The sluggish performance of the crypto market is continuing today as well. It’s actually getting worse as the BTC price now dipped 3% again today and is trading around $55k.

Ethereum is also down 3.3%, now trading around $2.3k. Seems like Bitcoin ETFs outflows are putting a lot of selling pressure on crypto right now.

The US Spot ETF Net Inflows on September 5, 2024, are recorded at -$211M for BTC and -$0.2M for ETH.

Source: SpotOnChainETF Outflows and Market Trends

The crypto market has been experiencing a persistent downturn, with several key indicators pointing to a bearish trend. The net flow has remained negative for seven consecutive days. This trend is particularly evident in the performance of US Bitcoin ETFs, none of which experienced an inflow yesterday.

One notable development was the massive outflow of nearly $150M from the Fidelity Wise Origin Bitcoin Fund (FBTC). This significant withdrawal has contributed to the overall negative sentiment in the market. Additionally, BlackRock’s iShares Bitcoin Trust (IBIT), a major player in the crypto ETF space, has reported $0 net flows for the past four trading days.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +Show less –

Despite these recent setbacks, it’s worth noting that the cumulative total net inflow after 164 trading days still stands at an impressive $17.06B. This figure suggests that the current market’s downturn can be only temporary.

Stock Market Correlation and Stablecoin Trends

Another factor contributing to the crypto market’s decline is the stock market performance, which continues to plunge as well. For instance, S&P 500 price is down 0.3% today and over 5% this week.

While Bitcoin and altcoins are not doing well, Tether’s market cap is at ATH. This means a lot of traders “ran away” to USDT as they wait for better market conditions. The liquidity is there, just not invested in Bitcoin and altcoins.

Read also: Why Bitcoin (BTC) Price Could Dip Further

Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Visit eToro Now

Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post Why Is The Crypto Market Crashing Today? Bitcoin Price Dips To $55k appeared first on CaptainAltcoin.