Cryptocurrency Markets Trade Lower Despite Strong ETF Inflows

Notable Statistics: Notable Developments: Top Losers: Trader Notes: With Bitcoin prices dropping below the $70,000 mark, crypto trader Jelle cautions

Cryptocurrency markets are trading lower on Monday evening, despite strong ETF inflows.

After opening the session with gains, major cryptocurrencies lost some of their momentum in the second half of the day.

Bitcoin prices fell 1.3% over 24 hours to trade at $68,166.6 by press time.

Among other top coins, Ethereum dropped 1.3%, while dogecoin gained 0.3%.

Notable Statistics

Over the last seven days, Bitcoin and Ethereum both gained around 11%.

Dogecoin and shiba inu both traded flat over the week.

Bitcoin prices are now up over 120% year-to-date.

Notable Developments

Cryptocurrency ETF inflows hit a record high last week, as traders continue to show strong interest in the new investment vehicles.

According to VettaFi, cryptocurrency ETFs saw inflows of $2.2 billion last week, marking the highest inflows into the space since the launch of the first Bitcoin futures ETF in October 2021.

Total assets under management in cryptocurrency ETFs now stand at $12.3 billion.

Top Losers

FLUX (-11.3%)

GRT (-9.3%)

KSM (-8.3%)

LRC (-7.9%)

SAND (-7.3%)

Trader Notes

As Bitcoin prices dropped below the $70,000 mark, crypto trader Jelle cautioned traders against getting “shaken out.”

Highlighting a four-hour chart of the crypto king, the trader showed how another higher low is being formed, while the overall trend remains up.

"Don't get shaken out," Jelle noted.

Another crypto trader, Javon Marks, observed Bitcoin confirming another post-halving bull signal for the fourth consecutive time.

The trader noted that each of these prior confirmations led to “monumental runs” for Bitcoin and the cryptocurrency markets.

"Another one of these SIGNIFICANT post-halving runs could be upon us," Marks added.

Another trader predicted Bitcoin prices of $80,000 after the election.

"Probably something like this. Pump to 80k after elections, slightly retrace bit lower then rn," the trader said.

"I wouldn't do anything unless you're a day trader. See you at 80k soon."

What’s Next

The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

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