Key Highlights:

• Bitcoin maintains value in Asia while demonstrating a 4% rise over the week, boosted by U.S. investor interest.
• The impending approval of an Ethereum ETF may redirect institutional focus from Bitcoin.
• Decentralized exchanges (DEXs) have shown significant volume growth, now accounting for 12% of overall trading.

Bitcoin Trading Status

Bitcoin is currently positioned at approximately $109,534.70. Despite minimal daily fluctuations, it remains up on a weekly basis.

For market insights, readers can refer to CoinDesk’s market data.

Market Influences

The expected interest rate cut by the Bank of Japan is not yet influencing market movements significantly, contrasting with the usual correlation between low rates and positive Bitcoin prices.

Instead, the ‘Coinbase Premium’—a measure of BTC’s price difference on Coinbase Pro versus Binance—is crucial for understanding U.S. demand for Bitcoin. This was expounded upon by CryptoQuant analysts, who noted the rising Coinbase Premium indicates bolstering buying pressure.

Significant BTC ETF inflow has also been noted, totaling $386.27 million this week, as mentioned in SoSoValue data.

Institutional Interest

Concerns are growing regarding how the approval of a staked ether ETF might affect Bitcoin’s institutional interest. According to Youwei Yang of BIT Mining, such an ETF could outshine Bitcoin’s ETFs by providing yield opportunities.

Yang remarked, “This has created a lot of buzz, especially considering how much of Bitcoin’s rally was fueled by ETF hype.”

DEX Volume Growth

Moments of commercialization have seen decentralized exchanges double in penetration from 6% to nearly 12% of the total trading volume. Recent market innovations signify enhancing interests among both centralized (CEXs) and decentralized exchanges.