Wall Street returns to Bitcoin: Ethereum remains behind

After weeks of dominance by Ethereum (ETH), the tide suddenly seems to turn. Competitor Bitcoin (BTC) is currently performing better. At the same time, we see that the digital currency also makes a comeback on the American stock exchanges. What’s going on?

BTC ETFs suddenly perform better than Ethereum

Recently it was often Ethereum that was a favorite among investors in the American crypto Exchange-Traded Funds (ETFs). After some of the Bitcoin and Ethereum funds two weeks ago, we saw hefty inflow again. In addition, the ETFs for ETH raised no less than 1.83 billion dollars between 21 and 25 August, compared to only $ 171 million for Bitcoin. It is a big difference, Ethereum attracted no less than ten times as much capital over the period.

But yesterday we see a sign that sentiment is starting to change. Where Ethereum had only a minimal inflow of $ 39.1 million on 28 August, the Bitcoin ETFs saw a net inflow of $ 178.9 million on the same day. This is apparent from data from Farside Investors.

In addition, the biggest contribution did not come from the BlackRock fund, which usually leads the list, but from Ark Invest. Their Bitcoin fund attracted no less than $ 79.8 million. This time, the Ishares Bitcoin Trust of BlackRock finished in second place with an influx of $ 63.7 million.

Bitcoin is again a safe haven now Altcoins are faltering

The price reactions underline the twist in the market sentiment. In recent days we see that the BTC/ETH ratio is increasing. In other words: Bitcoin gains value compared to the largest altcoin.

In the last 24 hours, Ethereum lost 5.4 percent and notes $ 4,330 at the time of writing. Bitcoin shows itself more resilient with a loss of only 2.8 percent.

Week graph Bitcoin Koers (Turquoise) and BTC/ETH Ratio (Purple) – Source: Coingecko

The markets are tense in the run -up to the American inflation figures, which will be published at 2.30 p.m. Inflation is higher than expected, then the chance of an interest reduction will decrease next month. While that is exactly what the market wants, and now also counts on.

We see a well -known pattern. In periods of uncertainty, Bitcoin usually performs better than altcoins. BTC is less volatile and is often seen as a safe haven within the cryptomarket.