출처: Block Media
Bitcoin and Ethereum Prices Surge as CME Market Rebounds Amid ETF Outflows
Bitcoin and Ethereum Regain Ground Following Market Recovery
Bitcoin (BTC) surged more than 4% in a single day, reclaiming the $110,000 threshold, while Ethereum (ETH) outperformed with a 5% increase, pushing past the $4,000 mark. This market revival, which unfolded amid persistent outflows from major spot cryptocurrency ETFs, was driven largely by technical buying interest in the CME derivatives market, hinting at a potential short-term market bottom.
As of October 20, Bitcoin prices climbed by 4.37% over the previous day, reaching $111,139, and Ethereum rose by 4.60% to $4,046. Collectively, the total market capitalization of digital assets saw significant growth, increasing by 4.71% to reach $3.777 trillion, or approximately 5,373 trillion Korean won. Despite these bullish movements, Bitcoin’s overall market dominance remained stable at 49.9%, underscoring a balanced market recovery.
ETF Outflows Persist Despite Positive Price Movements
While digital asset prices showed strong momentum, cryptocurrency spot ETFs continued to see substantial outflows, amplifying concerns around institutional caution. Passide Investors reported major withdrawals, with Bitcoin ETFs witnessing an outflow of $386.6 million (approximately 561.6 billion won) as of October 17. Similarly, Ethereum ETFs recorded a withdrawal of $232.3 million (around 336.8 billion won).
BlackRock’s Bitcoin Trust (IBIT) and Ethereum Trust (ETHA) led these ETF outflows, shedding $268.6 million (382.1 billion won) and $146.1 million (207.8 billion won), respectively. These fund withdrawals persisted for two consecutive days, reflecting continued risk-averse sentiment among institutional investors despite the overall market upturn.
CME Derivatives Market Signals Optimism
In contrast to ETFs, the CME derivatives market experienced a robust rebound, contributing to the renewed positivity in the crypto space. October Bitcoin futures gained 4.57%, reaching $111,545, while Ethereum October futures soared by 5.72%, closing at $4,056.5.
Open interest in these futures contracts edged slightly higher, largely driven by short-covering activities and improving investor sentiment. Market participants appear to be betting on more sustained near-term recoveries, as technical indicators pointed to stability following a period of heightened volatility.
Altcoin Market Rallies in Sync With Bitcoin and Ethereum
The bullish sentiment wasn't limited to Bitcoin and Ethereum, as leading altcoins joined the rally. Solana (SOL) rose by 4.65%, reaching $193, while XRP (XRP) surged by 5.81%, hitting $2.47.
Other major altcoins, including Cardano (ADA) and Stellar (XLM), demonstrated stronger gains, advancing by 6.64% and 5.75%, respectively. Hyperliquid (HYPE) and Chainlink (LINK) were standouts during this uptrend, with respective increases of 7.30% and an impressive 12.21%. However, Binance Coin (BNB) reported comparatively modest growth, climbing 4.14%.
In terms of sector performance, tokens associated with Ethereum’s ecosystem and blockchain infrastructure projects exhibited more pronounced recoveries than meme coins or exchange tokens. For instance, Dogecoin (DOGE) rose by 6.92% but remained near the $0.20 price level, illustrating lagging gains in comparison.
Investor Sentiment Improves but Remains Cautious
Though overall sentiment in the market showed signs of improvement, investor caution continues to dominate. The Alternative Fear & Greed Index ticked upward, moving slightly to 30 but remaining within the “Fear” range.
This modest increase in sentiment is likely tied to the technical recovery observed across Bitcoin, Ethereum, and the broader cryptocurrency market. Nonetheless, uncertainty persists, driven by factors such as ETF capital flight and broader macroeconomic volatility. Market participants appear hesitant to engage fully, with many adopting a cautious, wait-and-see approach.
Resilience of Digital Assets Amid Institutional Headwinds
Despite pronounced ETF outflows and lingering skepticism among institutional investors, the recent rally in both Bitcoin, Ethereum, and key altcoins underscores the resilience of the digital asset market. Supported by gains in the CME derivatives space and technical buying patterns, this recovery hints at potential short-term stabilization.
The key question for investors now is whether these positive movements can gather momentum or succumb to renewed selling pressure in the face of broader market uncertainties. With crypto markets continuing to mature, developments in institutional behavior, regulatory updates, and macroeconomic trends will play pivotal roles in shaping the path forward.
