Ethereum Leads Gains After Record $1B ETF Inflows – Bitcoin, Altcoins Slide Ahead Of Inflation Data

Ethereum (ETH) was the only major cryptocurrency in the green in pre-market U.S. market hours as Bitcoin (BTC) and the broader cryptocurrency market wobbled ahead of Tuesday’s core inflation data release.

Ethereum’s price climbed 0.6% in the last 24 hours to just under $4,300, following a record $1 billion in daily ETF inflows on Monday. Farside data shows Ethereum’s fund inflows far outpaced Bitcoin’s, which totaled $178 million. 

The Ethereum Trust ETF (ETHA) attracted the biggest share, with a record $640 million going into the fund, followed by the Fidelity Ethereum Fund (FETH), which also recorded its largest single-day inflow, taking in $277 million. On Stocktwits, retail sentiment around Ethereum remained in ‘bullish’ territory over the past day amid ‘high’ levels of chatter.

Ethereum’s resilience was shared by Bitmine Immersion Technologies (BMNR) and FG Nexus (FGNX). Shares of both Ethereum-holding companies gained more than 5% in pre-market trade. The two are competing to become the largest corporate holders of the cryptocurrency. FG Nexus has set an ambitious target of acquiring 10% of Ethereum’s total supply, while Bitmine is aiming for 5%. Bitmine currently leads with 1.15 million tokens, far ahead of FG Nexus’s 53,731 ETH.

Meanwhile, Bitcoin’s price fell 2.4% in the last 24 hours to around $118,200. This puts the apex cryptocurrency’s price 3.7% below its all-time high of $122,220, seen last month. Retail sentiment around the apex cryptocurrency fell to ‘bearish’ from ‘neutral’ territory a day ago. 

Losses were broad across major altcoins as meme token Dogecoin (DOGE) fell 5.3%, Ripple’s native token XRP (XRP) slipped 4.9%, Cardano (ADA) dropped 4.8% followed by Solana (SOL), which fell 4.6%. The overall cryptocurrency market shed 1.9% of its value over the past day, trending just above $4 trillion, at the time of writing.

Crypto market volatility led to $425 million in liquidations over the past 24 hours. Most of the liquidations came from long bets–traders who bet that the price of cryptocurrencies would rise, amounting to around $340 million. Short liquidations were around $85 million. Ethereum experienced the largest liquidations of $118 million, followed by Bitcoin at $69 million.

Due to BTC trading sideways, Bitcoin-linked stocks were mixed during pre-market trading. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, edged 0.3% lower. Bitcoin miner Riot Platforms (RIOT) stock fell 0.18%, and shares of its peer, Mara Holdings (MARA), dipped 0.7%. Meanwhile, crypto exchange Coinbase Global’s (COIN) stock moved 0.49% higher.

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