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Crypto market cap slips to $2.16T as sentiment edges higher
Weekly net inflows returned to US spot Bitcoin ETFs after eight weeks of outflows, with $197.4 million flowing in during the week, while ETH ETFs added $84.4 million.
Crypto market capitalization fell to $2.16 trillion on Monday from the $2.20 trillion area where selling pressure increased in mid-month, according to Action Forex. The market still sits below its 50-day moving average, suggesting no clear shift to a bullish trend in the near term.
The outlet said sentiment improved, with its sentiment index rising to 28, the highest reading since early June, but still below the 50 level that would indicate more durable upside confidence. Bitcoin also closed the prior week at its 200-week moving average, but started Monday with a dip back toward that level, pointing to limited bullish potential.
Action Forex reported that inflows into US spot Bitcoin ETFs resumed after eight weeks of outflows, with net inflows of $197.4 million for the week, according to SoSoValue. It also said inflows into ETH ETFs totaled $84.4 million for the week.
Looking ahead, the outlet said a weekly divergence between price and the RSI is gradually forming, a signal it described as more consistent with stopping bearish momentum than confirming a market reversal. It also noted Power Law and Fidelity tracking suggests Bitcoin has approached a key long-term support area, while CryptoQuant said demand recovery is being driven mainly by retail traders in speculative futures, and that BTC liquidity remains the key variable.
Latest closeBitcoin $62,968.46 ▼1.2%|Ethereum $1,780.51 ▼1.4%