Weakness in the cryptocurrency market remained as investors continued to withdraw money from U.S.-listed spot Bitcoin exchange-traded funds.
Bitcoin (BTC) dropped below $114,000 in pre-market U.S. hours on Wednesday, while Ripple’s native token (XRP), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) led the slide among other major tokens.
The overall cryptocurrency market slipped around 1.3% over the past day, with the overall market capitalization slipping below $3.8 trillion. Bitcoin’s price fell 0.7% in the last 24 hours, while retail sentiment on Stocktwits moved lower in the ‘bearish’ territory. Bitcoin’s current price is 7.2% below its all-time high of over $122,000, seen last month.
XRP’s price was down 4.4% and Cardano’s price slipped around 3.9% in pre-market U.S. hours.
Ethereum price fell 1.7% in the last 24 hours, still above $3,600. On Stocktwits, retail sentiment around Ethereum remained in ‘bearish’ territory over the past day. Solana’s price fell 4.2% and Dogecoin’s price dipped 3.6% over the past day.
Weakness in the cryptocurrency market persisted as investors continued to withdraw money from U.S.-listed spot Bitcoin exchange-traded funds (ETFs). According to data from SoSoValue, the daily total net outflow amounted to $196.18 million on Tuesday, with Fidelity’s FBTC (FBTC) and BlackRock’s IBIT (IBIT) accounting for the biggest shares.
This is the fourth day of outflows from U.S.-listed spot BTC ETFs, the longest streak since April. More than $114 million was withdrawn on Thursday, followed by $812 million on Friday and $333 million on Monday.
Amid a choppy week of ETF flows, $298 million worth of crypto was liquidated over the past day, according to Coinglass data. Long liquidations were around $210 million, while short liquidations totaled $87 million. Ethereum experienced the largest liquidations of $89 million, followed by Bitcoin at $43 million.
Crypto-linked stocks were in the doldrums during pre-market trade on Wednesday. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, edged 0.7% higher. Bitcoin miner Riot Platforms (RIOT) stock edged 0.09% higher, and shares of its peer, Mara Holdings (MARA), gained 0.06%. Crypto exchange Coinbase Global’s (COIN) shares were up 1.2% in pre-market trade.
Read also: Ray Dalio Warns Of Fiat Trust Breakdown, Says Gold Standard Return Is Possible
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
