Cryptocurrencies made cautious gains to start the week, with Bitcoin (BTC) rising 1.3% over the past 24 hours to just under $63,500.
Ether (ETH) outperformed Bitcoin, gaining 2.7% to reach $2,650, while the broader digital asset market rose by 1.1%, according to the CoinDesk 20 Index.
Data from CoinGlass reveals that in the past 12 hours, $64.23 million in short positions were liquidated compared to $54.42 million in long positions, indicating more pressure on short sellers.
The activity comes in the wake of last week’s 50 basis-point interest-rate cut by the U.S. Federal Reserve. Over the past week, BTC has surged 9.5%, while ETH has increased by over 16%.
Digital asset investment products also saw inflows for the second consecutive week, adding a net $321 million, according to CoinShares. Bitcoin-related products led the inflows with $284 million, while Ether-related products saw outflows of $29 million, marking the fifth consecutive week of ETH outflows.
CoinShares attributes this trend to persistent withdrawals from Grayscale Trust and limited interest in newly launched Ethereum ETFs, despite ETH’s strong market performance post-Fed rate cut.
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