The world’s crypto market cap inched 0.48% higher to $2.14 trillion on October 11, while trading volume was 4.50% higher. Bitcoin continued to trade flat at around $60K even after witnessing outflows from the fund.
On the other hand, WIF and Popcat led the pack of altcoin gains. At the same time, the Fear & Greed Index dropped to 32, where Fear took over due to inflation worries and the latest CPI.
Bitcoin Steady at $60K Amid ETF Outflows
The recent uptick in BlackRock’s Bitcoin accumulation comes amid broader economic developments, including the latest U.S. Consumer Price Index (CPI) data release, which showed a 0.1% increase for September.
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BlackRock, appears to have resumed purchases, buying 12,272 BTC since September 24, and doing so amid ongoing concern over inflationary pressures.
BlackRock’s move to expose more of its funds in bitcoin can be attributed to the fact that Bitcoin has been able to hold the crypto critical $60,000 support level despite some headwinds. Very notable is the data of recent outflows of over $120 million from Bitcoin ETFs resulting from reluctant investor sentiments.
However, the fact that BlackRock has been so aggressive with buying on those ETF outflows is actually a strong reflection of confidence in the future value of Bitcoin, which positions them to take advantage of any potential future gains when the crypto market conditions change.
Crypto Market: WIF and POPCAT Lead Altcoin Gains
On October 11, Dogwifhat and Popcat showed strong gains, gobbling up the gainer crown. Its price surged to $2.54, up 12%. The daily trading range of the coin included lows of $2.25 and highs of $2.57 with the market appearing bullish about it.
Recently WIF’s momentum has been driven in part by investors who have closely followed WIF’s breakout.
Just as it has manifested, the recent period of inflation triggered Popcat, a Solana based insta meme coin, one of the largest gainers. It was launched in December when there was a growth of interest in Solana meme coins, too, caught especially quickly by the inclusion of the upcoming Pump.fun minting protocol in January.
On October 11, the token reached an all time high of $1.32 but has since retraced by about 18%. But the coin continues to hold strong as a 9% surge shows more upward momentum and demand.
Ethereum, Solana, and XRP Trade in Positive Territory
Other major cryptocurrencies showed mixed performance on October 11. Ethereum experienced a modest gain of about 1%, with its price rising to $2,410. Solana is currently trading at $141.75, reflecting a 1.77% increase over the past day.
The 24-hour trading volume has risen by 11.53% to $1.84 billion, showing increased activity in the market. XRP climbed 2% to reach $0.536. The price increase follows Ripple’s ongoing legal battles with the SEC, which have sparked discussions among crypto market participants.
Crypto Market Fear and Greed index
The Fear & Greed Index has been trending downward over the past week, currently standing at 32, indicating “Fear” in the cryptocurrency market. The decline suggests a shift towards more cautious sentiment among investors, such as the U.S. Consumer Price Index (CPI) data release showing a 0.1% inflation increase for September.
The higher-than-expected inflation has heightened concerns about monetary tightening, contributing to the market’s risk-averse stance and causing a drop in sentiment from a neutral to fearful state. Market observers continue to watch how inflation data and potential economic measures, such as those from China, will affect the crypto market in the coming days.
The People’s Bank of China’s anticipated fiscal measures, expected to include $283 billion in stimulus, have sparked interest but have yet to produce a substantial market reaction. This dynamic has kept traders on edge, especially as they evaluate the potential for further price movements in the crypto market.
