Crypto markets showed little movement during European trading hours on Tuesday, with Bitcoin and Ethereum both experiencing slight dips despite overall weekly gains.
This comes a day after former U.S. President Donald Trump's highly anticipated Spaces interview with Tesla CEO Elon Musk on Twitter, which notably lacked any mention of cryptocurrencies.
At the time of writing, Bitcoin was trading at $59,398.28 after a sleepy start during European hours. The Bitcoin price is currently up 2.5% over the past 24 hours and has gained 8.4% since this time last week, according to data from CoinGecko.
The Ethereum price followed a similar pattern, trading at $2,650. It has gained 2.4% for the day and 9.4% since this time last week.
The Trump-Musk interview, which drew over a million listeners, covered various topics including immigration, border security, and international relations. However, contrary to expectations from the crypto community, the discussion did not touch upon digital assets or blockchain technology.
Despite the lack of crypto-specific dialogue in the high-profile interview, the sector continues to show signs of institutional interest and growth.
Bitcoin ETFs have seen significant inflows, with a daily net inflow of $28 million as of August 12 and a cumulative total net inflow of $17.37 billion, according to data from SoSo Value.
The total net assets of Bitcoin ETFs now stand at just shy of $54 billion, representing 4.63% of Bitcoin's total market capitalization.
While Bitcoin ETFs have shown varied performances, Blackrock's iShares Bitcoin Trust (IBIT) led with $20.6 billion in assets and a daily inflow of $13.5 million. In contrast, Grayscale Bitcoin Trust (GBTC) holds $13.72 billion after seeing an outflow of $11.77 million.
Speaking with Decrypt, Scott Tripp, Core Member of COPX.AI said Ethereum is consolidating below the $3,000 mark, with technical indicators suggesting a neutral to slightly bullish trend.
“The recent Dencun upgrade has significantly reduced transaction costs, potentially boosting Ethereum's appeal for decentralized applications and layer-2 solutions,” he said.
In a note shared with Decrypt, Vetle Lunde, Senior Analyst at K33 Research stated that 30-day correlations between Bitcoin and the S&P 500 are approaching yearly highs after last week’s global rush to liquidity that saw market participants deleveraging.
“We anticipate increased market impact from economic data in the coming weeks, with tomorrow’s CPI first in line to generate excess,” Lunde wrote.
Singapore-based crypto trading firm QCP Capital noted that while Japanese stock prices have surged, investors remain cautious ahead of tomorrow’s new Consumer Price Index data from the Bureau of Labor Statistics.
They also highlighted the strong performance of Ethereum spot ETFs, which have seen cumulative inflows surpass $901 million, potentially serving as a catalyst for a stronger recovery in ETH prices.
Edited by Stacy Elliott.
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