Bitcoin declines after surpassing $84,000

Bitcoin experienced sharp volatility today, Monday, briefly managing to rise above the $84,000 level before falling again under pressure from rising U.S. bond yields and a stronger dollar. This pullback reflects the caution dominating investors ahead of the anticipated U.S. inflation data.

Record outflow from spot Bitcoin funds

In a notable development, U.S. spot Bitcoin ETFs recorded outflows of about $681 million over the past week, the largest since June. Ethereum funds also continued to post outflows, indicating a shift in institutional investors’ appetite during the current period.

XRP leads the positive momentum

Contrary to the broader trend, XRP funds managed to attract $11.31 million over the past week, marking the thirteenth consecutive week of inflows. This strong performance reflects growing confidence in XRP despite challenging market conditions.

Evernorth begins trading on Nasdaq

In important news for the digital currency world, Evernorth, backed by Ripple and holding around 473 million XRP, began trading today on the Nasdaq under the ticker XRPN. This move represents significant progress in integrating digital currencies with traditional financial markets.

Attention turns to inflation data

Investors are now looking ahead to U.S. inflation data (CPI) due on Wednesday, October 14, which could determine the direction of markets in the coming period. Meanwhile, the odds of a rate hike at the Federal Reserve meeting scheduled for October 28 have fallen to around 19%, compared with 42.5% a month ago, reflecting a change in market expectations regarding monetary policy.

💡 Summary:

The market is going through a sensitive phase between Bitcoin’s decline, outflows from ETF funds, and XRP’s positive performance. With inflation data expected, caution remains the dominant approach until the picture becomes clearer.

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