Crypto Markets Slide on Monday as Bitcoin (BTC) Gets Set to Get Hit With More Wholesale Sell-Pressure

In the past 24 hours, Bitcoin (BTC) has suffered a 3% drop to $58,172, Ethereum (ETH) sank 2.9% to $2,584, Polkadot (DOT) and Solana (SOL) also slipped 2%

Bitcoin (BTC) and other major cryptocurrencies experienced a downturn on Monday as investor concerns regarding increased sell-pressure on Bitcoin gripped the market. In the past 24 hours, BTC slid by 3% to trade at $58,172.

The price movements of other top cryptocurrencies were as follows: ETH decreased by 2.9% to reach $2,584, while Polkadot (DOT) and Solana (SOL) both saw a 2% decline.

Among the top 100 cryptocurrencies, Conflux (CFX) experienced the most significant gain with a 4.5% increase. Toncoin (TON) followed with a 3% gain, and Monero (XMR) also rose by 4%. On the other hand, Dogwifhat (WIF) experienced the steepest decline with a drop of 7%. Helium (HNT) fell by 6%, and Ondo (ONDO) decreased by 5.4%.

According to Arkham Intelligence, the U.S. government transferred nearly $600 million worth of Bitcoin to Coinbase on August 15. This likely indicates that the Bitcoin will be or have been sold, as reported by Scott Johnsson, general counsel at Van Buren Capital, on X.

Data from 21.co shows the US government holding 203,222 BTC, valued at $11.9 billion. The stash includes 69,369 BTC seized from Silk Road, 94,643 BTC seized from the hacker who exploited Bitfinex, and 51,326 BTC seized from James Zhong, who hacked Silk Road.

The ‘Crypto Fear and Greed Index’ by Alternative.me, which gauges market sentiment on a scale from 0 to 100, currently stands at 28, indicating "fear."

Over the last 24 hours, 39,835 traders were liquidated, amounting to $95.01 million in total liquidations, with $18 million of that in long Bitcoin positions, as reported by CoinGlass.

Bitcoin ETFs Outperform Ethereum ETFs

Data from Farside Investors reveals that spot Bitcoin exchange-traded funds (ETFs) recorded a weekly net inflow of $32.4 million from August 12 to 16. In contrast, Ethereum ETFs experienced net outflows totaling $14.1 million during the same period.

Grayscale's Ethereum Trust (ETHE) had one day of zero outflow on August 12, but it still recorded outflows for the week, totaling $118.1 million.

Meanwhile, CoinShares’ head of research, James Butterfill, reported minor inflows into digital asset investment products last week, totaling $30 million. While Ethereum recorded $4.2 million in inflows, Solana faced a record-high outflow of $39 million, reflecting a drop in trading volumes of memecoins that Solana heavily relies on.

The Dollar and Housing Market

The U.S. dollar weakened against the Japanese yen after disappointing housing data. The dollar fell by 0.96% to 147.87 yen, following a two-week high of 149.40. The latest data from the U.S. Census Bureau and the Department of Housing and Urban Development reveals a decline in new residential construction activity for July 2024.

In traditional markets, the S&P 500 and Nasdaq gained less than 1% as investors await Friday’s speech by Federal Reserve Chair Jerome Powell for more insight into potential rate cuts. The minutes from the Fed's latest meeting are also due for release on Wednesday.

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