Bitcoin Remains Above $59K, XRP Remains Leading

Bitcoin (BTC) surpassed $59,000 earlier in the day, while US spot exchange-traded funds (ETFs) witnessed the second-highest inflows this month.

According to SoSoValue data, bitcoin ETFs recorded net inflows of over $61 million, the highest since $192 million on Aug. 8. BlackRock’s IBIT led the way with inflows of $92 million, while Bitwise’s BITB recorded outflows of $25 million.

Metaplanet announced that it has purchased $3.4 million (500 million Japanese yen) worth of BTC, bringing its total bitcoin holdings to 360,368 BTC.

XRP and BNB Chain’s BNB are up over 7%, while Solana’s SOL and Cardano’s ADA are up over 4%. Toncoin (TON) is down 0.8% in the past 24 hours.

Polymarket bettors are predicting a 66% chance that BTC will stay above $60,000 by the end of the week and are predicting price stability.

Dogecoin (DOGE) rose by 5% after Elon Musk mentioned the token in his X post. However, such price increases are known to be short-term.

PoliFi tokens remained stable during the same period. The Trump-themed MAGA token fell 0.3%, with a trading value of $2.5 million, according to CoinGecko data.

While market catalysts appear distant for now, some traders are looking forward to a speech that Federal Reserve Chairman Jerome Powell is scheduled to give at a Jackson Hole symposium on Friday.

Powell is expected to approve the proposal to lower borrowing costs next month, according to Bloomberg.

“We have learned that both NYSE and NASDAQ have withdrawn their applications to list BTC ETF options in the last 72 hours. We can say that they are getting closer to adopting the sector, albeit in the short term,” said Augustine Fan, head of insights at SOFA.org. Referring to Ether’s (ETH) underperformance against bitcoin last week, Fan added: “TradFi remains cautious about ETF ETH due to the legal uncertainty surrounding staking.”