Crypto markets were shaken, with some altcoins losing more than 10 percent, although one market analyst told Cointelegraph that there was “no clear reason behind the decline in altcoins.”
In the last 24 hours, the total market value of cryptocurrencies decreased by 3.5 percent to 2.46 trillion dollars. According to CoinGecko data, Shiba Inu and Avalanche were the most affected altcoins among the top 20 by market cap on June 17, losing 12.7 percent and 10.6 percent, respectively, during the day. Uniswap (UNI) and Dogecoin also experienced double-digit declines, while Solana fell 9.4 percent. Ripple, on the other hand, was the only cryptocurrency that remained in the green, rising only 0.1 percent.
Bitcoin and Ether decreased by 1.3 and 4.4 percent, respectively, in the last 24 hours.
Henrik Anderrson, chief investment officer of asset manager Apollo Crypto, stated that he could not pinpoint the main reason for the decline in the market, but that the recent decline in interest in spot Bitcoin exchange-traded funds may be responsible for this situation.
Anderrson added: “There is no clear catalyst as far as I can see, but negative BTC ETF flows appear to have led to weakness in underlyings that triggered liquidations by leveraged traders in Bitcoin, Ethereum, and Dogecoin.”
According to data from Farside Investors, spot Bitcoin ETFs have broken out in five of the last six trading days.
Digital asset firm 10xResearch attributes last week's altcoin crash to a decline in spot Bitcoin ETF flows.
“Bitcoin's failure to rally despite weak inflation data was a surprise, but the Ethereum and altcoin collapse was predictable,” commented 10xResearch.
Bitcoin mining stocks are gaining strength
Bitcoin mining stocks have performed strongly in recent weeks, compensating for the loss suffered after the halving in April, an industry analyst said.
“Mining stocks had underperformed due to concerns about post-halving profitability,” Mitchell Askew, principal analyst at Blockware Solutions, told Cointelegraph.
But those concerns have since diminished and mining stocks have stabilized, he said.
Askew also emphasized that Valkyrie Bitcoin Miners exchange-traded fund WGMI has increased by approximately 54 percent since the halving event, which is an indication that market confidence has returned to the mining industry.
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