According to Mars Finance, 10x Research said in its market analysis report that last week was a critical moment in the cryptocurrency market and one of the most critical weeks in 2024. Cryptocurrencies, especially Altcoin, have fallen sharply. It is difficult for the market to digest the large amount of token unlocking of Aptos $97 million, IMX $51 million, STRK $75 million, SEI $62 million, ARB $90 million, APE $18 million and UNI $90 million, totaling $483 million. Early investors and venture investors seem to be under pressure to cash out, and these token flows are dragging down Bitcoin.
Bitcoin miners have begun selling their Bitcoin inventory, and ETH balances on exchanges have increased significantly by $2.5 billion, which has previously been associated with potential selling pressure. Despite improved inflation data, Bitcoin ETFs have seen large outflows ($660 million on average over 5 days) as overall net outflows across all sectors (stablecoins, futures leverage, ETFs, etc.) were $2.4 billion, the third week of declining net flows since the ETF launched in January 2024.
Additionally, as SOL-USDT falls below key trend levels and support lines, SOL may face more downward pressure, with some analysts pointing out that it could fall to $100.
