Crypto Price Today: Bitcoin falls below $41,400; Solana, Avalanche decline over 6%
Cryptocurrency markets were trading lower in Friday's trade due to heavy outflows in ETFs. Bluechip crypto token BTC fell 3.2% to $41,381 in early trading on Friday, while Ethereum fell 2.5% to $2,467.
«The crypto market is witnessing an unexpected downward trend as Bitcoin faces selling pressure due to heavy outflows from Exchange Traded Products (ETPs) to new spot ETF issuers,» said Shivam Thakral, CEO of BuyUcoin.
«For example, Blackrock’s Bitcoin ETF accumulated $1 billion worth of BTC in just one week, which means there is a heavy outflow of Bitcoin to such regulated ETFs. We can expect the Bitcoin price to rise once this transition cools down and investors are done with profit booking,» he said.
Other major altcoins, such as Solana and Avalanche, fell over 6% each. Also, Cardano, XRP, Dogecoin, Polkadot, Chainlink, Toncoin, Polygon, Internet Computer and Shiba Inu declined.
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View Details»Meanwhile, Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said, «BTC underwent ‘sell the news’ pressure related to investor activity around the spot ETF approvals, leading to its lowest price in a month. We can expect some volatility in BTC’s price for some time. However, the ETF inflows and Assets under Management (AUM) continue to see healthy numbers.»
The total volume in DeFi is currently $5.54 billion, 8.49% of the total crypto market 24-hour volume. The volume of all stablecoins is now $59.51 billion, which is 91.23% of the total crypto market 24-hour volume.
In the last 24 hours, the market cap of Bitcoin, the world's largest
