Bitcoin hovers near $80,000 and Ethereum at $2,370 as macro uncertainty and weak institutional flows weigh on crypto markets

Bitcoin hovers near the 80,000 mark and Ethereum trades near $2,370 mark as the macro uncertainty and weak institutional flows weigh on crypto markets. The cryptocurrency was trading at $80,685 mark.

In the past 24 hours, Bitcoin was down 1.2% and Ethereum was down 1.1%. Among the major altcoins, XRP, Solana, Hyperliquid, Dogecoin and Cardano corrected upto 2.2% whereas BNB and Tron were up 0.1% and 0.2% respectively.

Riya Sehgal, Research Analyst, Delta Exchange said the pullback has been driven by a combination of macro uncertainty, weakening institutional flows and leveraged positioning.

U.S. spot Bitcoin ETFs recorded approximately $636 million in net outflows on Thursday, while Ether ETFs saw around $111 million leave the products, signalling softer near-term institutional demand., Sehgal further said.

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The global crypto market capitalisation went down 0.8% to $2.80 trillion, according to the data on Coinmarket cap.

Over the last week, Bitcoin was down 0.8% and Ethereum was down 1.8%. Among the major altcoins, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano corrected upto 5.7% whereas BNB was up 2.5%.

Nischal Shetty, Founder, WazirX said Crypto markets experienced an uneven week, with an initial recovery giving way to renewed selling pressure. Bitcoin traded near $83,460 on October 22 before slipping to approximately $81,198 in the latest snapshot.

“Ethereum also weakened from around $2,452 to $2,388, falling below the psychological $2,400 level and the pullback coincided with weakness in US equities”

Shetty further said that heading into next week, attention remains on energy prices and ETF flows. Persistently elevated oil prices could complicate inflation expectations and weigh on hopes for monetary easing.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)