Cryptocurrency market prices lost $150 billion in market value in the six days leading up to May 30. The reason for this was that Bitcoin fell to $72,500 due to outflows of $1.4 billion from Bitcoin ETFs. Ethereum price has fallen to $2,000 and is now in a bearish zone.
The price of XRP also fell to $1.27 on Thursday, but has since moved to a price of $1.33, with the order book showing that the number of buy orders is seven times greater than that of sell.
Outflows from Bitcoin ETFs hit $1.42 billion as the cryptocurrency market declines
Data from SoSoValue shows that spot Bitcoin ETFs have lost $1.42 billion since May 25. It recorded ten consecutive days of outflows for the first time since 2024. Even the Morgan Stanley Bitcoin ETF went into negative territory on May 29 for the first time with outflows of $5.26 million.
Vitreous node He explains Institutions are not buying ETFs due to lack of demand from spot traders. She says Bitcoin reaching $80,000 remains a distant dream if there is no one buying BTC on spot exchanges.
But Bloomberg analyst Eric Balchunas points out that Bitcoin’s volatility and correlation are getting closer to gold, and that could bring it back.
“The big money out there (institutions and advisors) are not interested in BTC tech stock returns (they can get that at QQQ et al), they want gold-like returns,” he said.
Latest CoinGape Bitcoin price analysis He also noted that these institutions may be moving from the cryptocurrency market to AI due to the three upcoming IPOs: SpaceX, OpenAI, and Anthropic.
Ethereum enters a bearish range as the chain warns of further decline
Ethereum price fell below $2,000 on May 28, and bulls are struggling to defend this psychological support that could culminate in huge losses if Ethereum moves below it, according to analyst Ali Martinez, who… He said Ethereum price will drop to $1,560 if it closes weekly below $1,850.
CryptoQuant also said that Ethereum’s estimated leverage ratio rose to 0.74 even as the price struggles to stay above $2,000. This means that the price is moving due to derivative positions, and there is no real demand in the cryptocurrency market that can support sustainable gains.
But the funding rate shows that the traders causing this ratio to rise are long, and this creates a bearish divergence because if the price of Ethereum does not rise as they expect, they will start selling.
CryptoQuant also adds that the RSI reading of 31 shows that ETH is in oversold territory, and the long-term price outlook for Ethereum is bearish.
Spot XRP quotes rise
XRP has seven times more bids than offers according to Share X According to analyst Dom, but this has nothing to do with the strong market structure, but rather due to its competitor XLM.
CoinGape reported this XLM rose 33%. Because Stellar works with DTCC to tokenize the stock, which prompted people to buy. XRP and XLM are also trending in the cryptocurrency market a couple of days ago, and this shows that traders are anticipating that XRP may mimic Stellar’s 33% rise.
The long/short ratio of XRP has had a negative reading since May 3, and this shows that bears remain outnumbered by bulls even if quotes rise. It shows that futures traders expect the price of XRP to fall below its price of $1.34 at the time of writing.
But this short bias could cause the price to rise if those holding these positions are squeezed when XRP rises.
