Nvidia’s quarterly results, due Wednesday, often influence the outlook for the AI crypto industry.
Cryptocurrency markets edged lower Monday morning, reversing some of the gains seen over the weekend.
Bitcoin (BTC) fell 1% to $63,400, while Ethereum (ETH) fell 1.5%. Polkadot (DOT) plunged nearly 5% and Solana (SOL) fell 1%.
However, AI-related tokens stood out amid this general decline.
Artificial Superintelligence Alliance (FET) jumped 10%, and Bittensor (TAO) climbed 5% ahead of tech giant Nvidia’s earnings report on Wednesday.
Nvidia is widely considered a leading indicator for the emerging AI cryptography sector. According to LSEG data, Nvidia is expected to report a 112% year-over-year increase in second-quarter revenue to $28.7 billion.
Meanwhile, more than 34,110 traders were liquidated in the past 24 hours, resulting in total liquidations amounting to $72 million, according to data from CoinGlass.
The market action follows an eventful Friday, when markets rallied after Federal Reserve Chairman Jerome Powell spoke at the Fed’s annual meeting in Jackson Hole, Wyoming.
Powell hinted at imminent interest rate cuts, saying: “The time has come for policy to adjust. The direction is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”
Bitcoin ETFs See Record Surge in Inflows
Bitcoin spot exchange-traded funds (ETFs) in the United States recorded $252 million in daily net inflows on Friday, the highest level since July 22, when they brought in $485 million, according to data from Farside Investors.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) led the way with inflows of $86 million, followed by Fidelity’s FBTC with $64 million and Bitwise Bitcoin ETF (BITB) with $42 million. Grayscale’s GBTC saw net outflows of $35 million.
On the other hand, spot Ethereum ETFs again posted disappointing results, with $5.7 million in outflows on Friday. Throughout last week, ETH ETFs have seen steady outflows, amounting to $44.5 million.
U.S. stock markets also fell on Monday. The S&P 500 fell 0.25%, while the tech-heavy Nasdaq lost nearly 1%.
