Crypto Today: Bitcoin, Ethereum rally, XRP recovers even as institutional demand for BTC, ETH ETFs slows
Source Fxstreet
- Bitcoin rises towards $65,000 on Monday, gaining nearly 4% on the day.
- Ethereum adds over 3% to trade above $2,500.
- XRP edges up above $0.53 but trades within its recent range.
Bitcoin, Ethereum and XRP updates
- Bitcoin (BTC) Spot Exchange Traded Funds (ETFs) recorded merely two days of positive flows out of five last week. Bitcoin ranges close to $65,000 at the time of writing, even as institutional demand slows.
- Ethereum (ETH) climbs above $2,500 on Monday, even as Spot Ether ETFs struggle to gain relevance among institutional investors. Spot ETH ETFs recorded three days of flows last week, after days of inactivity, according to data from Farside Investors.
- XRP holds recent gains, trading above $0.5300 on Monday as traders await updates in the Securities & Exchange Commission (SEC) lawsuit.
Chart of the day: Ethena (ENA)
Ethena (ENA) broke out of its downward trend during the weekend. The token ranks among the assets that yielded high gains for traders in the last 24 hours on the Binance spot market, with 21.72% gains in that timeframe. ENA added nearly 14% to its value on Monday.
The Moving Average Convergence Divergence (MACD) indicator shifted to green histogram bars above the neutral line in the daily chart. This implies that there is positive underlying momentum in ENA’s price trend.
ENA could break past resistance at $0.4800 and rally towards the June 29 high at $0.5290. This marks over 30% gains from the current level, around $0.4000. The Relative Strength Index (RSI) reads 66.78, still below the overbought level of 70.
ENA/USDT daily chart
A daily candlestick close below the 50-day Exponential Moving Average (EMA) at $0.3799 could invalidate the bullish thesis. In that case, ENA could sweep liquidity at the support of the 10-day EMA at $0.3053, as seen on the daily chart.
Market updates
- A September 2024 stablecoin report from CCData states that the total market capitalization of stable assets rose 1.50% in September, at $172 billion. This marked the twelfth consecutive increase in the end-of-month market capitalization for stablecoins.
- Donald Trump-backed DeFi project World Liberty Financial confirms token sale on Tuesday, October 15.
.@WorldLibertyFi Token Sale goes live on Tuesday morning, October 15th! This is YOUR chance to help shape the future of finance. Be there on Monday, October 14th at 8 AM EST for an Exclusive Spaces to learn more. Join the whitelist today and be ready for Tuesday:…
— Donald J. Trump (@realDonaldTrump) October 12, 2024
- On-chain data shows a PEPE coin holder lost $1.39 million worth of the meme coin in a phishing attack on Sunday. The user was a victim of Signature phishing, where attackers obtain an off-chain signature from the individual and use it later to access their assets on-chain.
PEPE holder loses holdings to phishing scam
Industry updates
- A local Korean news outlet reported that the Korean Virtual Asset Committee, a 15-member policy and institutional advisory body chaired by the vice chairman of the Financial Services Commission (FSC), will hold a meeting to discuss the approval of virtual asset spot ETFs and corporate virtual asset investments, as early as October.
- Lookonchain data shows that a wallet associated with Longling Capital (the crypto fund of China’s Meitu company founder) purchased 5,000 Ether on Sunday.
A wallet related to #LonglingCapital bought another 5,000 $ETH($12.34M) 20 mins ago.
— Lookonchain (@lookonchain) October 13, 2024
This wallet holds 68,064 $ETH($168M) and borrowed 44M $USDT from #Aave.#LonglingCapital was liquidated for 93,793 $ETH($114M) when the market crashed in 2022!https://t.co/40efdPkl2A pic.twitter.com/V2sHArcjt1
- Bitcoin staking platform Solv Protocol raised $11 million at a $200 million valuation from Nomura subsidiary Laser Digital, Blockchain Capital, and OKX Ventures. The product has over 20,000 BTC staked as of Monday, removing the tokens from circulation.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 11, 2026. Read on for the details.
Nvidia slid 7.7% after hours while AMD and Broadcom rose — the AI trade changed hands, it didn't breakNvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.
Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.
US October PPI Preview: Fed Rate Hike Expectations Rise, PPI May Be Key Variable; How Will US Stocks, Dollar, and Gold Move?On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP
On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP
Gold hit a one-year low while central banks bought 321 tonnes — the sellers were never the ones you thinkSpot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.
Spot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.
Brent rose 3.3% and US crude stocks built 4.66 million barrels in the same weekBrent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.
Brent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.
