Bitcoin holds near $80,000 after rejection at $82,500; ETF outflows trigger cautious sentiment
Synopsis
Bitcoin hovers near the $80,000 mark. Experts note cautious sentiment following outflows from US-listed spot Bitcoin ETFs. Major altcoins like XRP, BNB, and Solana saw gains. The global crypto market capitalization increased. Institutional demand continues to support the market. Bitcoin’s resilience near $80,000 indicates underlying strength.
Bitcoin is trading near $80,000 mark after rejection at $82,500 mark and experts believe the sentiment turned cautious after seeing outflows on Thursday. The cryptocurrency was trading at $80,371 mark.
In the past 24 hours, Bitcoin and Ethereum rallied upto 1.14% and 1.95% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Hyperliquid and Cardano gained upto 6.48%.
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Riya Sehgal, Research Analyst, Delta Exchange said Bitcoin stayed mostly flat near the $80,000 mark on Friday after facing rejection around $82,500 and the move also suggests traders are locking in profits following the recent strong rally post which the sentiment turned slightly cautious after US-listed spot Bitcoin ETFs saw net outflows of $268 million on Thursday.
Crypto TrackerTOP COINS (₹) XRP134 (3.16%)BNB61,431 (2.23%)Ethereum218,613 (1.83%)Bitcoin7,575,256 (0.94%)Tether94 (0.02%)
Sehgal further said that Ethereum is witnessing a noticeable change in derivatives positioning, as high-leverage long positions have declined sharply across the market which suggests that many overly bullish trades have either been voluntarily closed or liquidated during recent market volatility.
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The global crypto market capitalisation went up 1.35% to $2.68 trillion, according to .
Sehgal also said that at the same time, rising US government debt continues to support the case for scarce assets like Bitcoin. While stocks and gold remain the go-to choices for many investors, Bitcoin could still benefit from a weaker US dollar environment.
In the past week, Bitcoin and Ethereum gained 2.76% and 0.73% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Hyperliquid and Cardano rallied upto 12.23%.
WazirX Market’s Desk said that crypto markets remained resilient this week despite continued macroeconomic uncertainty and geopolitical tensions and institutional demand continued to support sentiment throughout the week.
Bitcoin’s ability to hold near the $80K mark continues to reflect underlying market strength, WazirX Market’s Desk further said.
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According to Binance Monthly Market Insights, The crypto market rose more than 8% to US$2.6T amid a temporary US–Iran ceasefire. BTC short squeeze drove prices toward US$80K, while the prolonged war continues to fuel stagflation risks. ETF inflows doubled with sentiment in neutral territory.
The report further said that in April, the total cryptocurrency market capitalisation rose more than 8% to US$2.6T, driven by a temporary US–Iran ceasefire, with digital assets showing remarkable resilience amid prolonged geopolitical uncertainty.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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