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Cryptocurrency News Articles
Despite an 86% Plunge in Bitcoin Transaction Fees This Quarter, Market Confidence Remains Resilient
Oct 07, 2024 at 05:05 pm
BTC's market share reached its highest since April 2021 this quarter
Bitcoin’s market dominance hit its highest level since April 2021 this quarter, despite a massive 86% plunge in transaction fees.
According to data from IntoTheBlock, BTC’s market share reached its highest since April 2021 this quarter.
During the same period, Bitcoin transaction fees also plunged by 86%, highlighting contrasting market dynamics.
Despite the steep decline in fees, market confidence remained resilient, as evident in Bitcoin’s sustained dominance.
Moreover, Bitcoin’s price traded mostly sideways throughout the quarter, while major altcoins like Ethereum and smaller tokens hit new yearly lows in terms of price.
institucionalᴊ
Institutions continue to show varying interest in crypto, with the latest data revealing contrasting flows for Bitcoin spot ETFs on October 4.
According to the latest сведения, the Bitcoin spot ETF received $25.59 million in net inflows, while Grayscale's GBTC ETF experienced an outflow of $13.91 million.
Meanwhile, Bitwise's BITB ETF attracted $15.29 million in inflows, and Fidelity's FBTC ETF saw an addition of $13.63 million.
The data also showed that the Ethereum spot ETF had a total net outflow of $200,000.
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