Today, the crypto world is mostly in the red. Meanwhile, the total crypto market fell by 1% to $3.29 trillion. Bitcoin, the biggest crypto by market cap, dropped by 0.7% to $104,618.95 and its market value now stands at $2.08 trillion.
Even though the crypto fear index is steady at 55, it shows a neutral mood. So, what’s causing the downturn in the market?
One key reason is that the whales have started selling. These giant investors, who hold more than 10,000 BTC each, have been in profit-taking mode.
According to expert Willy Woo, some of these whales bought their Bitcoin as early as 2017, at dirt-cheap prices of $0 to $700. Now, with Bitcoin hitting long-term highs, they’re cashing in.
Joao Wedson from Alphractal also shared that whales are selling off between $105,000 and $100,000 levels. His charts show selling pressure building up, with the buy/sell ratio turning negative. This means more people are selling than buying, which adds extra weight to the market.
Another reason why the market is down is the slowdown in Bitcoin ETF inflows. Recently, these ETFs had outflows of about $1 billion, and this week alone, around $267 million has flowed out.
While there was a smaller inflow of $87 million yesterday, mostly driven by BlackRock’s $284 million buy-in, it wasn’t enough to offset the losses.
Historically, when ETF inflows slow down, Bitcoin’s price tends to feel the pressure. Just a few weeks ago, daily inflows of $1.5 billion were common, but now that’s not the case.
It’s not just Bitcoin that’s feeling the heat. Ethereum is mostly flat at $2,612, while Solana dropped 2.6% to $152.5. Other popular altcoins like XRP, Dogecoin, and Cardano have also taken a hit, each losing 3% to 5% in the past 24 hours.
All in all, the crypto market is in a cautious phase as whales take profits and ETF inflows slow down.
Crypto whales (holders of over 10,000 BTC) are selling off their holdings, especially those acquired at low prices, contributing to the current market downturn.
Bitcoin ETF inflows have slowed significantly, with recent net outflows of about $1 billion and $267 million this week, historically putting pressure on Bitcoin’s price.
Yes, altcoins like Ethereum, Solana, XRP, Dogecoin, and Cardano are also feeling the heat, with many experiencing 2-5% price drops in the last 24 hours.
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