Although US President Donald Trump has withdrawn the tariffs he had threatened to impose on the European Union (EU), the cryptocurrency market is showing a simultaneous decline as a large amount of funds are flowing out of Bitcoin exchange-traded funds (ETFs) following the president's reversal of position.
According to CoinMarketCap, a global cryptocurrency market monitoring site, at 8:30 AM on the 23rd, BTC was trading at $89,328.94, down 0.62% from the previous day. Ethereum (ETH) is trading at $2,947.43, down 2.07%. BNB is trading at $886.22, down 0.06%, XRP is trading at $1.92, down 1.85%, and Solana is trading at $128.30, up 1.51%.
The domestic market is on the rise. At the same time, BTC was trading at 132.86 million won on Bithumb, up 0.34% from the previous day. ETH was up 0.32% at 4.386 million won, XRP was up 0.28% at 2,854 won, and SOL was up 0.37% at 190,800 won.
Bitcoin recovered above $90,000 the previous day after President Trump declared he would not impose additional tariffs on Europe. As the Greenland crisis eased, the three major U.S. stock markets also closed higher overnight.
However, the cryptocurrency market has taken a downward turn as President Trump's erratic behavior has led to a massive outflow of funds. According to Farside Investor, a UK investment platform, 11 Bitcoin spot ETFs listed on US stock exchanges have seen net outflows for three consecutive trading days. The outflows alone amount to $1.5831 billion (approximately 2.3192 trillion won).
This weakening investor sentiment is also reflected in the fear index. The fear and greed index from cryptocurrency data analysis firm Alternative.me fell four points from the previous day to 20, indicating "extreme fear." A reading closer to zero indicates a weakening investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Park Min-joo
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