Crypto Price Today: Bitcoin falls below $41,400; Solana, Avalanche decline over 6%

Cryptocurrency Markets were trading lower in Friday trading on heavy ETF outflows. Bluechip's BTC crypto token fell 3.2% to $41,381 in early trading on Friday, while Ethereum fell 2.5% to $2,467.

"The cryptocurrency market is witnessing an unexpected downtrend as Bitcoin faces selling pressure due to strong outflows from exchange-traded products (ETPs) to new issuers of spot ETFs," said Shivam Thakral, director BuyUcoin executive.

"For example, Blackrock's Bitcoin ETF accumulated $1 billion worth of BTC in just one week, which means there is a large outflow of Bitcoin into such regulated ETFs. We can expect that bitcoin price will increase once this transition cools and investors are done with profit booking," he said.

Other major altcoins, such as Solana and Avalanche, fell more than 6% each. Furthermore, Cardano, XRP, DogecoinPolkadot, Chainlink, Toncoin, Polygon, Internet Computer and Shiba Inu declined.

Meanwhile, Parth Chaturvedi, investment leader at CoinSwitch Ventures, said: “BTC suffered from ‘selling the news’ pressure related to investor activity around spot ETF approvals, leading to its price higher. low in a month. We can expect some volatility in the BTC price for some time. However, ETF inflows and Assets Under Management (AUM) continue to post healthy figures. "Total volume in DeFi is currently $5, 54 billion, 8.49% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now $59.51 billion, representing 91.23% of the total 24-hour volume of the crypto market.

In the last 24 hours, the market capitalization of Bitcoin, the world's largest cryptocurrency, decreased to $812 billion. Bitcoin dominance is currently 49.67%, according to CoinMarketCap. BTC volume in the last 24 hours increased by 32.55% to $26.9 billion. "From a technical point of view, BTC faces a critical challenge to hold the current support at $41,000. A break below this level could signal bearish sentiment, while a successful hold could pave the way for the continuation of a new high "said the CoinDCX research team.

“As for ETH, it remains positioned above the 20 EMA D. To maintain a positive trajectory, ETH needs to stay above $2,400 as falling below this level could introduce a bearish turn,” CoinDCX said.

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