Bitcoin (BTC) Price Steady at $60K Amid ETF Outflows, WIF and Popcat Lead Altcoin Gains

The world's crypto market cap inched 0.48% higher to $2.14 trillion on October 11, while trading volume was 4.50% higher.

The world’s crypto market cap inched higher on October 11 as major cryptocurrencies like Bitcoin, Ethereum, Solana, and XRP showed mixed performance. Meanwhile, Dogwifhat (WIF) and Popcat (POPCAT) led the pack of altcoin gains. At the same time, the Fear & Greed Index dropped to 32, indicating “Fear” in the cryptocurrency market.

Bitcoin continued to trade flat at around the $60K level even after witnessing outflows from the fund. However, a closer look at the fund outflows reveals that BlackRock appears to have resumed purchases, buying 12,272 BTC since September 24.

This move by BlackRock is significant as it comes despite the recent outflows of over $120 million from Bitcoin ETFs. The outflows are a result of investor sentiments turning sour once again over the matter of inflation.

However close observation reveals that BlackRock buying on those ETF outflows is actually a strong reflection of confidence in the future value of Bitcoin, which positions them to take advantage of any potential future gains when the crypto market conditions change.

The world’s crypto market cap increased by 0.48% to $2.14 trillion on October 11, while the trading volume was 4.50% higher. Total crypto market cap trades in a narrow range with slight gains.

On the other hand, the crypto market Fear & Greed Index dropped to 32, where Fear took over due to inflation worries and the latest CPI.

Coming to the major altcoins, Dogwifhat and Popcat showed strong gains, gobbling up the gainer crown. Its price surged to $2.54, showing a 12% increase. The daily trading range of the coin included lows of $2.25 and highs of $2.57 with the market appearing bullish about it.

Recently WIF’s momentum has been driven in part by investors who have closely followed WIF’s breakout. Just as it has manifested, the recent period of inflation triggered Popcat, a Solana based insta meme coin, one of the largest gainers.

It was launched in December when there was a growth of interest in Solana meme coins, too, caught especially quickly by the inclusion of the upcoming Pump.fun minting protocol in January. On October 11, the token reached an all time high of $1.32 but has since retraced by about 18%. But the coin continues to hold strong as a 9% surge shows more upward momentum and demand.

Other major cryptocurrencies showed mixed performance on October 11. Ethereum experienced a modest gain of about 1%, with its price rising to $2,410. Solana is currently trading at $141.75, reflecting a 1.77% increase over the past day. The 24-hour trading volume has risen by 11.53% to $1.84 billion, showing increased activity in the market. XRP climbed 2% to reach $0.536.

The price increase follows Ripple’s ongoing legal battles with the SEC, which have sparked discussions among crypto market participants.

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