$1.9 Billion Inflows into Crypto ETPs Mark 15th Consecutive Week of Gains
The cryptocurrency ETPs market saw $1.9 billion in inflows last week, continuing a 15-week gain streak.
July's total inflows reached $11.2 billion, surpassing December’s $7.6 billion surge.
Key points include:
- Ethereum attracted $1.59 billion, its second-largest weekly inflow
- YTD Ethereum inflows exceed all of 2024’s combined
- Ethereum currently trades around $3,880 after a 3% price increase
- Solana and XRP also reported significant inflows
- Bitcoin experienced outflows of $175 million, trading mostly flat
Investor capital allocation is shifting amid ETF anticipation.
Bitcoin's Demand Level
Glassnode indicates a key demand zone at Bitcoin's $117,000 price level, with over 73,000 BTC held at this cost basis.
The $117K level continues to attract demand, with ~73K $BTC now held at this cost basis...
A CryptoQuant analyst noted the MVRV Ratio's 365-day moving average as a potential indicator for market cycle tops, suggesting a possible peak around September 10.
Investors are advised to maintain caution as macroeconomic narratives evolve.