Bitcoin is taking a hit as it hovers near $58K, with the broader crypto market also feeling the pinch. Over the weekend, Bitcoin (BTC-USD) saw a significant drop, sliding 4.8% to trade just above $58,500 by Monday morning. This downturn in BTC mirrored a wider crypto market selloff, with the broader market falling 5.2% and Ethereum (ETH-USD) losing 3.5%.
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ETF Outflows Add to the Pressure
The situation was further aggravated by substantial outflows from U.S.-listed exchange-traded funds (ETFs) tracking these digital assets. On Friday, Bitcoin ETFs lost $89 million, and Ethereum ETFs saw $15.7 million in outflows, as reported by CoinDesk. This significant withdrawal of funds has contributed to the downward pressure on cryptocurrency prices.
Major Cryptos and Tokens Feeling the Squeeze
The decline isn’t limited to Bitcoin and Ethereum. Solana (SOL-USD) and Toncoin (TONCOIN-USD) led the losses with a 7% drop, while BNB Chain’s BNB fell by 3%, and Dogecoin (DOGE-USD) tumbled 6%. Cardano’s ADA (ADA-USD) and Ripple (XRP-USD) also experienced a 5% decline. Additionally, tokens from blockchains like Aptos (APT-USD), Arbitrum (ARB-USD), and The Sandbox’s SAND (SAND-USD) suffered drops of up to 7% as they anticipate upcoming unlocks that will release over $120 million worth of these tokens into the market.
What’s Next? Data and Market Reactions
Looking ahead, traditional financial markets are expected to influence crypto trends significantly. Both the U.K. and U.S. will release their July Consumer Price Index (CPI) readings on Wednesday, while Australia and Japan will share key economic data earlier in the week. Furthermore, major retail giants Alibaba and Walmart will announce their earnings on Thursday, with updates on Hong Kong and Taiwan’s GDP due on Friday.
Augustine Fan, head of insights at SOFA.org, told CoinDesk that “crypto prices will likely be rangebound with a bias to the weak side.” He highlighted that technical weakness and ongoing sentiment issues might lead to further market shakeouts before events like the Jackson Hole economic symposium. As traditional financial data begins to roll out, it will likely play a crucial role in shaping the next moves in the crypto world.
What Is Bitcoin’s Price Today?
At the time of writing, BTC is sitting at $59,828.
