Jamie Crawley is a CoinDesk news reporter based in London.
BTC rose to over $65,900 during mid-morning in Europe, an increase of over 3% in the previous 24 hours. Bitcoin then retreated to trade just above $65,500. Spot bitcoin ETFs in the U.S. enjoyed a monster day on Thursday, registering inflows of $365 million and bringing the weekly total to over $600 million. The broader digital asset market, as measured by the CoinDesk 20 Index, is also higher by around 1.8%, with dogecoin leading the gains. DOGE jumped around 9% to nearly $0.
Memecoin prices tend to respond positively to liquidity injections because the increased availability of cash nurtures a greater appetite for risk among traders. Memecoins are community-driven and jump when the market displays risk-on behavior."Leading the gains are the SOL and BTC ecosystems, indicating a strong focus on meme coins as overall liquidity grows.
September's market-beating 40% surge takes place against a background of some market participants seeking downside hedges due to concerns the token unlock due Oct. 31, equivalent to 16% of its total supply, will flood the market and depress prices. However, the bias for shorts, likely stemming from the hedging activity, might have led to a short squeeze, contributing to the TIA rally."Traders tried to sell ahead of the event from Julyish.
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