Markets
Cryptocurrency markets fall ahead of Ethereum ETF launch
Cumulative Bitcoin ETF flows surpassed $17 billion on Friday.
Cryptocurrency markets gave back some of their weekend gains Monday morning as investors pondered the impact of U.S. President Joe Biden dropping his re-election bid.
Bitcoin fell 0.5% to $66,900, while Ether fell 2% to $3,450. Meanwhile, Solana continued its recent outperformance with a 3% gain in the past 24 hours, briefly trading at $184. SOL is up 17% over the past week, compared to 7% for BTC and 3% for ETH.
SOL Price
Bitcoin Spot ETFs raked in nearly $1.2 billion last week — the highest weekly inflows since early June — ahead of this week’s Bitcoin 2024 conference in Nashville, where Republican presidential nominee Donald Trump is expected to make an appearance.
According to a report Ethereum investment products attracted $45 million in inflows last week, surpassing Solana for the altcoin with the most inflows year-to-date, according to CoinShares. Ethereum spot ETFs are set to begin trading tomorrow.
Among the top 100 digital assets by market capitalization, modular blockchain Celestia (TIA) and Solana-based memecoin Dogwifhat (WIF) were the day’s biggest gainers, up 11% and 7%, respectively.
About 80% of the top 100 tokens are down on the day, with Popcat, Arweave (AR), Bitcoin (NOT), and Bittensor (TAO) down 5% or more.