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07/11 12:25

Crypto Today: Bitcoin's new all-time high reignite

Crypto Today: Bitcoin's new all-time high reignites risk-on sentiment as Ethereum, XRP bulls increase exposure

Bitcoin could extend its price discovery phase amid renewed risk-on sentiment following its new record high.Ethereum extends gains toward $2,880 critical resistance on the backdrop of rising spot ETF inflows.XRP extends recovery above $2.40, underpinned by multiple technical bullish signals.

The cryptocurrency market offers bullish signals on Thursday, buoyed by steady institutional interest, particularly in Bitcoin (BTC) and Ethereum (ETH) spot Exchange Traded Funds (ETFs). Investors appear to be largely ignoring the rise in macroeconomic uncertainty due to tariff developments in the United States (US) and President Trump’s continued pressure on the Federal Reserve (Fed). At the same time, a weaker US Dollar (USD) seems to be pushing investors toward riskier assets such as Bitcoin, which reached a fresh all-time high on Wednesday and retreated afterwards.

Leading altcoins, including Ethereum and Ripple (XRP), are also following in Bitcoin’s footsteps as recovery continues during the European session. Ethereum boasts steady spot ETF inflows, while XRP builds on a technical pattern breakout.

Market overview: Bitcoin hits record highs as the US Dollar struggles 

Bitcoin price shrugged off volatility surrounding tariff developments in the US, backed by growing institutional interest and risk-on sentiment, particularly in the derivatives market. 

Open Interest (OI), which represents the value of all futures and options contracts that have not been settled or closed, has increased by more than 8% over the past 24 hours to approximately $80 billion. A subsequent 80% rise in volume to nearly $99 billion suggests that traders are increasingly betting on future price increases.

Bitcoin derivatives market data

Meanwhile, the US Dollar Index (DXY), which tracks the value of the US Dollar (USD) against a basket of six major foreign currencies, shows signs of wobbling after its recovery from the multi-year low of 96.36 seen on July 1.

As the Greenback struggles due to macroeconomic factors, including pressure from tariffs and President Trump’s persistent attacks on Fed Chair Jerome Powell, investors view assets like Bitcoin as a hedge against these headwinds.

Data spotlight: Investors increase exposure to Bitcoin, Ethereum spot ETFs 

Bitcoin spot ETFs extended the bullish streak for a fourth consecutive day, with approximately $218 million in daily net inflow volume recorded on Wednesday. This marked a significant increase from the $80 million inflow posted on Tuesday, bringing the total net assets to around $139.4 billion.

According to SoSoValue Data, Ethereum spot ETFs also saw a significant increase in inflow, totaling approximately $211 million on Wednesday. This marked a 78% increase compared to Tuesday’s inflow of around $47 million, underpinning the growing interest among institutional investors. Currently, the cumulative total net inflow stands at $4.72 billion, with the total net assets at $11.84 billion.

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