As the cryptocurrency market approaches the opening of the US markets on Tuesday, the leading digital currencies are showing a generally positive trend. This comes in the wake of last week's substantial outflows from exchange-traded funds (ETFs), as market participants turn their focus on vital labor data from the world's largest economy. Bitcoin (BTC) has appreciated by more than 1% over the last 24 hours, reaching a trading price of approximately $58,903 on Tuesday.
In contrast, Ethereum (ETH) has experienced a slight decline of over 0.3%, with current trading at $2,506. Solana (SOL), presently the fifth-largest cryptocurrency by market capitalization, has seen a robust increase of 1.5%, now trading at $133.68. Overall, the total global market capitalization for cryptocurrencies has risen by 0.6%, now standing at an impressive $2.06 trillion.
The CoinDesk Market Index, which is an important benchmark for tracking digital assets, recorded a notable increase of more than 1.1% within the last 24-hour period. According to data from Farside Investors, US-traded spot Bitcoin ETFs faced outflows totaling $277 million last week, primarily impacting the ARK 21Shares Bitcoin ETF (ARKB).
In a broader context, the four largest funds have seen over $3 billion in flows since the beginning of the year, indicating a significant movement of capital within the sector. Looking ahead, investors are keenly awaiting the upcoming nonfarm payrolls report for August, which is set to be released by the Bureau of Labor Statistics on Friday.
In addition, on Tuesday, industry observers will be watching the August purchasing managers' index for manufacturing from S&P Global, along with the construction spending report for the previous month of July. As the week progresses, further economic indicators will be released, including the Job Openings and Labor Turnover Survey for July on Wednesday, followed by critical data on jobless claims, as well as reports from ADP Employment and Challenger Job Cuts on Thursday. Currently, Bitcoin is priced at $59.11, reflecting a change of +0.48, which corresponds to a percentage change of +0.82..