Why were the markets down at noon today?

The digital asset field suffered a significant decline today, with the overall market shrinking by nearly 3% in 24 hours. Bitcoin, Ethereum and other mainstream cryptocurrencies have collectively plunged, and the market has been searching for the driving force behind them.

There are multiple factors intertwined behind this sell-off. The capital flow of Bitcoin ETF has become one of the focuses. It has turned from net inflows for five consecutive days in the previous period to outflows. In particular, GrayScale’s significant withdrawal of capital may have shaken investor confidence. Coupled with the expiration of a large number of options on Friday, market uncertainty has increased, and traders have adjusted their positions, exacerbating price fluctuations.

Huge options on BTC and ETH are about to expire, and bearish sentiment in the market is rising, further compressing the long space. At the same time, the postponement of the Ethereum ETF, which was originally scheduled to be approved this week, also disappointed market expectations and frustrated investor sentiment.

According to data, the cryptocurrency market has liquidated as much as $120 million in the past 24 hours, involving tens of thousands of traders, showing the intensity of the market sell-off. Although some analysts remain optimistic about the market outlook, short-term risks cannot be ignored.

Performance of major currencies

As of the previous few hours, Ethereum and Dogecoin had fallen by nearly 3% and 1.3% respectively, and BNB was not immune, falling by 2.5%. The market's open interest fell, reflecting investors' cautious attitude.

The cryptocurrency market experienced a sharp decline today, with a combination of factors leading to depressed market sentiment. However, the long-term trend remains to be seen, especially the expected approval of the Ethereum ETF, which may become a catalyst for a market rebound. However, in the short term, investors still need to be wary of market risks and operate with caution.

Finally, if you are a complete novice and you are excited to break into the currency circle after seeing BTC hit a record high, then I suggest you follow me first, learn the knowledge of the currency circle with me, and supplement your basic skills. Only by laying a good foundation can you go further.

#IO #NOT #BOME #BTC #ETH🔥🔥🔥🔥