Bitcoin, Ethereum, and other major cryptocurrencies faced tough trading conditions over the last 24 hours, shedding hard-won gains and exposing weak spots beneath the surface.
Data from major spot exchanges shows Bitcoin closed at $115,542, down 2.12% on the day. Ethereum followed, closing at $4,296.90, with a 4.02% decline.
Solana dropped 5.36%; XRP fell 4.57%. Large cap altcoins, including ADA, SUI, and ENA, posted similar losses. The market’s momentum reversed nearly overnight as buying dried up.
The story behind these figures starts with exchange-traded funds (ETFs) that track Bitcoin and Ethereum prices. Last week, these funds attracted robust inflows—BlackRock’s product collected $888 million, underlining strong institutional interest.
But by Friday, that trend stopped cold. U.S. Bitcoin and Ethereum ETFs reported net outflows of $14 million, led by big withdrawals from Grayscale and Ark/21Shares. Only BlackRock saw inflows.
This sudden drop in demand suggested big investors took a breather, letting prices slip as smaller traders followed suit. Technical analysis of Bitcoin’s daily price chart, which uses tools traders around the world rely on, tells the rest of the story.
The Relative Strength Index (RSI) dropped to 46, sending a signal that more sellers than buyers recently dominated the market, but not by enough to call prices “oversold.”
The MACD indicator, which helps spot changes in momentum, turned negative. Both developments lined up with real-world events: as ETF demand sagged, so did enthusiasm on exchanges.
Moving averages—a way to see broader trends—showed Bitcoin approaching solid support near $114,800. The price bounced here several times in recent weeks.
If it falls much further, automated selling could pick up, driving prices below $110,000. To reverse the current downtrend, buyers must quickly push the price back above $117,000.
Market volume spiked during the selloff, confirming the move wasn’t a fluke. Losses for alternative coins outpaced Bitcoin’s drop, with only a handful of speculative tokens bucking the trend with short-lived rallies.
On the shorter four-hour chart, Bitcoin appears even weaker, with its RSI dropping near “oversold” but without clear buying support.
Analysts watching these moves closely tie them to broader economic shifts. Global liquidity—a key measure tracked by professionals—declined recently, hinting at less cash flowing into risky bets like crypto.
In summary, what looks like just another price dip actually reveals a deeper reality: institutional buyers, who powered much of this year’s crypto boom, paused or pulled funds, leaving the market exposed.
Until these large investors or new catalysts return, traders expect uncertain and cautious trading to continue.