Daily news | ETH ETF daily inflows reach all-time high;Bitcoin dominance falls to 56.75%; XRP has surged over 300% in the past month

Daily Digest: Record Inflows for ETH ETF with Over $330 Million in a Single Day; Significant Decline in BTCD with Funds Flowing into Altcoins

According to data from Farside Investor, last Friday, the U.S. spot Bitcoin ETF experienced a net inflow of $320 million. This included $137 million from BlackRock’s IBIT and $106 million from Fidelity’s FBTC.

On the same day, the U.S. Ethereum spot ETF saw substantial inflows of $332 million, with BlackRock’s ETHA contributing $250 million and Fidelity’s FETH adding $79 million.

Bitcoin’s Market Dominance Drops to 56.75%, Altcoin Market Cap Rises Nearly 70% in November

According to TradingView data, Bitcoin’s market dominance (BTC.D) has decreased to 56.75%, down from a peak of 61.78% on November 21, marking a decline of 8.15%.

Additionally, since November 5, the total market capitalization of cryptocurrencies excluding Bitcoin has risen nearly 70%, climbing from a low of $85.61 billion to approximately $1.46 trillion.

Upcoming Token Unlocks: 135 Million JTO Tokens Set to Unlock on December 8, Exceeding Current Circulating Supply

According to Tokenomist.ai data, several tokens are set for significant unlocks next week, including Ethena (ENA), which will unlock approximately 12.86 million tokens on December 4, representing 0.45% of the current circulating supply, valued at around $10.58 million; Cardano (ADA), which will unlock about 18.53 million tokens on December 6, making up 0.05% of the current circulating supply, valued at approximately $21.49 million; and Jito (JTO), which will unlock around 135 million tokens on December 8, representing 103% of the current circulating supply, valued at about $507 million.

CryptoQuant Analyst: XRP Rises with Increased Contract Holdings, Susceptible to Pullback

CryptoQuant analyst Maartunn noted on social media that XRP‘s recent price increase has been accompanied by a rise in contract holdings, which may lead to a potential pullback. The last time a similar situation occurred, XRP experienced a 17% drop. Investors are advised to remain cautious of volatility and manage their risks accordingly.

As of the latest data from Coinglass, the total holdings of XRP across the network have surpassed $4 billion, currently standing at $4.181 billion (1.747 billion XRP), with a 27% increase in total holdings over the last 24 hours, coinciding with a 29.2% rise in price.

Market Analysis: Established Cryptocurrencies DASH and LTC Surge, ETH Performs Strongly

Market Highlights

-Established cryptocurrencies LTC, DASH, and ALGO have seen significant gains. Both LTC and DASH are proof-of-work (PoW) coins that have experienced several rounds of bull and bear markets. There is a noticeable outflow of market funds and rotation among sectors. ALGO, also an established public chain project, has increased over 300% since November, despite the project team not launching new products or eco incentives, indicating that the rise is driven by market sentiment.

-HYPE has surged, with the announcement of the largest token airdrop in blockchain history, distributing over 30% of HYPE tokens to users. After launching, HYPE has risen from $3 to above $9.50. HYPE is the native token of Hyperliquid, which is both a Layer 1 public chain and an on-chain decentralized exchange (DEX).

Market Trends

-BTC has shown strong performance, briefly breaking through $98,000 this morning. BTCD has significantly decreased in the past week, likely indicating that funds are flowing into altcoins.

-ETH has also performed strongly, returning to above $3,700. The ETH/BTC pair has rebounded from a low point, and last Friday, the ETH ETF saw a single-day inflow exceeding that of the BTC ETF for the first time, with $332 million in inflows, setting a new record for ETH ETF inflows.

-Altcoins are generally rising, with established coins experiencing gains. XRP has increased by over 300% since November, reclaiming its position as the third-largest cryptocurrency by market capitalization.

Macro News: U.S. Stock Markets Rise Across the Board, Non-Farm Data Remains a Key Focus

Last Friday, all three major U.S. indices rose collectively, with the Dow Jones up 0.42%, the S&P 500 up 0.56%, both setting new historical records, and the Nasdaq rising 0.83%. Over the past week, all three indices have increased, with the Dow, S&P 500, and Nasdaq gaining 1.39%, 1.06%, and 1.13%, respectively. In terms of monthly performance, the Dow has risen 7.54%, the S&P 500 has increased by 5.73%, both marking the largest monthly gains of the year, while the Nasdaq has gained 6.21%.

The annual gains for the three major indices are significant. As of November 29, the Nasdaq has surged by 28.02%, the S&P 500 has risen by 26.47%, and the Dow has increased by 19.16%. If the S&P 500 continues to rise through the end of the year, surpassing a gain of 29.60%, it will mark the highest increase since the 21st century.

In the short term, the Federal Reserve’s decision on interest rate cuts will still depend on data. In the absence of significant upward risks to short-term inflation, non-farm employment data remains the most critical variable for the Fed. Next year, the situation will depend on the strength and smooth implementation of specific policies from Trump and their impact on inflation, which carries a high level of uncertainty.