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Why is the crypto market up today? Bitcoin holds $112K as Ether ETFs steal the spotlight
The crypto market extended its rally, with total capitalization climbing to $3.93 trillion. Bitcoin held firm above $112,000 while Ether outperformed, driven by record inflows into spot ETFs.
Total crypto market cap rises to $3.93 trillion
Bitcoin trades at $113,500, with bullish Balance of Power signals
Ether ETFs attract $1.8B inflows in five days, 10x more than Bitcoin funds
Trump administration weighing crypto-friendly Fed chair candidate
Market rally extends as Crypto cap holds above $3.85 trillion
The global cryptocurrency market has added nearly $64 billion in value over 24 hours, with capitalization standing at $3.93 trillion. The rally reflects persistent buy-side pressure, as investors hold positions above the critical $3.85 trillion floor.
If momentum continues, it could be expected a test of $4 trillion resistance, though profit-taking could pull the market back toward $3.73 trillion.
Bitcoin consolidates above $112,000
Bitcoin (BTC) traded at $113,500 in Tuesday’s session, gaining 1% in 24 hours. Technical signals reinforce optimism: the Balance of Power (BOP) indicator remains positive, highlighting strong accumulation by buyers.
If momentum holds, BTC could retest $115,764, though support is building around the 100-day moving average near $111,000. Below that, the next downside target sits near $105,000.
Ether ETFs outshine Bitcoin funds
Ethereum has emerged as the standout performer this week. Spot Ether ETFs attracted $1.83 billion in inflows between August 21–25, compared with just $171 million for spot Bitcoin funds. On Wednesday alone, nine Ether funds brought in $310 million, while Bitcoin ETFs drew $81 million.
ETH prices climbed 5% from recent lows to trade near $4,615, outperforming Bitcoin’s 2.8% rebound. Analysts note the surge follows July’s GENIUS Act stablecoin legislation, which reinforced Ethereum’s dominance in tokenized assets and DeFi.
Goldman Sachs is currently the largest reported holder of Ether ETFs, with $712 million in exposure, according to SEC filings.
Politics and policy: Crypto on the Fed’s radar
The Trump administration is vetting 11 candidates to succeed Jerome Powell as Federal Reserve chair in May. At least three have expressed pro-crypto views, including Fed Governor Christopher Waller, Fed Vice Chair Michelle Bowman, and BlackRock’s Rick Rieder.
Rieder has argued Bitcoin could become “a big part of asset allocation frameworks,” while Waller and Bowman have recently made crypto-friendly comments on payments and staff adoption.
Markets now price in an 84% chance of a September Fed rate cut, with liquidity tailwinds providing further support for digital assets.
