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ETF Flood of Funds Incoming, Ethereum Wins Big

The crypto market is dominated by strengthening today (21/2/2024) amid heavy inflows into exchange-traded funds (spot bitcoin ETFs) and outflows of funds from gold ETFs in the past month. Referring to CoinMarketCap on Wednesday (21/2/2024) at 9.21 WIB, the majority of the crypto market strengthened. Bitcoin rose 0.81% to US$52,108.49 and rose 5.27% weekly. Ethereum was in the positive zone of 2.68% in the last 24 hours and in a week it flew 14.27%. Solana fell 2.73% on a daily basis and fell 4.19% on a weekly basis. Likewise, Avalanche is in negative territory 2.12% in the last 24 hours and in the last seven days has experienced a depreciation of 3.04%.

The CoinDesk Market Index (CMI), which is an index to measure the market capitalization-weighted performance of the digital asset market, rose 0.94% to 2,184.13. Open interest appreciated 3.27% at US$51.48 billion. Meanwhile, the fear & greed index reported by shows the number 75, which shows that the market is in an optimistic phase with the current economic conditions and crypto industry. Reporting from, the spot bitcoin ETF posted the most trading since its debut in the United States (US) last month.

For information, gold ETFs have experienced significant outflows since the launch of spot bitcoin ETFs on January 11, with almost US$10 billion inflows into the two largest bitcoin ETFs, although this does not mean an immediate migration of funds from gold to bitcoin.