With the slowing down of the GBTC sell-off, Bitcoin has once again restarted its upward trend, re-entering the $42,000 mark. With the promotion of Bitcoin spot ETF, Bitcoin has been increasingly dominating the overall cryptocurrency market. Its market share has risen from 38.9% in November 2022, when FTX collapsed, to the current 49.8%.
(Previous summary:
GBTC sell-off has ended, Bitcoin ETF fund inflow exceeds $756 million! Analysts: $525 million will be transferred when the US stock market opens on Monday.)
(Background information:
CFTC Chairman expresses concerns about “Bitcoin spot ETF”: digital asset market is still opaque and susceptible to manipulation.)
Table of Contents:
Top 10 cryptocurrencies rise together
Less than $100 million liquidation in the past 24 hours
Bitcoin’s market share climbs to nearly 50%
After 4 consecutive days of net outflows in Bitcoin spot ETF funds, Friday saw a net inflow once again. The daily outflow amount of GBTC funds dropped further to $255 million. After reaching a peak of $640 million on the 22nd, it has been decreasing for four consecutive days, indicating that the GBTC sell-off may have slowed down.
In this context, Bitcoin (BTC) has restarted its upward trend since Friday, breaking through the $40,000 mark and rising all the way. It reached a high of $42,842 this morning and reported $42,398 before the deadline, an increase of 1.5% in the past 24 hours and over 5% in the past 3 days.
BTC Binance spot price
On the other hand, Ethereum (ETH) has also made a significant recovery. It has been rising since hitting a low of $2,170 on the 26th and reported $2,285 before the deadline, a 0.93% increase in the past 24 hours and over 5% in the past 3 days.
ETH Binance spot price
CoinMarketCap data shows that the top 10 cryptocurrencies have risen collectively today. AVAX has the highest increase, with a growth rate of 10.58% in the past 24 hours. In addition, in the past 24 hours, BNB increased by 1.14%, SOL increased by 4.55%, XRP increased by 0.27%, ADA increased by 2.72%, and DOGE increased by 1.31%.
Top 10 cryptocurrency prices
According to Coinglass data, in the past 24 hours, the total amount of liquidation in the cryptocurrency market reached $75.36 million, with 32,127 investors being liquidated. The amount of liquidation is relatively low. Among the liquidated cryptocurrencies, BTC accounted for $24.6 million, ranking first, followed by ETH with $88.33 million, and SOL with $5.26 million.
Total amount of liquidation in the cryptocurrency market
It is worth noting that Glassnode data shows that with the promotion of Bitcoin spot ETF, Bitcoin has been increasingly dominating. Since the FTX collapse in November 2022, Bitcoin’s market share in the overall cryptocurrency market has risen from 38.9% to 49.8%.
On the other hand, ETH maintains its dominance. In November 2022, when FTX collapsed, ETH had a market share of 18.9%, which is currently 18.2%, staying relatively stable. The altcoins have lost the most market share in the cryptocurrency market, with their market share decreasing from 28.3% to 24.2%, while stablecoins’ market share has decreased from 13.9% to 7.8%.
Changes in cryptocurrency market share. Source: Glassnode
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