Why did the altcoins fall collectively? 🤷
Last week was one of the important turning points in the cryptocurrency market, especially the altcoin prices fell sharply.
The market had difficulty digesting the huge token unlocking of a series of projects, totaling $483 million, including Aptos ($97 million), IMX ($51 million), STRK ($75 million), etc. Early investors and venture capital institutions seem to be under pressure to cash out, causing the overall market to fall and dragging down Bitcoin prices.
Early investors and venture investors seem to be under pressure to cash out, and these token flows are dragging down Bitcoin.
Bitcoin miners have begun to sell their Bitcoin inventory, and the ETH balance on the exchange has increased significantly by $2.5 billion, which was previously associated with potential selling pressure.
Despite improved inflation data, Bitcoin ETFs have seen a large outflow (average outflow of $660 million in 5 days), as the overall net outflow of various fields (stablecoins, futures leverage, ETFs, etc.) was $2.4 billion, which was the third week of net flow decline since the launch of the ETF in January 2024.
Additionally, as Solana’s trading pair against USDT falls below key trend lines and support levels, the token could face further downside pressure.
