Crypto Market Soars: Bitcoin Steady at $64K as China Boosts China Beta Assets Like Conflux
Bitcoin held steady above $64,000 as China’s latest stimulus efforts sparked a surge in Chinese-linked cryptocurrencies like Conflux (CFX), which jumped 18% after the People’s Bank of China announced a significant liquidity injection. Traders turned their attention to assets dubbed China beta, such as CFX, while dog-themed meme coins also gained traction. Meanwhile, Bitcoin ETF inflows remained robust, further fueling optimism in the broader crypto market.
Conflux Surges Amid China Liquidity News, Traders Eye China Beta Coins
As the market processes the recent liquidity infusion from China’s central bank, Conflux’s CFX was up more than 18% on Friday, and double-digit gains were registered by Shiba Inu (SHIB) and Bonk (BONK).
After the initial rally in alts that took center stage last week, the market seemed to have been in rotation mode for this week. Within this series of rotations in search of the next narrative that explored verticals such as AI and memecoins, the China stimulus news from Tuesday made traders focus on coins perceived to be China beta, such as $CFX and $PHB which have both outperformed. It remains to be seen if this is a new regime here to stay or the market grasping for a narrative-based trade.
Rick Maeda, Research Analyst at Presto Research
The traders’ reaction to the recent revelation that Conflux has begun supporting stablecoins via a collaboration with WUSD is positive, in addition to the liquidity-driven market movements brought on by the belief that Conflux is the Chinese Ethereum.
Dog-Themed Meme Coins Surge as Investors Embrace Risk-On Sentiment
Meme coins exhibit risk-on behavior in response to market displays, as they are mostly driven by the community. On the other hand, after months, there was a revival of interest in risk, with dog-themed meme coins driving market gains across the board. With 15% gains, SHIB and FLOKI surged, while BONK topped sector advances with 17%. Investors were willing to take on greater risk, as evidenced by the rise of several lesser-known dog-themed tokens built on the less popular Bitcoin Runes system.
BTC ETFs Attract $600M in Weekly Inflows While ETH ETFs See Modest Outflows
Bitcoin is up 3.18 percent and is still trading above $65,000 in other cryptocurrency markets. One of the biggest days ever for inflows into U.S. spot bitcoin ETFs, SoSoValue reports that the number of inflows reached $365 million, pushing the weekly total to above $600 million. ARK’s ARKB ETF at $113.8 million attracted the majority of the day’s inflows, with BlackRock’s IBIT at $93.38 million and Fidelity’s FBTC at $74 million coming in second and third, respectively. However, ETH ETF outflows of about $675k indicated that the market wasn’t as interested in them.
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