Crypto Market Cap Falls as Bitcoin and Ethereum ETFs Keep Drawing in Investors

The global crypto market cap has dropped 1.3% in the last 24 hours to $2.77 trillion, according to CoinGecko data.

In contrast, Bitcoin and Ethereum ETFs continued to attract new investors even as their respective prices fell. The daily net inflow for the Bitcoin spot ETF group reached $174.60 million on September 4, while the Ethereum spot ETF group saw a net inflow of $26.46 million. BlackRock's IBIT led with an investment of $117.38 million in Bitcoin and Fidelity added $57.22 million.

However, not all funds are performing well. The XRP ETF recorded zero-inflow for the first time this month, while Solana's spot ETF logged its second outflow of the month, totaling $5.21 million. Bitwise pulled out $2.79 million and Fidelity withdrew $2.41 million.

The CLARITY Act, a bill aimed at regulating cryptocurrency-related profits, has gained some momentum after the National Sheriffs' Association dropped its opposition to it. A cloture vote is scheduled for September 15, which requires 60 votes to pass. With Republicans holding 53 Senate seats, at least seven Democrats must cross over for the bill to move ahead.