, Solana’s SOL, BNB Chain’s BNB, and Cardano’s ADA were little changed in the past 24 hours. XRP led the pack among crypto majors with a 10% in the past 24 hours. The gains came amid aSpot bitcoin ETFs crossed the $10 billion inflow mark for the first time since going live in January, BitMEX Research noted in a Tuesday post. Some market observers say this could lead to a “sell-side” crisis in the medium term should such flows continue.
“Bears can’t win this game until spot bitcoin ETF inflow stops,” said CryptoQuant founder Ki Young Ju in an X post. “Last week, spot ETFs saw netflows of +30K BTC. Known entities like exchanges and miners hold around 3M BTC, including 1.5M BTC by U.S. entities.”Meanwhile, Singapore-based trading firm QCP Capital said in a Telegram broadcast on Tuesday that the bitcoin options market flashed a bullish sign for traders but expressed caution ahead.
“The volatility market continues to express bullishness in BTC as volatility remains very elevated for the calls, particularly in the backend of the curve,” QCP said. “We are wary of another washout with funding rates reaching elevated levels again, although we still expect dips to be bought up very quickly,” the firm added.
Volatility is a dynamic figure that changes based on activity in the options marketplace. Funding rates are paid by leveraged traders to those on the opposite side of that trade, and the bias toward long or shorts can indicate a bullish or bearish view of the market.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.