Cryptos Surge Ahead Amidst ETF Frenzy, Bitcoin Jumps Above $28k

Cryptocurrencies rallied close to 3 percent whereas Bitcoin surged almost 5 percent amidst a bullish crypto market sentiment tethered to hopes of regulatory approval for ETF products.

Overall crypto market capitalization increased to $1.12 trillion, from $1.09 trillion a day earlier and $1.04 trillion a week earlier.

Bitcoin (BTC) rallied 4.2 percent overnight, lifting weekly gains to 8.4 percent and year-to-date gains to more than 70 percent. BTC is currently trading at $28,337.54, after rising to a 24-hour high of $28,396.82 earlier in the trade.

Ethereum (ETH) added 1.5 percent overnight and is currently changing hands at $1,713.81. Weekly gains are close to 9 percent, whereas year-to-date gains exceed 43 percent.

4th ranked BNB (BNB) added 1.4 percent in the past 24 hours, curtailing year-to date losses to 10.4 percent.

5th ranked XRP’s (XRP) overnight gains were more modest at 0.34 percent.

Solana (SOL) jumped to the 7th rank overall with an overnight surge of 2.8 percent. SOL has gained 21 percent in the past week and 140 percent in 2023.

8th ranked Cardano (ADA) gained close to 2 percent in the past 24 hours.

9th ranked Dogecoin (DOGE) added 0.82 percent overnight but is still saddled with year-to-date losses of close to 10 percent.

10th ranked TRON(TRX) added 0.4 percent overnight, 6.1 percent in the past week and 63 percent in 2023.

49th ranked Bitcoin SV (BSV) topped the price charts with an overnight surge of close to 18 percent. 47th ranked THORChain (RUNE) and 64th ranked eCash (XEC) added close to 11 percent.

90th ranked GMX(GMX) and 33rd ranked Maker (MKR) have both shed more than 4 percent in the past 24 hours.

Meanwhile, the CoinShares’ Digital Asset Fund Flows Weekly report on institutional investments showed inflows of more than $21 million for the week ended September 29. Bitcoin products recorded inflows of $20.4 million whereas Solana products recorded inflows of $5.1 million. On the other hand, Ethereum and Short Bitcoin products recorded outflows of $1.5 million each.

The country-wise analysis shows inflows of $17.7 million to Germany and $17.2 million to Canada. Inflows to Switzerland stood at $7.4 million. United States recorded outflows of $18.5 million.

Cumulative AUM stood at $30.8 billion of which $23.8 billion is in United States. Canada, Switzerland, Sweden and Germany account for AUM of less than $2 billion each.

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