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.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Universal Utility Token Enables Global Investors to Access Tokenized Assets Across ASEAN and MENA Markets…
Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin, is back with another big buy. …
It’s a well known fact that while market hype can spur the initial price run…
The crypto space moves fast, but some moments deserve to be savored. Today marks one…
Ethereum’s price appears to be wobbling after a sharp post-crash recovery, sparking fresh debate over…
The Cardano price action has been at an interesting stage despite continuing to trade far…
