Bitcoin and Major Cryptocurrencies Experience Significant Losses

Sharp Declines Across the Crypto Market

Recent market trends have seen Bitcoin and other major cryptocurrencies facing a downturn, with notable declines impacting various assets. Worldcoin, for instance, has witnessed a steep drop of 22%, while memecoins like Popcat and Peanut the Squirrel are down around 20%.

Bitcoin and Ethereum Prices Fall

Bitcoin is currently trading below US$100k at US$97,484, experiencing a 3.7% decrease, while Ethereum has seen a 7% drop in value. Despite these losses, analysts note strong institutional demand, as evidenced by large Bitcoin outflows from Coinbase.

Major Memecoins Struggle Amid Market Turbulence

Memecoins such as Popcat and Peanut the Squirrel have been hit hard, with declines of over 20%. Even established cryptocurrencies like XRP and Cardano are down around 15%, indicating a widespread market correction.

Analysts Highlight Institutional Interest in Bitcoin

The significant outflow of BTC from Coinbase suggests growing interest from institutional investors, pointing towards a strong demand for the digital asset. Meanwhile, Bitfinex experts suggest signs of market stabilization, with key indicators showing positive developments.

ETF Support Amid Market Volatility

US Spot Bitcoin exchange-traded funds (ETFs) continue to provide crucial support for Bitcoin, despite recent negative flows. Weekly inflows totaling US$2.7 billion highlight the sustained backing from ETFs, acting as a buffer against potential sell-offs by long-term holders.