Although the net inflows into the spot BTC ETFs hit a monthly high of well over $500 million yesterday, the underlying asset’s price was still rejected at $83,000 and slipped by almost two grand since then.
Most altcoins have followed suit, led by substantial losses from BTW, which has tanked by over 30%, as well as RAIN and NEAR.
BTC Dips Again
The primary cryptocurrency reacted badly to last week’s CPI and PPI data, as both metrics confirmed that US inflation remains persistent. On Wednesday and Thursday, the subsequent releases were both higher than expected, and BTC dived from $84,000 to a monthly low of under $80,000.
It rebounded from that local low and jumped to over $82,000 at the end of the week. It lost some traction during the weekend and experienced a flash crash on Saturday evening when it dropped to under $81,000 before it recovered just as quickly.
Expectations of a Black Monday ran wild on Sunday, but reality was different. BTC dipped to $80,600 on Sunday evening but jumped to $83,000 on Monday. Perhaps a large portion of these gains came from the substantial ETF net inflows, as the funds attracted over $526 million – the highest single-day reading since September 22.
However, the cryptocurrency failed to continue its ascent and has declined by nearly $2,000 since then, currently struggling to remain above $81,000. Its market cap has declined to $1.630 trillion once again, while its dominance over the alts remains inches above 60% on CMC.
BTW Plunges
BTW’s insane recent volatility continues, this time in the opposite direction. After being in the green for a few days straight, it has erased all gains after a 33.5% nosedive in the past 24 hours pushed it south toward $1.50. RAIN is the other substantial loser, plunging by over 10% to $0.0082. NEAR has dropped by 7% today and now struggles at $4.7.
ETH is down by over 2% and sits below the key $2,400 support. XRP is below $1.30 again after a 1.6% daily decline. SOL, ZEC, HYPE, DOGE, LINK, and ADA are all in the red as well, while XMR is above $610 after another 3.6% daily increase.
The total crypto market cap has dropped by over 1.3% in a day, and it’s back to $2.720 trillion on CMC.
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