Bitcoin Retreats Despite Rate Cut Odds Spike; Ethereum, XRP, Dogecoin Also Slip: Analyst Explains Why ETH’s ‘Boring Phase’ Is Expected to Drag On
Leading cryptocurrencies diverged from stocks on Thursday, as each market gauged the weak jobs data differently.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.22% | $111,246.07 |
| Ethereum (CRYPTO: ETH) |
-2.66% | $4,321.10 |
| XRP (CRYPTO: XRP) | -1.10% | $2.80 |
| Solana (CRYPTO: SOL) | -2.46% | $203.17 |
| Dogecoin (CRYPTO: DOGE) | -1.52% | $0.2146 |
Institutional Interest Wavers
Bitcoin dropped to an intraday low of $109,347.23 in the early trading hours before bouncing back to the mid-$111,00s overnight. The coin’s trading volume was up 11% over the last 24 hours.
Ethereum fell below $4,300 and, unlike its elder sibling, failed to recover meaningfully later in the day. XRP fell 1.10% in the last 24 hours.
Institutional demand tapered, as exchange-traded funds linked to Bitcoin and Ethereum saw outflows of $362.31 million and $316.21 million, respectively, according to data from SoSo Value.
Over $290 million was liquidated from the cryptocurrency market in the last 24 hours, with long-position traders losing $223 million.
Bitcoin’s open interest dropped 1.25% in the last 24 hours. The Puell Multiple indicator, which measures Bitcoin mining pressure, was neutral, suggesting that the market was neither overvalued nor undervalued as of …
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