According to BlockBeats, 10x Research pointed out in its market analysis report that last week was a critical moment in the cryptocurrency market and one of the most critical weeks in 2024. Altcoins have fallen sharply, and the market has difficulty digesting the unlocking of a large number of tokens such as Aptos, IMX, STRK, SEI, ARB, APE and UNI (a total of US$483 million). Early investors and venture investors are under pressure to cash out, and these token flows are dragging down Bitcoin.
Bitcoin miners have begun selling their Bitcoin inventory, and ETH balances on exchanges have increased by $2.5 billion, which is related to potential selling pressure. Despite the improvement in inflation data, Bitcoin ETFs have seen large outflows ($660 million on a 5-day average) as the overall net outflow across all sectors (stablecoins, futures leverage, ETFs, etc.) was $2.4 billion, the third week of declining net flows since the launch of ETFs in January 2024.
Additionally, as SOL-USDT falls below key trend levels and support lines, SOL may face more downward pressure, with some analysts pointing out that it could fall to $100.