This week, Bitcoin ETFs have brought in over $600 million.
Cryptocurrency markets experienced a significant surge on Friday, with memecoins taking the forefront of this upward movement.
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Bitcoin (BTC) saw an increase of 1%, reaching a value of $66,100, while Ethereum (ETH) rose by 2%, settling at $2,700. Additionally, both Solana (SOL) and Polkadot (DOT) recorded a 1% gain during this trading session.
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Among the top 100 cryptocurrencies, Bitcoin, Bonk, and Floki stood out as the leading gainers. Notably, the original meme tokens, Dogecoin (DOGE) and Shiba Inu (SHIB), experienced impressive increases of 4% and 7%, respectively.
The overall market capitalization of memecoins has experienced an increase of 8% over the last 24 hours, reaching a total of $52 billion.
The recent surge in Floki’s value can be attributed to the introduction of GraFun, a novel memecoin launchpad operating on the BNB Chain. GraFun is designed to facilitate memecoin launches in a manner that is both simpler and more equitable for users, drawing comparisons to other well-known platforms such as PumpFun on Solana and SunPump on Tron.
Through this collaboration, Floki has secured a 40% equity stake in GraFun, along with a corresponding 40% share of the revenue generated by the platform. This strategic partnership has the potential to create new revenue opportunities for both FLOKI and its affiliated project, TokenFi.
Sarah Mitchell, a contributor at CryptoQuant, noted that as Bitcoin experiences a surge and the market’s appetite for risk grows, there tends to be a ripple effect that amplifies the enthusiasm surrounding memecoins.
The overall market sentiment has transitioned to a bullish outlook, as evidenced by the Bitcoin Fear & Greed Index, which has risen to 61 from a neutral position of 50 recorded on Thursday, indicating a shift towards greed. This index operates on a scale from 0, which signifies “extreme fear,” to 100, which denotes “extreme greed.”
Recent data from CoinGlass reveals that in the last 24 hours, a total of 72,298 traders faced liquidations amounting to $153 million. Among these liquidations, Bitcoin short positions contributed $29 million, while Ethereum shorts accounted for $13 million.
Bitcoin ETFs See Growth
On Thursday, spot Bitcoin exchange-traded funds (ETFs) in the United States experienced a notable surge, attracting inflows amounting to $365 million. This impressive figure contributed to a cumulative total exceeding $600 million for the week, as reported by Farside Investors.
Leading the inflow rankings on September 26 was BlackRock’s iShares Bitcoin Trust (IBIT), which secured $93.4 million. Following closely were Fidelity Bitcoin Trust (FBTC) with $74 million, Bitwise Bitcoin Fund (BITB) with $50 million, and VanEck’s Bitcoin Strategy ETF (HODL), which garnered $22 million in net inflows.
In contrast, Grayscale Bitcoin Trust (GBTC) faced a decline, with outflows of $7.7 million recorded. This downturn has resulted in total outflows exceeding $20 billion since the fund’s inception, highlighting a significant shift in investor sentiment towards this particular ETF.
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