Bitcoin Dives to Four-Month Low Amid Crypto Selloff

Crypto Market Cap Dips 4% Amid Double-Digit Losses for Ether and Solana

The global cryptocurrency market capitalization has seen a 4% decline over the past 24 hours, now standing at $2.26 trillion. This downturn coincides with significant weekly losses for major digital assets, with Ether and Solana posting double-digit drops.

Bitcoin experienced a sharp fall on Sunday, reaching a four-month low near $62,000 before staging a partial recovery. According to CoinGecko, Bitcoin (BTC) touched a 24-hour low of $62,080.91 on Sunday, its lowest point since July. While the cryptocurrency later rebounded above $65,000, it remains down approximately 15% over the last seven days.

The selloff was not confined to Bitcoin. Data from CoinGecko indicates that Ether (ETH) has fallen 19.5% in the past week, while Solana (SOL) has seen a 20.7% decrease. The overall value of the cryptocurrency market has contracted by about 4% in the last 24 hours, settling at $2.26 trillion.

Market sentiment has also soured considerably. The Crypto Fear & Greed Index, a measure of market sentiment, dropped to 10 on Sunday, down from 13 on Saturday and 20 on Friday. This places the index firmly in the “extreme fear” territory, according to Alternative.me.

This latest market correction follows a significant slide on Friday, when Bitcoin fell below the $70,000 mark. Analysts have attributed the decline to weakening investor sentiment, concerns over institutional outflows, and tightening liquidity conditions.

The recent outflows from U.S. spot Bitcoin exchange-traded funds (ETFs) have been a notable factor. These funds recorded net outflows totaling $2.35 billion over two consecutive weeks. The week ending November 13 saw outflows of $1.07 billion, following $1.28 billion in the preceding week. BlackRock’s iShares Bitcoin Trust, in particular, extended its streak of outflows to 11 trading sessions on Friday.