Hassan Maishera
TL;DR
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BTC has dropped below the $56k level despite a massive ETF inflow on Friday.
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The broader crypto market has shed more than 3% over the weekend.
BTC Stays Below $56k as Bears Remain in Control
The cryptocurrency market was bearish last week and the bearish trend continued over the weekend. Bitcoin dropped to the $53k level for the first time since January 2024 after losing more than 4% of its value over the weekend.
BTC has since slightly recovered and is now trading at $55,632 per coin. Despite its recovery, BTC is still down by 3.4% over the last 24 hours.
The negative performance comes despite a massive ETF inflow on Friday. Data obtained from Farside Investors revealed that US-based bitcoin ETFs saw $143.1 million in net inflows on Friday, the highest level of inflows in at least two weeks.
Fidelity's Wise Origin Bitcoin Fund (FBTC) led the way, with $117.4 million of net new money. Bitwise Bitcoin ETF (BITB), the ARK/21 Shares Bitcoin ETF (ARKB), and the VanEck Bitcoin Trust (HODL) also recorded net inflows on Friday. However, the high fee Grayscale Bitcoin Trust (GBTC) continued to bleed assets.
Bitcoin’s poor performance continues to affect other major cryptocurrencies, with most of them down by 3% or more over the weekend. Ether, the second-largest cryptocurrency by market cap, is down by 3.8% over the last 24 hours and is trading at $2,913.
Dogecoin (DOGE), Toncoin (TON), and Solana (SOL) are down by more than 5% while Cardano (ADA) and XRP have lost 4% of their values over the last 24 hours. With BTC and major altcoins underperforming, the total cryptocurrency market cap now stands at $2.14 trillion, down by 3.8%.
