Tuesday, 02 January 2024 12:17 GMT

Ripple's XRP Leads Crypto Selloff As Bitcoin Struggles To Hold $105,000


(MENAFN- AsiaNet News)
  • Bitcoin futures trading has stayed quiet since October's leverage wipeout, according to on-chain analysis firm Glassnode.
  • Glassnode said there are limited signs of new speculative positions, and derivatives activity continues to slow.
  • Bitcoin spot ETF inflows remain subdued, while Solana ETFs continued to see inflows.

Ripple's native token XRP (XRP) led the decline among major tokens as Bitcoin (BTC) and the rest of the cryptocurrency market struggled to hold onto their weekend gains.

XRP's price fell more than 3% in the last 24 hours as the altcoin slipped under the $2.50 mark. On Stocktwits, retail sentiment around the cryptocurrency continued to trend in 'bullish' territory as chatter increased to 'high' from 'normal' levels over the past day. 

Bitcoin Futures Stay Quiet After October's Flash Crash

Bitcoin's price fell 0.9% in the last 24 hours, trading at around $105,000. Retail sentiment around the apex cryptocurrency dipped to 'neutral' from 'bullish' as chatter also slowed down to 'normal' from 'high' levels over the past day. 

The overall cryptocurrency market fell 1.3% in the last 24 hours, settling at a market capitalization of $3.6 trillion. CoinGlass data showed that around $373 million in leveraged bets were wiped out in the last day, with $245 million coming from long liquidations and $128 million from short positions. 

According to on-chain analysis firm Glassnode, Bitcoin futures trading activity remains quiet after a big wave of leveraged bets was wiped out in October. There's little sign that traders are taking new speculative positions, and overall derivatives trading has slowed, reflecting weak market sentiment.

ETF Inflows Slow, Solana Remains the Outlier

Inflows into Bitcoin spot exchange-traded funds (ETFs) remained weak, with only $1.15 million recorded on Monday. Ethereum (ETH) spot ETF flows were flat, mirroring trends in Hedera (HBAR) ETFs. "This trend points to a broader de-risking phase among ETF investors," Glassnode said. Solana (SOL) spot ETFs, however, continued to see positive inflows despite price weakness. 

Ethereum's price fell 1.6% in the last 24 hours, with sentiment on Stocktwits turning 'bearish' from 'neutral' territory over the past day. Solana's price declined roughly 3% in the same period, though sentiment improved to 'bearish' from 'extremely bearish' over the past day the equities side, shares of Strategy (MSTR), the largest corporate holder of Bitcoin, edged 0.75% lower in pre-market trade. Meanwhile, shares of Ethereum-backed digital asset treasury (DAT) firm Bitmine Immersion Technologies (BMNR) gained 1.14% higher. Crypto-exchange Coinbase (COIN) dipped almost 1%. 

Read also: CoreWeave Stock Slides After Guidance Cut - But Retail Traders Sniff 'Generational' Buying Opportunity

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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