Institutional selling led to a broad retreat across major cryptocurrencies, with Bitcoin dropping 6.32% over 24 hours to $83,768 as of 5:10 a.m. on Jan. 30. Bitcoin’s move to breach the $84,000 level marked its first test since April of last year. Ethereum fell about 7.55% to $2,787, Binance Coin slid 4.97% to $858, and Ripple declined about 6.91% to $1.78. CoinMarketCap attributed the decline to large outflows from spot Bitcoin ETFs as Fidelity- and BlackRock-led funds pulled about $1.137 billion in the past five days.
Following the development, a broad selling pressure among retail investors appeared to spread widely. Prices across the market were dragged lower as a result.
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