Top Crypto Gainers Today on DEXScreener – SHIN, SPIKE, PEAR
As the price of Bitcoin (BTC) pushed back towards its highest since mid-May on a combination of macro tailwinds and strengthening demand for spot Bitcoin ETFs from US investors, investors hunting for top crypto gainers today are diving into the highly illiquid and volatile on-chain markets.
Bitcoin pushed as high as $71,700 earlier on Wednesday as May ADP National Employment data missed expectations.
That comes after softer-than-expected job opening data released on Tuesday. Combined, these data points suggest that Friday’s official jobs report shouldn’t come in too hot.
That’s all contributing to optimism that Fed rate cuts are coming in September, despite still strong service sector activity.
Rate cut bets pushed US 10-year yields to their lowest levels in over a month below 4.30% on Tuesday.
And that is lifting sentiment in the US equity and crypto markets, hence the Bitcoin rally.
Spot Bitcoin ETFs saw their second strongest day of inflows on Tuesday since launching, by the way.
$886.6mil inflows to the Bitcoin ETFs yesterday
Second biggest day ever
Nothing stops this train… pic.twitter.com/kjpY8JEFio
— Alistair Milne (@alistairmilne) June 5, 2024
And further upside in BTC suggests inflows have continued on Wednesday. Bitcoin ETFs have attracted inflows of over $2.4 billion in the past month, Bloomberg analyst Eric Balchunas reported on X.
The bitcoin ETFs on a 15-day inflow streak, pulled in $2.4b in the past month (only two ETFs have taken in more $SPY & $VOO). YTD net +$14b. The ability to bounce back w/ renewed interest after a couple nasty selloffs is rare for hot sauce type strategies. Shows staying power. pic.twitter.com/TolLWCbsqq
— Eric Balchunas (@EricBalchunas) June 4, 2024
As rate cuts near, as institutional demand
Read more on cryptonews.com
