- Bitcoin traded flat amid $500 million worth of crypto liquidations, with $287 million from long positions
- Altcoins like Ethereum and Ripple gained 4% and 8% respectively, as Bitcoin dominance dropped from 62% to 59%
- Spot Bitcoin ETFs in the U.S. recorded significant inflows last week, with $338 billion in net inflows
The cryptocurrency market started the week mixed as investors shifted their focus from Bitcoin to Ethereum and altcoins. Bitcoin remains below $100,000 while Ethereum and select altcoins posted gains.
Bitcoin Price Action
Bitcoin is down 1% over the past 24 hours to $95,800. The total crypto market capitalization remains steady at $1.45 trillion.
Ethereum Outperforms Bitcoin
Ethereum climbed 4% to $3,442. DeFi tokens like Lido, Maker, and Uniswap are outperforming, rallying between 11% and 16%.
Leveraged Positions Liquidated
In the broader market, $499 million worth of leveraged positions were liquidated over the past 24 hours. $287 million came from long positions, according to Coinglass. Bitcoin and Ethereum accounted for $112 million in combined liquidations.
Spot Bitcoin ETF Inflows Surge
Data revealed $3.38 billion in net inflows into spot Bitcoin ETFs last week, marking a 102% increase from the prior week’s $1.67 billion. This represents the largest weekly inflows since their debut in January.
Bitcoin Dominance Drops as Altcoins Gain Momentum
As Bitcoin approaches $100,000, investor attention appears to be shifting toward Ethereum and altcoins. Bitcoin dominance dropped from 62% to 59% over the past week, suggesting increased interest in altcoins.
Conclusion
The crypto markets kicked off the week mixed but with momentum growing for Ethereum and select altcoins. Bitcoin trades below the $100,000 level but could make another push higher. Leveraged positions continue to get liquidated while spot Bitcoin ETFs see record weekly inflows.
