TechFlow news, 10x Research stated in its market analysis report that last week was a pivotal moment for the cryptocurrency market and one of the most critical weeks of 2024. Cryptocurrencies, especially altcoins, have seen significant declines. The market struggled to absorb the massive token unlocks totaling $483 million, including $97 million from Aptos, $51 million from IMX, $75 million from STRK, $62 million from SEI, $90 million from ARB, $18 million from APE, and $90 million from UNI. Early investors and venture capitalists appear under pressure to cash out, and this token circulation is weighing on Bitcoin.
Bitcoin miners have started selling their Bitcoin holdings, while ETH balances on exchanges surged by $2.5 billion—previously associated with potential selling pressure. Despite improved inflation data, Bitcoin ETFs experienced substantial outflows (averaging $660 million over five days), as net outflows across various sectors (stablecoins, futures leverage, ETFs, etc.) reached $2.4 billion, marking the third weekly decline in net flows since the launch of ETFs in January 2024.
In addition, as SOL-USDT breaks below key trend levels and support lines, SOL may face further downside pressure, with some analysts suggesting it could drop to $100.
