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We’re now ten days into Bitcoin’s consolidation after tagging it’s all-time high, yet Ethereum has shrugged off both the sideways action and Bitcoin’s bearish day, climbing over 2%.
Why is Ethereum green while Bitcoin and most altcoins are red? Partly because it’s the early stages of altseason, where Ethereum historically outperforms. But more importantly, it comes down to institutional adoption and inflows into spot Ethereum ETFs.
Ethereum ETF inflows are on a generational run. On Tuesday alone, over half a billion dollars flowed in, with $533.9 million entering the ETF, the fourth largest day since inception. It’s also now broken its longest streak of consecutive daily inflows, currently sitting at 14 days. Yesterday, Ethereum recorded $231.2 million in inflows, compared to Bitcoin’s $194.2 million. While both figures are positive, only Ethereum’s was truly reflected in the price action. This also marked Bitcoin’s first day of inflows since last Friday.
Heading into the weekend, Bitcoin remains in consolidation and is likely to stay range-bound until next week’s interest rate decision. It’s widely expected to be the final rate hold before a potential cut at the September meeting. Expect volatility ahead of next Thursday, which could be the catalyst that finally breaks Bitcoin out of this range, either to the upside or with a deeper pullback.
Stormrake Spotlight: Hedera (HBAR) ($0.239)
Stormrake Spotlight: Hedera (HBAR) ($0.239)
