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Crypto assets are on a sharp downward trend as Bitcoin reached lows not recorded in months. The lowered price of Bitcoin and other crypto assets has led to bearish projections from market analysts. Similarly, traders have sold assets to hedge their positions while high liquidations are recorded. Coinglass data shows a total of $339 million was liquidated in the last 24 hours.
This brings the total market cap to $2.03 trillion, down 3.6% today with Bitcoin touching $55,000 as ETF holdings stand in the balance. These sentiments sparked by macroeconomic factors are projected to last a while by some analysts. Although some meme coins show 50X potential amid the crash, inflows remain a shadow of the previous month.
Market Traders Point Lower
Traders have expressed views on the state of the market in the last 24 hours. Peter Schiff warned Bitcoin hodlers on a bear market after the price plunged to $53,550 marking a 27.5% drop from its all-time high above $73,000. He explained that with a price of $54,000, 70% of ETF holders are recording losses.
Furthermore, Schiff predicted more outflows for crypto assets should the price of Bitcoin plummet to $38,000 as all ETF holders will be in the red zone. Other crypto assets have marked loss outflows as the bearish sentiment bites harder.
“Ethereum is also breaking key support. It’s trading below $2,900, down 30% from its March high. I think a crash down to $1,500 is coming. It looks like those buying the #Ether ETF rumors couldn’t wait for the fact to sell.”
Outflow To Affect Crypto Assets
Other market commentators wrote on X (formerly Twitter) that daily outflows from Bitcoin ETFs and macro conditions in the United States market will affect the asset’s price. This week daily exits from Bitcoin ETF products are over $15 million while reserves fell to $14.6 billion. US macro conditions affected the market as investors flagged signs of slower rate cuts after comments by Fed Chair, Jerome Powell.
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