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The crypto market faced a tumultuous period with over $2.5 billion in liquidations, primarily affecting long positions, while institutional interest in Bitcoin and Ethereum ETFs remained robust. On December 10, Bitcoin ETFs saw inflows of $439.56 million, bringing total assets under management to over $107 billion, while Ethereum ETFs attracted $305.74 million, surpassing $1 billion in inflows for the week. Despite the volatility, major institutional players continued to invest heavily in these funds, highlighting a stark contrast in market behavior.
The crypto market faced volatility as Ethereum dipped below $3,735 and XRP fell 10% to $2.20, driven by profit-taking and regulatory uncertainty. Despite these declines, increased trading volumes suggest potential buying opportunities, particularly for XRP, which has strong institutional backing and utility in cross-border payments.Ethereum's recent drop follows record ETF inflows, raising concerns about short-term sustainability. Key support levels for both assets are critical, with Ethereum needing to reclaim $3,800 and XRP aiming for $2.32 to regain bullish momentum.
Ethereum's chances of reaching $5,000 by year-end have dropped to just over 8%, down from a peak of 16%, according to Derive. Despite significant inflows into Ether ETFs, traders express mixed sentiments, with some still targeting the $5,000 mark. Notably, $305 million in daily ETF inflows, primarily from Fidelity, suggests a potential supply-side crisis ahead.
Cryptocurrency investment products experienced record inflows of $3.85 billion last week, bringing year-to-date totals to $41 billion and total assets under management to over $165 billion. Bitcoin led with $2.5 billion, while Ethereum saw its largest inflow ever at $1.2 billion, driven by institutional adoption. XRP also gained traction with $134.3 million in inflows amid ETF optimism, as the overall market trend remains bullish despite some pullbacks.
Amazon shareholders are advocating for the company to allocate at least 5% of its assets to Bitcoin, citing its strong performance compared to traditional assets like corporate bonds. The proposal, submitted by the National Center for Public Policy Research, suggests that Bitcoin could serve as a hedge against inflation and enhance asset diversification. Amazon's board will review the proposal for potential inclusion in the proxy statement for the annual shareholders meeting scheduled for April 2025.
Bitcoin has finally surpassed the USD 100,000 mark, marking a 143% increase since the start of the year, fueled by significant ETF inflows totaling USD 31.7 billion. As Bitcoin's dominance wanes, altcoins like Tron and XRP have surged, indicating the onset of an "altcoin season." The total crypto market capitalization has exceeded USD 3 trillion, driven by this altcoin performance.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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