Despite $390 million in ETF outflows, Bitcoin and Ethereum managed to post gains, indicating investor confidence in the current cryptocurrency market.
Crypto Market and ETF Outflows
Bitcoin (BTC) rose by 2.19%, trading at $112,930, while Ethereum (ETH) edged up by 0.80%, reaching $4,410. The broader crypto market cap stands at $4.11 trillion, showing healthy activity despite external headwinds. This growth comes even with $167 million outflows from BTC and $223 million from ETH.
U.S. Employment Data and Its Impact
The upcoming release of employment data in the U.S. this Friday is highly anticipated. The figures on unemployment and non-farm payrolls could significantly influence Federal Reserve policy decisions, thus affecting investor sentiment towards risk assets like cryptocurrency. The Fear and Greed Index (FGI) has moved to 48, indicating a neutral market sentiment.
Modest Gains in Altcoins
Meanwhile, most altcoins have seen modest gains of 1-2%. However, the market experienced $264 million in liquidations, highlighting ongoing volatility. This shows that despite ETF outflows, both retail and institutional investors may be holding strong or reallocating funds.
In the volatile cryptocurrency market, Bitcoin and Ethereum continue to rise despite significant ETF outflows, reflecting investor confidence. All eyes are on upcoming employment data in the U.S., which may influence future trends in the crypto space.
