Yesterday, Bitcoin's fall from $101,000 to a daily low of $93,000 led to $750 million in liquidations and caused the cryptocurrency market to decline by 6.48% (approximately $240 billion). Major cryptocurrencies are starting to recover, with some already posting double-digit price increases. Meanwhile, Bitcoin and Ethereum spot ETFs continue to record positive inflows.
Bitcoin took a big hit in yesterday's trading session, dropping from an opening price of $101,151 for the day to a low of $94,270 in U.S. afternoon trading, before closing at a high of $97,314. With a market power of over 56%, the largest cryptocurrency by market capitalization weighed on the overall market while major altcoins recorded double-digit losses.
However, several major altcoins appear to have found support at the start of US trading today. Ethereum hit an intraday low of $3,506 yesterday and is up 5% from that level at the time of writing, while Solana is up 6.9% from yesterday’s low.
Has the sale ended?
Bitcoin price has fallen to the upper support zone of $97,463, and most of the selling pressure seems to have subsided, but the price is still hovering around support as no decisive initiative buying move has occurred yet. There is.
Open interest has been trending downward since yesterday as more positions were closed due to liquidations and profit taking. However, a clear sign of a resumption of the uptrend is an increase in open interest combined with positive price action, indicating that new positions are being opened.
Ethereum's price movement is similar to that of the second-largest cryptocurrency by market capitalization, which is hovering around support levels, waiting for either a dominant buying action to push the price up or sellers to move the price lower.
Elsewhere, some altcoins have almost completely escaped yesterday's slump and are posting double-digit daily gains at the time of writing. Mantra is a great example, with its price at the time of writing up 14.11% from yesterday's closing price.
Spot crypto ETF inflows remain stable
Yesterday's weakness does not indicate growing bearish sentiment, as inflows into US crypto spot ETFs remain positive. The US Spot Bitcoin ETF recorded inflows of $2.77 billion last week and $483.6 million yesterday.
The Ethereum ETF followed a similar pattern, posting weekly inflows of $836.8 million and $149.8 million yesterday.
Bitcoin is trading at $97,900 at the time of publication, while Ethereum is trading at $3,600.
