"Bitcoin ETFs Suffer $80M Loss as DOGE and XRP Drive Major Crypto Market Decline"

Market Overview

Crypto Major Decline

• Dogecoin (DOGE) and XRP led the decline among major cryptocurrencies, with DOGE dropping 5% and XRP falling 4%.
• The overall CoinDesk 20 index (CD20), which tracks large-cap tokens, decreased nearly 2%, while Bitcoin (BTC) lost 1%.

Bitcoin ETFs and Market Impact

ETFs Experience Outflows

• U.S.-listed Bitcoin ETFs witnessed a significant shift, recording a net outflow of $80 million, breaking a streak of inflows that lasted several days.
• Ark Invest’s ARKB ETF saw a record outflow of $134 million.

Investor Sentiment Shifts

• The recent declines followed an inability for Bitcoin to maintain a rally towards the $70,000 mark.
• Stablecoin volumes have plateaued, which could indicate reduced liquidity and buying power in the crypto market.

Market Trends and Predictions

Future Outlook

• Despite the current downturn, traders anticipate Bitcoin could rally towards $80,000, particularly as the U.S. elections approach.
• The defensive action of bears at the $70K level suggests a challenging short-term market environment.

Source: CoinDesk