Fear and Greed Index lethargically slips into the greed after being in the neutral zone for a long time. BNB hits new all-time highs one on top of another, while Bitcoin spot ETF inflows have increased since the end of September, and much more happened today.
BNB hits another new all-time high
BNB has been hitting new all-time highs in a row. The Binance token reached a new all-time high of $1,300 after the token just crossed the $1,100 level a few days ago. Priced at $1,325, the token ranks third on the list of top cryptocurrencies by market cap. BNB flipped XRP and Tether and captured the third place on CoinMarketCap’s top cryptocurrency by market cap.
Bitcoin Spot ETF netflow inflows increase
From the last day of September, the net inflow of Bitcoin Spot ETF has been on the rise. The ETF inflow rose from $518 million on October 29 to $1.19 billion today. The increase in Bitcoin prices in unison with the increase in net ETF flows shows that the price rally has real demand and not just speculation.
A7A5 stablecoin dominates market
Russian ruble-backed stablecoin, A7A5, issued in Kyrgyzstan, became the world’s biggest non-U.S. dollar stablecoin. The total stablecoin market cap is around $1 billion, and A7A5 captures about 41% of the whole stablecoin market cap.
Fear and Greed Index hits 62
CoinMarketCap’s Fear and Greed Index has finally reached the ‘Greed’ zone (62) after being in the ‘Neutral’ zone for quite a long time. When the indicator reaches this zone, it goes on to say that the traders in the market are warming up and getting ready to grab as many tokens as possible.
Crypto ETF inflows keep increasing
The crypto ETFs’ net flow has reached above $1 billion after yesterday’s trading session. Since the 30 of September, the ETF netflow has been rising. Netflow into BTC ETFs kept increasing while the inflows into ETH ETF have been up and down.
India rolls out digital asset
India is planning on launching a digital asset that will be backed by the Reserve Bank of Indian. Union Minister Piyush Goyal stated that they were taking this step to discourage private cryptocurrencies lacking sovereign and asset backing.
Altcoin Season Index in neutral territory
The Altcoin Season Index is an indicator that shows whether the altcoins or Bitcoin is performing well in the market. If Bitcoin is outperforming the altcoins, the indicator moves into the Bitcoin season or deflects to the altcoin season when the altcoins rally. From yesterday’s value of 63, the altcoin season index has fallen to 58, which is the neutral zone. When the Altcoin Season Index crosses above the 75 level, it is altcoin season, and values below 25 will mean it’s Bitcoin season.
BitGo MENA FZE gets crypto license
Digital asset infrastructure company, BitGo MENA FZE, secured a crypto license in the United Arab Emirates. The company will now offer regulated crypto trading and intermediation services to its clients in the region.
BitGo MENA FZE obtained a broker-dealer license from the Dubai Virtual Assets Regulatory Authority (VARA). “This approval allows us to serve institutional clients with greater scale, confidence, and integrity, while also underscoring the accelerating momentum within Dubai’s digital asset ecosystem,” stated general manager of BitGo MENA, Ben Choy.
From BNB hitting all-time highs to the overall market sentiment reaching the greed zone, the crypto market could shift in the blink of an eye.
