The fear of further crypto capitulation in the short term is palpable after Bitcoin (BTC) price teased below $59k in the past 24 hours. Despite today’s Bitcoin price rebound above $60k, the flagship coin has consistently closed below the 50 and 200-day Moving Averages (MA) uncovering a significant bearish sentiment.
The total crypto market cap slipped around 2 percent in the past 24 hours to hover about $2.21 trillion on Friday, October 11, during the early Asian session. Consequently, nearly $200 million was liquidated from the entire crypto-leveraged market, mostly involving long traders.
Crypto Whales Flee the Volatile Market
According to on-chain data analysis, more crypto whales have accelerated the rate of taking profit in the recent past, thus weighing down the overall crypto bullish sentiment. For instance, Bitcoin whales have sold over 30k BTCs in the past three days, worth nearly $2 billion.
On Thursday, the US spot Bitcoin ETFs registered a net cash outflow of over $109 million, led by Fidelity’s FBTC. In addition to the expected $1.3 billion Ether selloff by the Chinese government, the Ethereum Foundation and the US spot ETH ETFs have been actively offloading in the recent past.
On Thursday, the US spot Ether ETFs registered a net cash outflow of nearly $15 million.
Brace for More Bearish Volatility
According to market data analysis from Cryptoquant, the use of leverage trading in the crypto space reached a yearly high, suggesting that more investors are making more bets. As a result, market analyst Ali Martinez is convinced of higher volatility in the near term for the entire crypto asset space.
According to veteran trader Peter Brandt, the likelihood of further Bitcoin price drop, despite the Fed rate cut and recent gold pump, has significantly increased after remaining in bearish sentiments for 30 weeks.
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