WASHINGTON (dpa-AFX) - Bitcoin slipped from the record highs touched on Monday amidst profit booking that followed the digital asset's amazing price trajectory over the past few days. Sell-off fears sparked by whale activity in dormant wallets, event-driven caution ahead of the vote on key crypto legislations, anxiety ahead of the release of consumer price inflation data from the U.S., decline in inflows to Bitcoin Spot ETF products in the U.S., all contributed to the decline in Bitcoin prices.
Reports of a Satoshi-era Bitcoin whale moving Bitcoin worth $2 billion spooked market sentiment, triggering liquidations.
A sell-the-news type reaction in crypto markets was also witnessed as key crypto legislations progressed. The GENIUS stablecoin bill, the Clarity bill, as well as the anti-CBDC surveillance bill are all expected to make legislative progress in what has been dubbed as the Crypto Week.
Data to be released by the U.S. Bureau of Labor Statistics on Tuesday morning is expected to reveal an uptick in consumer price inflation during the month of June. Headline annual inflation is seen rising to 2.7 percent from 2.4 percent in May. The core component thereof is seen rising to 3 percent from 2.8 percent earlier. One a month-on-month basis, headline inflation as well as core component is seen increasing to 0.3 percent from 0.1 percent in the previous month. Amidst fears of sticky inflation, markets overwhelmingly expect the Fed to hold rates steady in the FOMC review scheduled for the end of the month.
Data to be released by the U.S. Bureau of Labor Statistics on Wednesday morning is expected to reveal an uptick in producer price inflation also during the month of June.
The softening in ETF flows also mellowed sentiment. Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $297 million on Monday, sharply lower than $1,030 million seen on Friday and $1,176 million recorded a day earlier. iShares Bitcoin Trust (IBIT) recorded inflows of $395 million whereas Ark 21Shares Bitcoin ETF (ARKB) recorded outflows of $100 million.
Amidst the sudden change in sentiment, overall crypto market capitalization has dropped 3.75 percent overnight to $3.67 trillion. It had touched a high of $3.82 trillion on Monday coinciding with Bitcoin's surge to a fresh all-time high. Only 3 cryptocurrencies among the top 100 are trading with overnight gains of more than a percent.
Meme category cryptos lost heavily, erasing market capitalization more than 6.5 percent on an overnight basis. Cryptocurrencies in the AI & Big Data space also declined 4.6 percent.
With the decline in market capitalization, Bitcoin slipped to the 6th position and Ethereum to the 30th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. The CMC Crypto Fear and Greed Index however remains steady at 70, implying a state of 'Greed'.
At its current trading price of $116,903.43, Bitcoin has slipped 4.2 percent overnight but is still holding on to gains of 7.8 percent in the past week and 11.4 percent over the past 30 days. Year-to-date gains exceed 25 percent. The leading cryptocurrency with an overall market share of 63.4 percent traded firmly above $116,373 during the past 24 hours.
Ethereum lost 2.5 percent overnight to trade at $2,977. Ether has however added 16.6 percent in the past week. Losses in 2025 have increased to a little more than 10.5 percent. Ether's current trading price is 39 percent below its all-time-high. The 24-hour trading range was between $3,080 and $2,934.
Ethereum-based Spot ETF products however witnessed inflows rising to $259 million from $205 million on Friday. iShares Ethereum Trust (ETHA) topped with inflows of $151 million followed by Grayscale Ethereum Mini Trust ETF (ETH) that clocked inflows of $44 million.
3rd ranked XRP erased 3.1 percent overnight to trade at $2.89, around 25 percent below the all-time high. 5th ranked BNB shed 3.8 percent overnight at its current trading price of $678. The price of 6th ranked Solana decreased 4.9 percent overnight to $159.59. Dogecoin, ranked 8th rank overall recorded an overnight loss of 8.1 percent. 9th ranked TRON slipped 1.97 percent overnight and is currently changing hands at $0.2974. 10th ranked Cardano dropped 3.4 percent overnight to trade at $0.7326.
42nd ranked Bonk (BONK) topped overnight gains among the top 100 cryptocurrencies with a gain of 5.7 percent. 50th ranked Pudgy Penguins (PENGU) followed with gains of 4.3 percent.
99th ranked MemeCore (M) declined 28.8 percent followed by 47th ranked Pump.fun (PUMP) that slipped 23.7 percent.
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