Cryptocurrency profit-taking, Dogecoin and Ripple decline, market focuses on Friday's inflation data

ChainCatcher news, according to CoinDesk, profit-taking in the cryptocurrency market continued ahead of the inflation data release on Friday, with Dogecoin and Ripple experiencing significant declines.

Traders are closely monitoring the upcoming core Personal Consumption Expenditures (PCE) data, which is a key indicator of inflation for the Federal Reserve. Despite the uncertainty, inflows into spot ETFs remain steady, with BlackRock's IBIT achieving net inflows for 30 consecutive days.

QCP points out that there is a divergence between digital assets and traditional tech stocks. While cryptocurrencies have maintained a solid momentum, the flow of funds into products like the TQQQ Nasdaq ETF has become cautious.