Reasons Behind Bitcoin, Ethereum, Solana, and XRP Slipping in Crypto Market Selloff

Reasons Behind Bitcoin, Ethereum, Solana, and XRP Slipping in Crypto Market Selloff

Crypto Market Turmoil: What’s Behind the Downturn?

The cryptocurrency market experienced a significant selloff on Monday, February 12, with major assets like Bitcoin, Ethereum, Solana, and XRP witnessing a downturn in prices. The decline in Bitcoin and Ethereum Options volumes may have contributed to this market turmoil. Bitcoin Options volume dropped from $43.34 billion in January to $11.42 billion, while Ethereum Options volume fell from $20.14 billion to $4.16 billion.

However, Bitcoin Futures Open Interest remained stable, indicating a slight surge over 24 hours. On the other hand, exchanges like Binance and Bybit saw increases in Bitcoin Futures Open Interest, offsetting the losses on the CME Exchange.

XRP and Solana also experienced decreases in Open Interest. Analysts believe that investors are adopting a cautious stance due to upcoming inflation data by the U.S. Federal Reserve. Profit-taking activities after substantial gains have also contributed to the current selloff.

Market Performance

The global crypto market cap has retreated, but the overall trading volume has increased. The fear and greed index suggests a greed sentiment in the market.

As for individual cryptocurrencies, Bitcoin and Ethereum prices have slightly declined over the last 24 hours after recent gains. Solana and XRP prices have also experienced slumps. However, a recent report indicates significant inflows into digital asset investment products, which has propelled total assets under management to the highest level since early 2022.

The spotlight remains on newly issued spot-based Bitcoin ETFs in the U.S., which have seen positive sentiment and significant inflows.

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