Bitcoin Drops to $61K Amid Major Outflows and ETF Adjustments

Bitcoin has dropped to $61,000 due to significant outflows and ongoing adjustments in Bitcoin ETFs. Today’s market volatility has impacted not only Bitcoin but also altcoins, which followed the broader market trend. However, EIGEN and FTT stood out as top performers despite the overall downtrend.

Bitcoin Falls to $61K Amid ETF Outflows

The value of Bitcoin dropped to $61,000, triggered by large outflows from Bitcoin Exchange-Traded Funds (ETFs). As of October 1st, the outflow amounted to approximately $242.53 million. Despite the dip, Bitcoin still maintains a significant dominance, rising 0.4% in the last 24 hours, reaching a market dominance of 56.31%. Bitcoin’s current market cap is estimated at $1.22 trillion, reflecting the overall bearish trend in the crypto sector.

Impact on Major Cryptocurrencies

Following Bitcoin’s lead, Ethereum (ETH) dropped by more than 5%, trading at around $2,491. Other major cryptocurrencies, such as Solana (SOL) and XRP, also experienced declines, with their values falling by 5% and 3% respectively in the past 24 hours. This bearish trend was also evident in Ethereum ETFs, which recorded outflows of $48.52 million.

Altcoins and Meme Coins: Performance Overview

Altcoins like Solana and XRP mirrored the overall market downtrend, with Solana trading at $147 and XRP at $0.6019. Meme coins like Dogecoin and Shiba Inu also saw significant losses, dropping by approximately 8% over the past 24 hours. Other altcoins, such as PEPE, WIF, and BONK, fell between 2% and 9%.

Top Performers of the Day

Despite the bearish sentiment, some cryptocurrencies emerged as top performers. FTX Token (FTT) surged by nearly 13%, trading at $2.15. Similarly, EigenLayer (EIGEN) saw a price increase of over 10%, currently trading at $4.09. Other notable gainers included Wormhole (WORM), which rose by 4% to $0.3208, providing investors with some optimism in an otherwise gloomy market.

Biggest Losers of the Day

Among the biggest losers were Starknet (STRK), which fell by nearly 15%, trading at $0.3931. Injective (INJ) also experienced a 14% drop, now valued at $20.99. Arweave (AR) similarly declined by 14%, currently trading at $19.72. These losses highlight the volatility and uncertainty in the crypto market.

In summary, today’s crypto market experienced significant volatility, with major outflows and falling prices dominating the landscape. While Bitcoin and Ethereum saw considerable losses, EIGEN and FTT defied the trend and emerged as top performers. Investors are advised to remain cautious and closely monitor the market as this period of fluctuation continues.

Bitcoin, Ethereum, ETF outflows, altcoin performance