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DOGE, SOL, XRP and ADA Tumble as Bitcoin Price Falls Back Into $97K Range
- Bitcoin and major cryptocurrencies are losing momentum, with significant declines across the board, including a 22% drop for Worldcoin.
- Memecoins like Popcat and Peanut the Squirrel also faced sharp declines of around 20%.
- Despite less severe losses, Bitcoin remains below US$100k, trading at US$97,484; Ethereum is down 7%.
- Large Bitcoin outflows from Coinbase indicate strong institutional demand, while Bitfinex notes market stabilisation signs.
Bitcoin and most major crypto assets are struggling to keep momentum up, as several of them are in the red. Some coins have crashed by 20% and more, Worldcoin (WLD) for example is down 22% in the past 24 hours, closely followed by Monero (XMR) with 21%.
Major Memecoins in Massive Landslide
Memecoins Popcat on SOL (POPCAT) and Peanut the Squirrel (PNUT) are down 20.8% and 20.5% respectively.
Related: US Bitcoin ETF Holdings Overtake Satoshi’s Stash as World’s Biggest at 1.1M
And even the big guys have booked losses, with XRP and Cardano (ADA) both down around 15%, closely followed by Dogecoin (DOGE) and Solana (SOL) which are down 11% and 8% respectively.
Bitcoin (-3.7%) and Ethereum (-7%) have suffered less severe losses, with Bitcoin firmly below the US$100k, trading for US$97,484 (AU$151,435) at the time of writing.
The flash crash liquidated over half a million traders with a total US$1.71 billion (AU$2.65 billion) wiped out, as per Coinglass. Binance, OKX and Bybit were the exchanges with the highest liquidation volumes.
Large Outflows Show Strong Demand, Say Analysts
Despite the hopefully short-lived crash, analysts at CryptoQuant had some encouraging news. In a recent note, they highlighted that 8,455 BTC have been taken off the Coinbase Advanced Exchange, in a single block, notably. They highlighted how this points to accumulation by whales, which appears to be becoming a more frequent event.
This significant outflow highlights growing interest in Bitcoin, particularly among large-scale investors. Events like this are becoming more frequent, signaling strong institutional demand.
CryptoQuant Meanwhile, Bitfinex analysts believe there are some signs the market is stabilising, as several indicators normalise or turn positive. In a note to investors, they wrote that the “Realized Profit metric, which peaked at $10.5 billion daily, has fallen to $2.5 billion”, which eases sell-side pressure.
They added that “futures funding rates have also normalised”, indicating that there is less speculative leverage in the market.
Related: Trump Taps Tech Titan David Sacks as White House AI & Crypto Czar in Bold Policy Shift
The US Spot Bitcoin exchange-traded funds (ETFs) have become another point of support for BTC. And although Monday saw net negative flows to the tune of US$90.5 million (AU$140.6 million), that number is dwarfed by the whopping weekly total inflows of last week, with US$2.7 billion (AU$4.2 billion).
This shows continued support by the ETFs, or as Bitfinex put it, they “remain a critical source of support amid ongoing long-term holder profit-taking”.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
