Bitcoin Stuck at 78K as ETH ETFs Soar Amid Investor Preference
Bitcoin's price has been stuck around $78K since the CPI announcement, but long-term holders are not selling. Instead, mid-size traders are absorbing daily buyers' attempts to push prices higher. However, a significant wall of sell liquidity exists between $78K and $81K, making it difficult for Bitcoin to break through to $80K.
The spot Bitcoin ETFs have seen outflows totaling around $463M from September 8 to 11, while ETH ETFs have taken in about $197M. This trend suggests that investors are favoring Ethereum over Bitcoin. The total net assets of ETH ETFs have reached a record $16.3B.
Ethereum is currently outperforming Bitcoin, with its staked supply rising to 35.3%. Additionally, 1.84M ETH are still queued for staking. In comparison, Ethereum's price has bounced back 4.5% from the September 11 lows, whereas Bitcoin's price only rose by 1.5%. Since mid-August, Ethereum is up around 38%, while Bitcoin's gain is at 33%.