Altcoin
Bitcoin & ETH Lags Behind XRP Amid Fed’s Hawkish Stance & US CPI Woes
The latest weekly data from CoinShares reveal a staggering $415 million outflow in digital asset investment fund following 19 consecutive weeks of capital inflow. Interestingly, XRP secured significant inflows, overpowering key players like Bitcoin and Ethereum. This follows Fed Chair Jerome Powell’s hawkish comments and the US CPI inflation report, which have led to increased market expectations for interest rate hikes.
XRP Flips Bitcoin and Ethereum in Weekly Inflows
According to the weekly report released by CoinShares, XRP has hit a staggering weekly inflow of $8.5 million, overpowering Bitcoin and Ethereum. In fact, Bitcoin became the most affected digital asset, with a notable outflow of $430 million. Ethereum also faced outflows of $7.2 million, following Bitcoin.
CoinShares’ weekly data reveals a significant reversal in market sentiment, with digital assets suffering $415 million in outflows, snapping a 19-week streak of consecutive inflows.
While Bitcoin suffered the largest outflows, Solana bucked the trend, attracting $8.9 million in inflows, making it the top asset for inflows. XRP trailed closely behind with $8.5 million in inflows. Sui, Cardano, and Litecoin also saw positive momentum, securing inflows of $6 million, $1.9 million, and $1.2 million, respectively.
US Leads Crypto Outflows Despite Key XRP Developments
Notably, a majority of outflows originated in the United States, totaling $464 million. Although the SEC’s recognition of altcoin ETFs tracking assets such as XRP marked a positive milestone, the US witnessed substantial outflows.
Other global powers including Australia, Canada, Germany, Sweden, and Switzerland marked substantial inflows, with Germany leading the pack.
Interestingly, Germany attracted $21 million in inflows, with Switzerland and Canada trailing behind with $12.5 million and $10.2 million, respectively. Meanwhile, Hong Kong experienced an outflow of $4 million and Brazil followed behind with a $2.1 million negative flow.
Among digital asset providers, iShares ETFs saw the largest inflow of $130 million. Meanwhile, Fidelity ETFs bore the brunt of outflows, losing $282 million.
US Fed’s Hawkish Stance and CPI Report Spark Concerns
As per CoinShares’ report, the digital asset investment products’ massive outflow is a result of the Federal Reserve’s hawkish stance and the CPI report’s higher-than-expected inflation rate.
During his semi-annual monetary report to the U.S. Congress on February 12, Fed Reserve Chair Jerome Powell expressed his hawkish approach to interest rate cuts. Positing that the Fed sees no urgency to alter its policy stance, Powell added,
Our policy stance is now less restrictive than it had been, and the economy remains strong. We do not need to be in a hurry to adjust our policy stance.
Meanwhile, the US CPI report for January, released on the same date, unveiled a hotter-than-anticipated inflation rate. The inflation has risen to 3%, up from 2.9% in the previous month. The rate jumped to 0.5% in January, surpassing the 0.4% increase seen in December.
The Fed’s cautious approach to interest rate cuts has fueled concerns of a potential bear market, while higher inflation data has given the central bank room to maintain its hawkish stance. As a result, digital asset investment products have experienced significant outflows.
Despite XRP’s notable achievement, the token’s price remains in a negative sphere. Currently trading at $2.71, XRP has experienced a marginal decline of 0.67% over the last 24 hours and a notable dip of 15% over the last one month. However, the token exhibited an increase of 11% in a week.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Sui token is currently making significant rebound, outperforming top cryptocurrencies including Bitcoin, Ethereum, and XRP. While these assets are exhibiting modest gains in line with the broader market trend, the Sui price is making impressive strides, surging over 7% in a single day. This significant uptick has sparked optimism, with market analysts and experts remaining bullish on the altcoin’s potential to reach new all-time highs.
Sui Price Breaks Past Crucial Resistance, Eyes $8
Notably, Sui’s current bullish trend significantly influences traders and analysts. While traders demonstrate this optimistic view via increasing market activity, analysts express their positive predictions. For instance, market expert CryptoBullet forecasted the Sui price’s surge to a new all time-high of $8.9 in an X post.
In a one-day chart, CryptoBullet highlighted SUI’s prevailing consolidation below 0.618 Fibonacci level. Significantly, SUI has touched twice the same price level within months. Driven by past trends, CryptoBullet remains confident that the Sui price could hit new ATH breaking past this consolidation.
Increasing Daily Active Addresses: How It Impacts Token Price?
According to investor Momin, SUI looks primed for higher highs triggered by increasing daily active addresses. Reportedly, the daily active wallets hit a record high of 1.2 million, paving the way for a massive breakout in the Sui price. Acknowledging the platform’s growth, the trader wrote, “Sui Network is undeniably one of the fastest-growing chains fundamentally!”
Another trader Giannis Andreou underscored the substantial surge in Sui’s daily active wallets. Currently marked at 1,253,935, the daily active addresses increased by a staggering 135.89% over the last seven days.
Meanwhile, Quinten Francois, a prominent crypto voice on X, wrote, “SUI active addresses are exploding.” The substantial surge in Sui’s price, coupled with a growing user base, has garnered significant attention, especially considering the token’s recent 36% downturn.
Sui Price Regains Positive Momentum: Will It Sustain?
At press time, Sui is trading at $3.55, marking a significant increase of 7.9% over the last seven days. However, over the last week and month, the token has seen massive declines of 4.3% and 24.3%, respectively.
Celebrating SUI’s current positive track, traders are actively engaging in market activity. The token’s 24-hour trading has seen a notable uptick of 15.44%, reaching $1.03 billion. Furthermore, SUI has achieved a milestone of over 8.5 billion total transactions, marking a notable 10.37% increase over the past 30 days. With a market cap of $10.67 billion, Sui has secured 12th spot on CoinMarketCap.
Although analysts see a massive surge ahead, it needs to be seen if SUI will sustain the current momentum and gain new highs.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The latest Dogecoin whale data rattled the crypto market on Friday, flagging massive accumulations amid the meme coin’s recent price dip. Renowned market analyst Ali Martinez revealed that whales bought a whopping 110 million DOGE tokens in the last 48 hours. As a response, market participants eagerly await a bullish price breakout ahead, with top analysts further projecting optimism over future price movements due to strong market technicals.
Dogecoin Whales Scoop Up Heavily Near $0.25 Price Level
In an X post shared by analyst Ali Martinez on February 21, it can be seen that Dogecoin whales bought 110 million tokens in the past two days. These accumulations occurred as the meme coin hovered around the $0.25 price level.
In turn, this mark remains extensively gauged by market participants as it could carve out a vital support level ahead. Another report by CoinGape previously revealed that DOGE whales did not sell massive amounts when the coin moved around $0.25. The upshot remains that investors eye considerable gains for the dog-themed meme coin ahead as whale data reflects strong market support.
Why Are Whales Accumulating?
Meanwhile, the current hot buzz for the dog-themed meme coin remains rising odds of an ETF approval. CoinGape reported last week that the U.S. SEC acknowledged Grayscale’s 19-b filing for Dogecoin ETF. This news appears to have substantially uplifted whale sentiment for the asset, given that an approval ahead could provide significant money influx to the token and fuel a price upswing.
However, Dogecoin price tanked nearly 6% over the week, which appears to have ushered in a ‘buy-the-dip’ sentiment among whales amid the ETF advancements.
Is DOGE Price Breakout On The Horizon? Top Analysts Bullish
DOGE price has mainly shown signs of consolidation in recent days, trading up nearly 1% intraday to $0.2564. The meme coin hit a bottom and peak of $0.2505 and $0.2576 in the past 24 hours. Notably, it’s worth mentioning that the coin’s broader time frame volatility is primarily attributable to the crypto market’s turbulent trend.
However, market analysts have projected a bullish outlook ahead, sparking market optimism in tandem with rising Dogecoin whale buying. Analyst ‘Trader Tardigrade’ recently took to X, revealing that the coin’s price chart shows a ‘symmetrical triangle’ pattern. This metric indicates that the token is consolidating whilst a breakout awaits.
Given the massive whale buying, the chances of the analyst’s projection getting true gained substantial weight. Also, another renowned trader, ‘Altcoin Scholar,’ revealed on X that the $0.22 price level remains a strong support zone for the meme coin. A sustained break above this level solidifies the chances of further gains.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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