SOL price capped at $140 as altcoin ETF rivals reshape crypto demand

The cryptocurrency market is witnessing a recovery, with XRP Exchange Traded Funds (ETFs) experiencing significant daily inflows, while Solana ETFs have recorded notable outflows. This trend highlights XRP's growing dominance in the ETF space, as it approaches $1 billion in inflows after a streak of 13 consecutive days of positive net flows.

Bitcoin remains stable at around $90,000, while corporate acquisitions of Ethereum have plummeted by 81% over the last three months. Despite this decline, major ETH holders are continuing to purchase significant amounts of Ether, indicating a strategic accumulation amidst market fluctuations.

Bitcoin and Ether have experienced a combined outflow of $236 million, reflecting a negative sentiment in the cryptocurrency market, while Solana has managed to remain stable amidst these fluctuations. This outflow indicates a shift in investor confidence, particularly affecting Bitcoin and Ether's market positions.

ProShares has decided to withdraw its lineup of leveraged exchange-traded funds (ETFs) that included Bitcoin, Ether, XRP, and Solana following a request for revisions from the SEC. This move underscores the ongoing regulatory scrutiny faced by financial products linked to cryptocurrencies, particularly those involving leverage.

Texas has become the first U.S. state to purchase and hold Bitcoin, investing $10 million through the BlackRock iShares Bitcoin Trust during a market downturn. This decision reflects a significant shift in governmental engagement with cryptocurrency, particularly under Senate Bill 21.

Bitcoin's price has faced renewed pressure, with traders revising their targets back to below $90,000 following a rejection at the yearly open. This decline raises concerns about a potential drop to the low $80K range, as market sentiment remains negative.

Bitcoin whales are accumulating at a record pace as the cryptocurrency faces nearly $5.8 billion in realized losses, indicating a potential bullish reversal in the market. This trend suggests that large investors are taking advantage of lower prices to increase their holdings.

The International Monetary Fund (IMF) has raised concerns that dollar-backed stablecoins could undermine weaker local currencies and diminish central banks' control over domestic liquidity. This warning comes amid a growing interest in Bitcoin and other scarce assets as alternatives in a fragmented monetary landscape. Bitcoin's limitations, such as slow transaction confirmations and fee volatility, have sparked renewed interest in Layer 2 solutions like Bitcoin Hyper, which aims to enhance transaction speed and smart contract capabilities.