcoin Miners Rally As October Inflows Surge

The month of October has been remarkable for bitcoin miners who are witnessing an upsurge fueled by AI advancements and increased digital asset inflows. Investor's Business Daily reports that global crypto funds recorded approximately $3.4 billion in inflows during October alone—making it one of the highest months on record for such investments.

This surge was particularly beneficial for companies like Core Scientific and Bit Digital as noted by Jefferies analyst Jonathan Petersen; these firms are pivoting towards artificial intelligence applications within high-performance computing sectors—a move expected to diversify revenue streams significantly.

Bitcoin Price Spikes Above $69k Ahead Of Key Inflation Data

Ahead of crucial inflation figures being released soon along with rising stock trends globally - Kitco NEWS highlights how Bitcoin's pricing surged beyond previous thresholds reaching above USD $69,000 recently amidst heightened anticipation surrounding economic indicators worldwide impacting investor sentiment positively across various markets including cryptocurrencies themselves.

Bullish Momentum: BTC Recovers From Friday's Slide To Reclaim $68.5K

Citing CoinDesk insights into recent developments affecting major cryptos’ valuations, notably mentioning Tether-related news causing temporary dips before rebounding strongly thereafter thanks largely to continued confidence amongst traders despite potential regulatory challenges looming ahead. These factors could influence future trajectories; however, overall optimism remains about long-term prospects, considering the circumstances currently unfolding.

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