Nowadays the crypto world is usually in red. In the meantime, the total crypto market fell by 1% to $ 3.29 trillion. Bitcoin, the largest crypto per market capitalization, fell by 0.7% to $ 104,618.95 and the market value is now $ 2.08 trillion.
Although the crypto fear Index is stable at 55It shows a neutral mood. So what causes the recession in the market?
Whale activity arouses concern
An important reason is that the whales started to sell. These gigantic investors, each with more than 10,000 BTC, have profit mode.
According to expert Willy Woo, some of these whales already bought their Bitcoin in 2017, at dirty cheap prices from $ 0 to $ 700. Now that Bitcoin is touching long -term highlights, they cash.
Joao Wedson from Alphractal also shared that whales between $ 105,000 and $ 100,000 sell. His graphs show to build up sales pressure, where the buy/sell ratio becomes negative. This means that more people sell than buy, adding extra weight to the market.
Bitcoin ETF -Inflow slows down
Another reason why the market is down is the delay in Bitcoin ETF intake. Recently these ETFs had Outflow of around $ 1 billionAnd only this week about $ 267 million has been pulled out.
Although there was a smaller inflow of $ 87 million yesterday, mostly driven by BlackRock’s buy-in $ 284 million, it was not enough to compensate for the losses.
Historically, when ETF inflow slows down, the price of Bitcoin tends to feel the pressure. Only a few weeks ago the daily inflow of $ 1.5 billion came, but now that is not the case.
Altcoins also feel the heat
It is not only Bitcoin who feels the heat. Ethereum is usually flat at $ 2,612, while Solana fell 2.6% to $ 152.5. Other popular altcoins such as XRP, Dogecoin and Cardano have also taken a hit, which each loses 3% to 5% in the last 24 hours.
All in all, the Crypto market is in a cautious phase because whales take a profit and delay ETF inflow.