The crypto market’s squeeze continues, with assets recording double-digit exits. Bitcoin (BTC) and Ethereum’s (ETH) outflows have shaped other assets, heightening sell pressures in the second week. Total outflow has topped $2 billion as the market cap plunged to $3.19 trillion, a 3.8% decline today. Despite this downtrend, crypto users are optimistic about a surge after a slight swing in hourly trading. BTC Whales Sell At A Loss The last seven days have signaled low sentiments following huge crypto whale sales. Lookonchain says significant BTC and ETH holders have sold assets to minimize losses as the market correction bites harder. Bitcoin inflows to centralized exchanges and subsequent sales have plunged its price below the $99,500 mark. Due to outflows, this low price threatens its $90K support at the start of the year. Massive inflows to exchanges highlight a possible sale, increasing the chances of more corrections. This week saw colossal whale BTC sales, most at a loss to avoid stinging liquidations. On-chain data shows that most retail holders sold assets following a correction below $95,000, leaving institutional traders to buy the dip. Massive sales were also recorded from institutional holdings, highlighting the poor weekly run-in of products. BTC price stands at $97,586, a 3% decline in the last seven days. The crash in holdings highlighted a sharp drop in trader settlements, affecting total volumes. Ethereum Price Crashes To $2,600 At the time of writing, the ETH price plummeted to $2,620 as bulls tried to hold the forte. This marks a massive 14% decline since last week and a 3% plunge today. Ethereum’s decline comes amid low sentiment in the crypto and decentralized (DeFi) market. As liquidations exceed $500 million, ETH’s market cap is at $319 billion. Data from Lookonchain shows massive whale offloads with large transfers to Binance. A single trader lost $1 million from three transactions in an attempt to gauge positions. “ Whales are dumping $ETH at a loss! 9 hours ago, 3 wallets(likely belonging to the same whale) sold 10,070 $ETH for 33M $DAI at $3,280, losing $1M. This whale withdrew 24,029 $ETH($81.3m) from #Binance via 10 new wallets 3 weeks ago and currently holds 13,959 $ETH($45.48M),” Lookonchain wrote. This downtrend in Bitcoin and Ethereum has taken its toll on altcoins and meme tokens. The wider market has recorded stinging exits, with some assets posting double-digit outflows.
