Sustained Bitcoin ETF Rebound Crucial for BTC Growth: Crypto Daybook Americas

By Omkar Godbole (Times are in ET unless specified otherwise) The cryptocurrency landscape is prone to rapid changes. Yesterday, we discussed the weak demand for bitcoin, with spot bitcoin exchange-traded funds (ETFs) experiencing net outflows of over $500 million in the first two days of the week. However, on Wednesday, they saw an influx of over $457.3 million, the highest single-day total in five weeks. For bitcoin to surge, this trend needs to persist. Earlier this year, during bull phases, we witnessed multiple days of net inflows exceeding $500 million almost every week. Currently, the cryptocurrency is stuck in Wednesday's trading range of $86,000-$90,000, with traders eagerly awaiting the U.S. inflation data scheduled for release at 8:30 a.m. If the inflation figure is lower than the expected 3.1% year-on-year, it could lead to renewed risk-taking. According to Fed member Christopher Waller, interest rates are still above the neutral level, indicating potential for the central bank to cut rates. Following the report, attention will shift to the Bank of Japan's interest-rate decision, which is expected to result in a 25 basis point hike to 0.75%. Some observers believe this could lead to a rally in the yen, triggering risk aversion, although FX market positioning suggests low odds of a sudden bullish reaction. XRP is exhibiting increasingly bearish trends on charts. Veteran trader Peter Brandt has identified a double-top breakdown in the cryptocurrency, which could lead to a price drop to $1 or lower. Currently, it is trading at $1.87. Ether, the second-largest cryptocurrency, has fallen over 2% in the last 24 hours, while BNB is down 1.8%. In contrast, privacy-focused tokens XMR and ZEC are up 2%. The CoinDesk 20 index has declined 1%, and the CoinDesk 80 index has dropped 3.2%, indicating weakness in smaller tokens. In traditional markets, the dollar index has risen for the second consecutive day, hinting at a potential bull revival. The index is hovering at 98.50, while gold has fallen to $4,324 after testing the resistance zone of $4,340-$4,350. Remain vigilant! Read more: For analysis of today's altcoin and derivatives activity, see Crypto Markets Today. Key Events to Watch For a comprehensive list of this week's events, see CoinDesk's Crypto Week Ahead. Token Events For a comprehensive list of this week's events, see CoinDesk's Crypto Week Ahead. Conferences For a comprehensive list of this week's events, see CoinDesk's Crypto Week Ahead. Market Trends Bitcoin Statistics Technical Analysis Crypto Equities Crypto Treasury Companies ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Overnight Developments