Bitcoin Holds Ground as ETF Outflows Clash With Saylor’s Buying Spree
Global cryptocurrency markets are mixed after crude oil prices plummeted. Price recovery was hampered by Binance’s breach. Both crude oil price benchmarks fell over 6% overnight due to news of a renewed diplomatic push to resolve the Middle East issue. Crypto markets benefited from institutional investor support. On Monday, Virginia-based Strategy Inc. announced obtaining 811 Bitcoins worth $65.5 million from October 26 to November 1. The Michael Saylor-led Bitcoin treasury corporation now holds 849,327 Bitcoins at an average cost of $75,451.
Total bitcoin market liquidations in 24 hours were $173 million, with long positions accounting for $93 million and short positions for $80 million. Cryptocurrency market cap is $2.61 trillion. The largest cryptocurrency, Bitcoin, fell 0.14 percent overnight to $77,929.70. Bitcoin dropped 2.6% last week. Bitcoin ranged from $77,594 to $78,814 in 24 hours. Bitcoin Spot ETF products in the U.S. had $643 million in net outflows on Friday, compared to $17 million on Thursday. Top performer iShares Bitcoin Trust ETF saw $234 million net outflows. The Fidelity Wise Origin Bitcoin Fund lost $201 million. Bitcoin rose one spot to 13th in the global hierarchy of assets by market capitalisation, according to data. Top cryptocurrency is between Meta Platforms (12th) and Broadcom (14th).
Ethereum rose 0.81 percent overnight to $2,290.52. The top alternative coin fell 1.1 percent last week. U.S. Ethereum Spot ETF net outflows rose to $156 million on Friday from $106 million on Thursday. The iShares Ethereum Trust ETF saw $77 million net outflows. Data shows Ethereum has risen three spots to 66th in the worldwide market capitalisation hierarchy. The native coin of the BNB Chain ecosystem, the 4th-ranked BNB, is losing 1.67 percent overnight and 4.85 percent weekly. XRP, the 5th-ranked payments cryptocurrency, rose 0.08 percent overnight to $1.2542.
The 7th-ranked Solana dropped 0.58 percent overnight to $94.40. Net outflows for U.S.-listed Solana Spot ETFs fell to $11 million on Friday from $28 million on Thursday. The Bitwise Solana Staking ETF lost $9 million. AT $0.3181, TRON is 8th overall and up 2.2 percent. The 9th-ranked Hyperliquid fell 2.3% overnight to $85.99. On Friday, U.S.-listed Hyperliquid Spot ETF products had no flows, compared to $4 million on Thursday. Zcash, 10th ranking, rose 1.9 percent overnight to $1,266.58. Friday net outflows for U.S.-listed Zcash Spot ETFs were $5 million, compared to $15 million on Thursday.
