Bitcoin (BTC) continues to hold above $60,000 despite rising geopolitical tensions, while Ethereum (ETH) has dropped 4% to $2,350.
The crypto market is feeling the effects of recent Iranian airstrikes on Israel, which have created uncertainty for riskier investments.
Interestingly, whale investors are actively accumulating Bitcoin, signaling hopes for a future rally, according to Ki Young-Ju, founder of CryptoQuant. In contrast, the broader crypto market has seen a decline of over 1.95%, with Bitcoin ETFs experiencing significant outflows of $91.76 million, while Ethereum ETFs gained $14.45 million, breaking their two-day outflow streak.
Look at how fiercely the new whales are stacking #Bitcoin; this market has never seen such accumulation. pic.twitter.com/o314O54G0a
— Ki Young Ju (@ki_young_ju) October 2, 2024
XRP suffered a major blow, plummeting more than 10% within 24 hours following the SEC’s announcement to appeal a court ruling that had limited its regulatory power over crypto markets.
The biggest losers in the past 24 hours are Ethena (ENA) and Fantom (FTM), losing 18% and 14%, respectively.
Overall, the crypto market sentiment remains cautious as investors deal with the intricate influences of geopolitical events, regulatory shifts, and industry-specific developments.
Ethereum is rapidly emerging as the institutional favorite, with new ETF inflow data suggesting a seismic shift in investor focus away from Bitcoin.
Ethereum (ETH) appears to be entering a breakout phase eerily reminiscent of its historic 2017 rally—but this time, the move is backed by deep institutional support and ETF inflows.
SUI, the native token of the Sui blockchain, is drawing attention following a major breakout on the charts—driven by surging total value locked (TVL) and growing anticipation around Bitcoin-native decentralized finance (BTCFi) infrastructure.
Tom Lee, managing partner and head of research at Fundstrat Global Advisors, recently outlined his bullish stance on Ethereum, linking it directly to the rapid growth of the stablecoin sector.