The cryptocurrency market experienced a downturn, as the global market capitalization fell by 1.0% to $3.74 trillion. The trading volume in the last 24 hours saw a minor dip, reaching $238 billion. In the latest market update, eight of the top ten cryptocurrencies by market cap have experienced declines in the past 24 hours, highlighting the persistent weakness in key assets. Bitcoin saw a dip of 0.8%, currently trading at $107,735, while Ethereum dropped by 1.5% to $3,831. Binance Coin saw a decline of 0.9%, settling at $1,068. Other notable cryptocurrencies such as Solana and XRP also faced declines, with Solana dropping 0.7% to $184.92 and XRP decreasing 1.4% to $2.40. In contrast, Lido Staked Ether emerged as an exception, rising by 1.0% to $3,828.
In a significant move, early Bitcoin whale Owen Gunden has captured attention by transferring 364 BTC, which is approximately valued at $40.25 million, to the Kraken exchange. In the midst of this notable shift, Gunden maintains a considerable stash of Bitcoin, amounting to 10,959 BTC, which is currently valued at approximately $1.19 billion. In the latest updates from the crypto market, reports indicate that the US and India are approaching the final stages of a major trade agreement. This agreement, expected to be unveiled at the ASEAN Summit, could significantly reshape global trade dynamics by slashing tariffs on Indian exports to the US from 50% to 15%.
The current sentiment in the crypto market is significantly swayed by fear, highlighted by the Crypto Fear and Greed Index dropping to 29. This decline from a previous level of 33 suggests a growing caution among traders. Unlike the neutral figure of 47 recorded last month, the current sentiment reveals an increase in market uncertainty. Amidst the market downturn, US spot Bitcoin ETFs saw a remarkable surge in inflows, recording a daily net influx of $477.19 million. BlackRock’s iShares Bitcoin Trust led the pack with an impressive $210.9 million in inflows, followed closely by notable players such as Ark 21Shares and Fidelity’s Wise Origin Bitcoin Fund.
In a similar vein, US spot Ethereum ETFs saw a significant inflow of $141.66 million, propelled by Fidelity’s FETH and BlackRock’s ETHA, indicating a revival of investor enthusiasm. In a notable development, retail chain Bealls has initiated the acceptance of cryptocurrency payments at its 660 locations across the US, thanks to a collaboration with Flexa.