• Bitcoin ETPs continue inflows for third consecutive week
• Bitcoin hash rate nears record levels amid Texas grid challenges
• Unemployment rate stays at historic lows, Bitcoin jumps 1.5%
Perpetual Futures Market Sees Bitcoin Reclaim Dominance over Ethereum
The perpetual futures market saw a significant shift in the dominance of digital assets with the resurgence of Bitcoin (BTC) and the decline of Ethereum (ETH). Data from CoinShares showed that trading turnover slowed to $1 billion this past week, down from the two-week average of $2.5 billion. Additionally, digital asset inflows hit $136 million for the third consecutive week, with Bitcoin making up $132.8 million of those inflows. Ethereum however only saw minor inflows at $2.9 million, representing only 0.2% of total Assets Under Management (AuM).
Bitcoin ETPs Continue Inflows for Third Consecutive Week
CoinShares‘ weekly report revealed that there have been continued net inflows into cryptocurrency exchange-traded products (ETPs). This marks the third consecutive week in which net inflows have occurred, reaching a total of $136 million this past week with most coming from Bitcoin ($133 million). Other altcoins such as Solana, XRP, Polygon, Litecoin and Aave had positive inflows while Cosmos and Cardano had minor outflows.
Bitcoin Hash Rate Nears Record Levels Amid Texas Grid Challenges
The surge in demand for cryptocurrency has seen an increase in its associated hash rate as well. According to data from Blockchain.com, it is estimated that the current hash rate is close to 140 exahashes per second; just shy of its all-time high set earlier this year at 144 exahashes per second. This comes amidst challenges to power grids in Texas due to energy consumption by mining farms located there; due to which some miners have been forced to shut down operations temporarily until power supply stabilizes again.
Continued Arbitrage In Binance U.S.
Data from Binance US shows that there has been continued arbitrage between USDT and BTC pricing on their platform compared to other exchanges such as Coinbase and Kraken due to differences in liquidity on these platforms; thus leading traders who take advantage of these discrepancies through arbitrage strategies are able to benefit financially from price differentials across platforms by taking long positions on one platform while simultaneously shorting another platform’s asset pricing; thereby creating opportunities for sustained profits even during bear markets when overall prices tend to drop significantly across many exchanges .
Unemployment Rate Stays At Historic Lows As Bitcoin Jumps 1.5%
Despite unemployment rates staying relatively low at 6%, it is still slightly higher than pre-Covid pandemic levels; yet this did not stop investors from flocking towards safe havens such as gold and most notably cryptocurrencies like Bitcoin which jumped over 1.5%. This could be attributed partially due to recent news regarding large financial institutions such as Goldman Sachs reportedly launching their own crypto trading desk soon along with news about Tesla investing heavily into BTC amongst other factors influencing investor sentiment positively towards digital assets .