The outperformance of Ethereum compared to Bitcoin since the Federal Reserve's interest rate cut is seen as a potential indicator of shifting market dynamics. Despite minor pullbacks, institutional interest in both Bitcoin and Ethereum remains high, with Bitcoin spot ETFs seeing a net inflow of $106 million and Ethereum spot ETFs bringing in $43.2 million. Interest in altcoins and meme coins has also surged, suggesting a broad-based altcoin rebound. The spread between on-chain yields and the 3-month Treasury bill remains wide, indicating that a full-scale on-chain migration of capital may not happen until 2025. Decentralized finance (DeFi) protocols continue to offer competitive yields. The cryptocurrency market is currently treading water at a one-month high, with Bitcoin struggling to consolidate above the 200-day moving average. Bitcoin's surge past $64,000 has shifted market sentiment to "greed" territory, but excessive exuberance may precede a market correction. The expectation of an interest rate cut at the Fed's November meeting has already influenced recent market movements.



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