A broad wave of institutional selling has pushed Bitcoin and other cryptocurrencies sharply lower. As of 8:00 a.m. on the 30th, CoinMarketCap showed Bitcoin at $84,426, down 5.40% from 24 hours earlier. Earlier, Bitcoin had fallen to $83,250, with the $84,000 level breached.
Ethereum, the second-largest by market cap, is down 6.58% to $2,816. Binance Coin, the fourth-largest, fell 4.15% to $865, and XRP dropped 5.56% to $1.80.
CoinMarketCap attributed the declines to large-scale outflows from spot Bitcoin ETFs. Over the past five days, major Fidelity- and BlackRock-led funds pulled $11.37 billion, signaling institutional exit from the crypto space. This wave of selling appears to have sparked broader retail selling as a result.
Leave a Reply