Institutional Bags Filling as BTC Stagnates, ETH Rips
Bitcoin is still butting heads with the $64K mark, showing it’s a bit stuck there. But Ethereum? It’s been flexing since the Federal Reserve pulled the trigger on that 50 bps rate chop. Experts are squinting hard at this ETH outperformance, hinting the market might be shapeshifting. Institutional whales aren’t sitting on their hands either.
Even with Bitcoin’s slight pullbacks, ETF inflows haven’t cooled. A fat $106M rushed into Bitcoin spot ETFs on September 25, stretching that streak to five days. And BlackRock’s iShares Bitcoin Trust wasn’t shy about stacking up—$184M inflow, single-handedly. But it’s not just Bitcoin hogging the table. Ethereum pulled in $43.2M, with Grayscale’s ETH ETF grabbing a slick $26.6M. So the whales are swimming in both pools, but ETH looks a little warmer.
Meme Coins Exploding as Altcoin Season Wakes Up
Meanwhile, altcoins are lighting up. Peter Chung from Presto Labs is shouting it out—meme coins are back on fire. DOGE, PEPE, and SHIB, the familiar crew, are rebounding hard. European traders were early birds, and now these coins have spiked right when it matters. This isn’t just Layer 1 hype anymore; it’s broader, meaner, and the alts don’t care about being polite anymore.
“The interest isn’t just locked on L1s,” said Chung. “Meme coins have come out swinging, and this rebound looks like it’s got legs.” Chung also shared data suggesting that on-chain capital isn’t fully flowing yet. The 3-month Treasury yield is still too juicy, so the big on-chain party might not start until 2025. But the alts? They’re already on the dance floor.
DeFi Yields Suck in Stablecoin Investors
Decentralized finance hasn’t stayed quiet either. Big players are eyeballing stablecoins again, lured by the beefy APYs. MakerDAO’s DAI offers 6% APY, which is solid. But Morph Blue’s SPDAI (with LTV at 100%) throws down an even spicier 9.81%. So the DeFi space isn’t playing games—there’s serious yield on the table, and that’s catching the attention of everyone not too hung up on the risk.
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