ETH/BTC Exchange Rate Trending Down | Crypto Daily Digest Oct.16
Since mid-June, the ETH/BTC exchange rate has been on a downward trend. Several theories could explain the relative strength of Bitcoin.
The strength of Bitcoin relative to Ethereum can be attributed to three key factors. First, there is a reduced selling pressure leading up to important deadlines for spot Bitcoin ETFs.
Bloomberg Analyst: Bitcoin Spot ETF 90% Chance Approved by Jan. 2024
Second, it benefits from being considered a safe haven within the broader crypto asset class and is also considered an emergent safe-haven asset in a more turbulent world. And third, there is a lack of competing narratives in the crypto market that could divert the attention of investors.
Furthermore, Ethereum's ongoing underperformance compared to Bitcoin is evident in institutional capital flow data. According to Coinshares, as of October 6, Bitcoin-specific investment funds have seen inflows of $246 million year-to-date, while Ethereum funds have experienced capital outflows totaling $104 million during the same period. Many market analysts anticipate that the introduction of a spot Bitcoin ETF will attract a substantial influx of capital.
Hedge Fund Predicts Spot Bitcoin ETF Would Attract $300B, while Bloomberg Analyst Suggest $150B
Today's Market
Source： TokenInsight Gainers and losers
Headlines
Top Exchanges' Derivatives Volume Last Week Less Than $300B, Third Lowest in 2023
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What's New from TokenInsight？
Summary of Token Unlocks in 2023 Q4: We have compiled information on 12 upcoming token unlock events with unlock amounts exceeding $1 million. This information includes details such as unlock quantity, timing, amount, circulating supply, and other key data.
Crypto Market Insights 2023 Q3：After Q1's surge and Q2's calmness, the overall market in Q3 showed a downward trend. Without the fervor of Bitcoin NFTs and Bitcoin spot ETFs, the market witnessed only a few lukewarm trends and frequent security incidents. So, what major events occurred in Q3, and what impact did they have? Let's review together.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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