Bitcoin hovers near $80,000 and Ethereum at $2,370 as macro uncertainty and weak institutional flows weigh on crypto markets
In recent developments, Bitcoin has dropped to roughly $80,685, while Ethereum hovers around $2,370 due to various market influences. Major altcoins such as XRP and Dogecoin have also experienced dips, some decreasing by 2.2%. A noticeable decline in institutional interest is evident, with substantial outflows from Bitcoin and Ether ETFs. Both Bitcoin and Ethereum are facing challenges sustaining…
Bitcoin is trading near $80,000 and Ethereum hovers around $2,370 as macro uncertainty and weak institutional flows are affecting the crypto markets. The cryptocurrency was trading at $80,685 in the past 24 hours, with Bitcoin down 1.2% and Ethereum down 1.1%. Major altcoins like XRP, Solana, Hyperliquid, Dogecoin, and Cardano saw corrections of up to 2.2%, while BNB and Tron rose by 0.1% and 0.2% respectively.
Research Analyst Riya Sehgal from Delta Exchange attributes the pullback to a mix of macro uncertainty, reduced institutional flows, and leveraged positioning. In the U.S., spot Bitcoin ETFs recorded a net outflow of approximately $636 million, while Ether ETFs saw around $111 million leave the products, indicating weaker near-term institutional demand.
The global crypto market capitalization declined by 0.8% to $2.80 trillion, according to Coinmarket cap data. Over the past week, Bitcoin experienced a 0.8% drop, and Ethereum declined by 1.8%. Among major altcoins, XRP, Solana, Tron, Dogecoin, Hyperliquid, and Cardano declined by up to 5.7%, while BNB gained 2.5%.
WazirX Founder Nischal Shetty remarked that the crypto markets had an uneven week, with a brief recovery followed by renewed selling pressure. Bitcoin was near $83,460 on October 22 before falling to around $81,198. Ethereum also weakened from approximately $2,452 to $2,388, dipping below the psychological $2,400 level. Shetty noted that the pullback aligned with the weakness in US equities, and upcoming concerns for the week include energy prices and ETF flows.
Persistently high oil prices could complicate inflation expectations and undermine hopes for monetary easing.
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