During today’s session, we are observing a significant deterioration in sentiment on the crypto market. Bitcoin fell almost 8% from over $99k to $92k today; yesterday, ETF funds experienced record net outflows in months of $438 million. Today’s session, however, is focused on Ethereum, where declines are already reaching almost 6%.
What are the causes of these declines? At the moment, it seems that it is mainly the effect of some investors closing profitable positions. Remember that in just 16 days (since the beginning of November), the price of BTC has jumped by almost 47%. A similar scale of increases was observed on Ethereum.
Source: xStation
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