Spot Bitcoin and Ether ETFs collectively amassed $870m in daily inflows on Friday, even as the leading crypto asset grappled with breaking through a formidable resistance at the $102k mark.
Bitcoin ETFs led the inflows, with US spot ETFs bringing in $597.5m, data from SoSoValue showed. Grayscale’s GBTC, Bitwise’s BITB and Fidelity’s FBTC dominated, reflecting high investor confidence even as Bitcoin faced price challenges.
Meanwhile, Spot Ether ETFs posted $273.6m, drawing significant attention from investors. BlackRock’s ETHA, Grayscale’s ETH and Fidelity’s FETH emerged as the leaders, highlighting Ethereum’s continued appeal in the market.
Crypto Market Slips 2.2% to $3.7T, Bitcoin ETFs Spark Investor Interest
It comes as the crypto market’s value fell 2.2% within 24 hours, reaching $3.7 trillion. However, optimism in the US stock market this week drove Bitcoin back near the $100K mark, subsequently attracting investors. Consequently, the Cryptocurrency Sentiment Index re-entered extreme greed territory, last standing at 76.
“Current [BTC] levels are above the psychologically important round level and the consolidation area of the last three weeks,” Alex Kuptsikevich, chief market analyst at FxPro. “It may be risky to talk about a breakout to new highs and a complete eradication of bearish sentiment. A confirmation of buying strength could see a quick rally into the $120,000 area.”
Ether last fell 0.5%, trading at $3,916, but is up nearly 10% in the last week. Kuptsikevich noted that it will be interesting to observe how the price behaves as it approaches the $4,100 mark. At this point, there’s an approximate even chance of either a significant downward reversal or a breakthrough past the resistance, potentially heading towards $5,000, he said.
Bitcoin Dominates at 53% Market Share as Ether Nears $4,100 Resistance
James Toledano, chief operating officer at Unity Wallet, said ETH’s chart does suggest bullish momentum, with structural signals and minimal resistance toward its all-time high.
“There is also significant ETF-related optimism, technical breakouts, and strong market sentiment that bolster its potential,” he said. “But investors should remain cautious, as significant gains of any cryptocurrency are often met with profit-taking —which appears to be happening as we speak. For some, ETH might indeed deliver a festive surprise, but for others it could be an unwelcome one.”
“Bitcoin is still the dominant player, it represents over 53% of crypto’s entire market cap,” Toledano added. “So generally speaking, when the mercury on BTC rises, many others follow and ETH is the second biggest player in town. While both assets are fundamentally different they often move in tandem due to shared market dynamics, such as liquidity inflows from institutional investors and macroeconomic drivers like decreasing inflationary pressures.”
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