Crypto
Home›Crypto›Market Structure›Crypto market holds up as the dollar firms and ETFs se…
Crypto market holds up as the dollar firms and ETFs see inflows
Digital assets dipped alongside a stronger US dollar, but US spot Bitcoin ETF inflows have continued for seven straight sessions, totaling nearly $1 billion, according to SoSoValue.
Cryptocurrencies absorbed jitters in traditional markets while the dollar strengthened, with total crypto market capitalization down 0.8% over the past 24 hours to $2.23 trillion and dipping to $2.21 trillion at the start of active trading in Asia, Action Forex reports. The market later resumed growth, suggesting the broader upward trend remains intact and investors are willing to buy dips even as the dollar rises.
In the day’s biggest moves, Tezos gained 2.6%, SushiSwap rose 2.3%, and Near Protocol added 1.7%, while Avalanche fell 4.0%, Dogecoin dropped 3.3%, and Hedera declined 3.2%. Bitcoin slid from $65.8K to $64.6K, then rebounded to around $65.5K, marking a seventh consecutive local low higher than the prior one since the start of July, the outlet said.
Action Forex also noted that correlations with equities have eased, which has helped crypto regain relative footing after a period of underperformance. Still, CryptoQuant said demand from long-term and institutional investors is falling quickly, while futures speculation remains positive but below prior levels, and the current BTC price appears supported more by traders than by fresh capital inflows.
Despite weaker longer-term demand signals, US spot Bitcoin ETF inflows have continued for seven consecutive sessions, with investors putting in nearly $1 billion and recovering 22% of June’s outflows, according to SoSoValue. K33 Research called the ETF inflow stabilization a supportive sign for a calmer summer market, and Strategy announced it will launch a Bitcoin Security Consortium backed by ARK Invest, BlackRock, Blockstream, Coinbase, Fidelity Digital Assets, and Galaxy, with partners planning to invest $15 million over three years to support long-term Bitcoin network security.
Latest closeBitcoin $64,919.97 ▼0.2%|Dogecoin $0.070 ▲0.9%