Bitcoin is down further below $110,000, with analysts warning that there is a risk of deeper cooling.
The crypto market is closing the week with a softer note, with prices falling until Friday, with many of the top 20 assets by market capitalization recording double-digit losses on weekdays.
Bitcoin (BTC) extended its decline today on September 26th, trading at $109,750, falling about 1% on the day, but Ethereum (ETH) fell below $4,000 yesterday, according to data on Defiant’s price page.
Of the top 10 Altcoins except ETH, only Tron (TRX) is up today, with a modest profit of 1%, pushing the price to $0.335. BNB has dropped 4% below $951 and below $951 in the last 24 hours after hitting a new all-time high of $1,079 earlier this week as an activity as a chain’s surge.
Top gains and losers
Solana (Sol) is down 1.8% today and trades at $197, while Sol’s weekly losses are above 18%. Meanwhile, XRP is down 2.4% today and is currently trading at $2.76.
Among the top 100 crypto assets by market capitalization, Plasma’s XPL, launched yesterday alongside the mainnet beta of the protocol, is today’s biggest winner, up 65% to $1.20 over the last 24 hours, while Mantle’s MNT, the next top-gainer, has only grown by 3% in a day.
Among the top losers today, Story (IP) extended a sudden sell-off, dropping by another 10% on Friday after double-digit losses the previous day.
Liquidation, ETFs, and macros
As GlassNode analysts said in their investigation report Thursday, Bitcoin said it “shows signs of fatigue” following a brief rally after the Federal Reserve Conference in September, adding that its $111,000 short-term holder cost base is “a critical level to hold or put deeper cooling at risk.”
They explained that long-term holders “already benefit from 3.4m of BTC,” highlighting the heavy distribution and maturity of the gathering.
“Unless demand from the institution and holders again matches, the risk of deeper cooling remains high, highlighting macrostructures that are increasingly similar to fatigue,” the analyst said.
That fatigue was exacerbated by the liquidation and the Crypto Exchange Sales Fund (ETF) leak as the liquidation and Crypto Exchange Trade Fund (ETF) was settled following a record-breaking liquidation on Monday as the liquidation and Crypto Exchange Trade Fund (ETF) was liquidated over the past 24 hours.
ETH leads wipeouts at almost $280 million, with BTC at $223 million and XPL at $69 million (approximately the same amount of long and shorts), after a brief pressure on $0.70 yesterday.
According to SoSoValue, Spot ETH ETFS saw net leaks for the fourth day in a row. The Spot Bitcoin ETF recorded a $258 million spill on Thursday, overturning a $241 million net inflow from the previous day.
This relocation of investors comes as the Federal Reserve’s priority gauge, new Personal Consumption Expense (PCE) Price Index, PCE data, was released today by the U.S. Bureau of Economic Analysis. Core PCE’s inflation rate was 2.9%, which was inline along with forecasts, but the PCE price index for August rose 0.3% from last month and 2.7% from last August.
As a Coinbase Institutional analyst pointed out in a report on Friday, this week’s data showed stronger growth and stable working conditions than expected, with the market “appearing to surpass the price of the shift.