The crypto market opened the week higher on Monday, August 17, with TOTAL, the total crypto market cap, near $2.16 trillion. It is up about 0.88% since yesterday’s close.
The uptick follows a red-to-flat weekend, helped by record inflows into global stocks last week even as rate-hike fears fade. The crypto market bounce’s staying power hinges on last week’s Bitcoin ETF outflows reversing.
It starts with money chasing stocks. Global equity funds drew $18.62 billion in the week to August 12, a twelfth straight week of inflows, as cooling inflation pushed the S&P 500 to a record high and eased rate-hike fears.
As a result, that appetite is possibly spilling into crypto. TOTAL is bouncing off its weekend low toward $2.18 trillion, lost on August 10. A daily close above opens $2.22 trillion, then $2.28 trillion, while the $2.12 trillion floor has held since August 1.
Meanwhile, the bigger swing factor is fund flows. Spot Bitcoin ETFs bled $389.71 million in the week to August 14, their heaviest weekly outflow since early July, a sharp turn from the $853.54 million taken the week before.
However, that selling cooled slightly on Friday (the last day of the week), and Monday opened green.
The constant tension between outflows and inflows leaves the week finely balanced. A return to inflows confirms the bounce, while more red drags TOTAL toward $2.12 trillion.
Bitway (BTW), a Bitcoin-focused DeFi token on the BNB Chain, is the day’s standout, up more than 18% in 24 hours and about 70% on the week, near a $1 billion market value. It hit a record this week before stalling at $0.43.
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However, the chart urges caution. Buying volume has fallen since June 18 even as the price climbed, a divergence that questions the rally, and sellers capped the push right at $0.43, the ceiling drawn from the July 28 to August 9 swing.
By the way (btw), selling volume has also faded since June 21, so a deep flush is unlikely. A daily close above $0.43 would open $0.61, while a correction likely holds $0.32 as a floor.
Analyst’s View: Monday’s market uptick isn’t a bullish confirmation yet. It is important to track the ETF flows today, and mostly throughout the week to understand if the big, institutional buyers are returning.
The post Why Is The Crypto Market Up Today? appeared first on BeInCrypto.
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