Trump Ignores Crypto While ETH ETFs Surge. Daily Overview (13.08)
Market ends up trading sideways, with assets indicating moderate increases. Still, positive momentum is marked in the bigger picture.
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TL;DR
- Trump has ignored cryptocurrency topics in X-based chat with Elon Musk.
- Ether exchange-traded products (ETP) dominate over Bitcoin’s amidst market recovery, latest CoinShares data reveals.
- Analyst Moustache predicts altseason to come “in the last leg of bullish market”.
Trump Omits Crypto In His Interview With Musk
Over a million people tuned in to X Spaces to listen to Elon Musk’s chat with former President Donald Trump with many in the crypto community expecting words about the industry.
While Musk and Trump have covered a range of burning issues, including russia’s invasion of Ukraine, U.S. Southern border, and immigration, they did not bring up cryptocurrency in the matter.
This occurred as a novelty for the crypto community. As Trump is hoping for another shot in the White House, he appealed to crypto enthusiasts, backing Bitcoin miners, accepting crypto donations, and showing a favourable attitude toward the digital asset class.
Bitcoin Nears $60K, Is Dominated by ETH Products
Since the August 12 market correction, Bitcoin (BTC) has managed to recover, trading at $58,992 at writing time. Throughout the day, the coin has been tapping the $60,000 barrier.
BTC/USDT 4h chart. Source: WhiteBIT TradingView
Positive update came amidst a sharp uptick in BTC’s daily volume. According to CoinMarketCap data, it surged 47.95% in the last 24 hours.
While metrics are indicating trading momentum for Bitcoin, ETF outcomes say otherwise. According to CoinShares’ Digital Assets Fund Flows Report, Bitcoin exchange-traded products (ETPs) only managed $13 million in inflows for the week and have outflows of $366 million month-to-date.
By contrast, CoinShares found that Ether-based products benefited the most from the market correction, attracting $155 million in inflows last week, or around 88% in total.
Among many factors, Ether ETF positive netflow spurred the coin’s recovery in the last days. At writing time, ETH is trading in the $2,600-2,700 price range, concluding a 4.6% growth in the last 24 hours.
ETH/USDT 1D chart. Source: WhiteBIT TradingView
Is the Altcoin Season Coming?
While the majority of altcoins trade sideways and indicate vague performance, crypto analyst Moustache predicts that current dynamics lead directly to an altseason.
In his post on X, he reveals that the Mayer Multiple indicator is evidence of the beginning of altcoin peaks, and notes similar trends in 2020 and 2023 before market highs.
“Strongest price action I’ve seen in a long time. (…) Altcoins have always risen rapidly in the last leg of the bull market. The best is yet to come,” the analyst said in his X post.
The altcoin market witnessed over a 20% decline in the last three months. According to TradingView data, it recorded a 25.46% decrease, totaling up to $877 billion at writing time.
Total cryptocurrency market capitalisation (excl. Bitcoin). Source: TradingView
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