Shiba

Shiba Inu

Spot

<p>The crypto market has not been on a good course in the last 24 hours, with altcoins suffering heavily. The lack of hype and slow price action in <a href="https://captainaltcoin.com/?s=bitcoin&amp;post_type=post" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> could be some of the primary reasons.</p>
<p>Spot ETF approvals, halving and other possible catalysts are now behind us and it looks like traders are missing those in order to start investing more.</p>
<p>BTC price is also nothing short of boring right now, losing $66k yesterday as well, after plunging slowly from the $70k area.</p>
<p>Top coins have almost dropped by up to 10% during this period. The surge in Bitcoin’s and Ethereum’s prices following the approval of Spot ETFs has seemingly cooled down, contributing to the overall market decline.</p>
<h2 class="wp-block-heading" id="etfs-decrease-bitcoin-holdings">ETFs Decrease Bitcoin Holdings</h2>
<p>According to a recent update by <a href="https://x.com/lookonchain/status/1802717525219889262" target="_blank" rel="noopener noreferrer nofollow">Lookonchain</a>, nine ETFs have collectively decreased their Bitcoin holdings by 3,169 BTC, equivalent to approximately $208 million.</p>
<p>Notably, Fidelity has reduced its Bitcoin holdings by 1,224 BTC ($80.34 million) and now holds 171,529 BTC, worth around $11.25 billion. Similarly, Grayscale has decreased its Bitcoin holdings by 936 BTC ($61.4 million) and currently holds 281,212 BTC, valued at approximately $18.45 billion.</p>
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   <p lang="en" dir="ltr">Jun 17 Update:<br><br>9 ETFs decreased 3,169 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>(-$208M).<a href="https://twitter.com/hashtag/Fidelity?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Fidelity</a> decreased 1,224 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>(-$80.34M) and currently holds 171,529 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($11.25B).<a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Grayscale</a> decreased 936 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>(-$61.4M) and currently holds 281,212 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>($18.45B).<a href="https://t.co/ksJTplu1kX" target="_blank" rel="noopener noreferrer nofollow">https://t.co/ksJTplu1kX</a> <a href="https://t.co/hus6XEk96m" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/hus6XEk96m</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1802717525219889262?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 17, 2024</a>
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<p>The substantial reduction in Bitcoin holdings by these major ETFs has likely contributed to the current market downturn, as institutional investors often play a major role in driving market sentiment and price action.</p>
<h2 class="wp-block-heading" id="altcoin-market-faces-brutal-decline">Altcoin Market Faces Brutal Decline</h2>
<p>The recent bloodbath saw Solana dip below the $140 level. Ethereum fell below $3,450 while meme coins, including <a class="wpil_keyword_link" href="https://captainaltcoin.com/shiba-inu-price-prediction/" title="Shiba Inu" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu</a> dropped below the $0.00002 level.</p>
<p>The altcoin market has been hit particularly hard by the recent downturn, with mid-cap and low-cap coins plummeting back to their previous bear market lows.</p>
<p>Despite the brutal scene in the altcoin market, savvy analysts are spotting opportunities amidst the chaos. According to <a href="https://x.com/CryptoAnup/status/1802895327076512253" target="_blank" rel="noopener noreferrer nofollow">Anup Dhungana</a>, the Others.D index, which tracks the performance of altcoins excluding the top 10, is on the verge of retesting a crucial support trendline that marked the bull cycle bottom for altcoins.</p>
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<p>This support trendline has historically served as a key level for the altcoin market, and a successful retest could potentially signal a reversal in the current downtrend. Technically, analysts expect a bounce to occur sooner rather than later from this critical support level.</p>
<p>While the current market conditions may seem grim, experienced investors and analysts are viewing this downturn as an opportunity to accumulate promising altcoins at discounted prices.&nbsp;&nbsp;</p>
<p><strong><em>Read more: <a href="https://captainaltcoin.com/shiba-inu-meme-coin-poised-for-potential-30-rally-ai-predicts-shib-price/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu Meme Coin Poised for Potential 30% Rally, AI Predicts SHIB Price</a></em></strong></p>
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<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-28/" rel="noopener noreferrer nofollow">Why Is the Crypto Market Down Today?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is the Crypto Market Down Today?

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