Crypto Exchange Promotion and Market Trends Update

Promotion for Crypto Holders

A Singapore-based crypto exchange is offering an exciting promotion for crypto holders. Participants can win 5,000 TIA by depositing $100 in BTC, ETH, XRP, USDT, or USDC. The TIA token is linked to Celestia, a blockchain network designed for easy deployment of blockchains. The promotion runs from October 17 to October 24, 2023.

Reviving Investor Sentiment

Investor sentiment in the crypto market shows signs of revival. Despite a 27% drop in trading volume compared to the 2023 average, there have been three consecutive weeks of inflows for digital asset products. Recent data reveals $16 million in inflows last week, raising the year-to-date total to $260 million. Short-Bitcoin products also attracted $1.7 million in inflows.

XRP and Ethereum Trends

XRP continues to witness steady inflows, marking its 25th consecutive week of positive investment, showcasing strong community support. This comes after a legal victory where an SEC appeal was denied. In contrast, Ethereum has seen minimal investor interest, with $7.5 million in outflows last week, negating prior gains.

Bitcoin ETF Developments

The prospect of spot Bitcoin ETFs is gaining traction, with major financial institutions filing applications in the U.S. Approval could come as early as March 2024. On-chain analytics suggest that a spot Bitcoin ETF might significantly boost the market, potentially adding $1 trillion to the cryptocurrency market cap.

Market Performance Snapshot

In recent trading, XRP has dipped 0.39% to $0.49, Bitcoin decreased by 0.30% to $28,401, and Ethereum declined by 0.15% to $1,583. Despite these short-term fluctuations, the market remains dynamic, with developments that could influence future trends.