The crypto market is still searching for a bottom. Over the past 24 hours, Bitcoin temporarily fell to USD 62,000, declining by 0.7% on the day. Compared with the previous week, the largest cryptocurrency has therefore lost almost 5%.
Losses among many altcoins are even more pronounced. Ethereum is down 2.2%, falling below USD 1,700 and losing around 7% week-on-week. XRP and Dogecoin have each declined by about 9% over the same period, while Solana is down roughly 5%. Hyperliquid is among the weakest performers, with a 16% drop. Total crypto market capitalisation is down 1% today to USD 2.24 trillion, while the Fear and Greed Index remains at 23 points, indicating “extreme fear.”
ETF outflows weigh on the market
The weak price performance is being reinforced by a slowdown in Bitcoin ETF demand. Net outflows over the past 30 days have now exceeded USD 6 billion, another sign that institutional investors are currently reducing their positions.
Attention is now turning to the expiration of crypto options on Friday. Contracts worth more than USD 10 billion are set to expire on the Deribit derivatives exchange alone. Such events often lead to increased volatility. If Bitcoin falls below USD 60,000, selling pressure could intensify further.
Conclusion
The crypto market remains under pressure amid substantial ETF outflows and weak sentiment, while Friday’s large options expiry could trigger sharper volatility. A drop below USD 60,000 would increase the risk of a deeper correction across Bitcoin and major altcoins.
The decline in Bitcoin, Ethereum, XRP, Solana, and other major cryptocurrencies may create opportunities to buy digital assets at more attractive prices. However, persistent volatility, ETF outflows, and the upcoming options expiry require a cautious approach when choosing an entry point.
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