Bitcoin and Ethereum Experience Modest Declines While Altcoins Reflect Mixed Market Sentiment

Bitcoin (BTC) and Ethereum (ETH) showed slight decreases in value over the past 24 hours, with BTC hovering around $116,800 and ETH trading near $4,500. Meanwhile, altcoins displayed a mixed bag of performance, highlighting the fragmented behavior of the cryptocurrency market.

The total cryptocurrency market capitalization grew modestly by 0.73%, reaching $4.05 trillion (approximately 5.58 quadrillion KRW). Bitcoin's market dominance remained steady at 51%, while the Crypto Fear & Greed Index—an indicator of investor sentiment—registered a balanced score of 51, signaling a neutral outlook.

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Bitcoin and Ethereum Register Minor Losses as Altcoins See Divergent Trends

As of the afternoon on September 17, Bitcoin (BTC) dropped by 0.33% compared to the prior day, trading at $116,831.50. Ethereum (ETH) saw an even smaller decline, slipping 0.03% to $4,511.28.

The altcoin market exhibited varied movements. Solana (SOL) and Cardano (ADA) saw declines of 0.65% and 0.54%, respectively. In contrast, HyperLiquid (HYPE) rose 3.06%, and Avalanche (AVAX) gained 1.46%, underlining selective opportunities in the altcoin space for traders and investors.

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Ethereum Futures Display Stronger Momentum

In the derivatives market, CME Bitcoin futures for September edged up by 35 points (+0.03%) to $117,125, but Ethereum futures performed even stronger, climbing 0.41% to reach $4,521.50. These metrics indicate comparatively heightened momentum for Ethereum in the futures market, suggesting broader investor interest.

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Institutional Investors Pivot Toward Bitcoin ETFs

Institutional capital flows reflect a stronger preference for Bitcoin ETFs compared to their Ethereum counterparts. Data collected by Perside Investors reveals that Bitcoin spot ETFs recorded net inflows totaling $292.3 million (approximately 402.9 billion KRW) as of September 16. These inflows were primarily driven by BlackRock’s IBIT ETF, which attracted $290.2 million (approximately 388.3 billion KRW), and Fidelity’s FBTC ETF, which reported $45.8 million (approximately 63.1 billion KRW) in inflows.

This marks a consistent seven-day streak of positive net inflows into Bitcoin ETFs, underlining institutional confidence in BTC ahead of the Federal Reserve's impending interest rate decision.

Conversely, Ethereum ETFs registered net outflows of $61.7 million (approximately 85 billion KRW) on the same day. Fidelity’s FETH ETF experienced the largest single outflow at $48.1 million (approximately 66.3 billion KRW), while BlackRock’s ETHA ETF saw $20.3 million (approximately 28 billion KRW) withdrawn. Analysts cite concerns over Ethereum’s relative volatility compared to Bitcoin as a key factor influencing institutional decisions.

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Layer 1 Blockchain Projects Strengthen While Meme Coins Remain Resilient

Layer 1 blockchain platforms demonstrated stability, with Solana consolidating after a modest 0.65% dip. Avalanche (AVAX) gained traction, rising 1.46%, while Stellar Lumens (XLM) edged up 0.64%, marking positive sentiment for foundational blockchain projects.

Meme coins exhibited resilience amidst broader market fluctuations. Dogecoin (DOGE) slipped 0.45% intraday but retained an impressive 11% weekly gain, underscoring ongoing investor interest in speculative assets within the crypto ecosystem.

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Broader Market Signals Exhibit Stability

Key global financial indicators showed limited volatility. The U.S. Dollar Index (DXY) nudged up by 0.11% to 96.34, suggesting mild strengthening of the dollar. Meanwhile, the yield on the benchmark 10-year U.S. Treasury eased slightly to 4.015%. Investors continue to monitor these metrics closely as they await further guidance from the Federal Reserve’s upcoming policy decisions.

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