10x Research: The selling pressure caused by the large-scale unlocking of altcoins is dragging down Bitcoin

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Odaily2024/06/18 04:00

By:Odaily

10x Research said in its market analysis report that last week was a critical moment for the cryptocurrency market and one of the most critical weeks in 2024.

Cryptocurrencies, especially altcoins, have fallen sharply. It is difficult for the market to digest the large amount of token unlocking of Aptos $97 million, IMX $51 million, STRK $75 million, SEI $62 million, ARB $90 million, APE $18 million and UNI $90 million, totaling $483 million.

Early investors and venture investors seem to be under pressure to cash out, and these token flows are dragging down Bitcoin.

Bitcoin miners have begun to sell their Bitcoin inventory, and the ETH balance on exchanges has increased significantly by $2.5 billion, which was previously associated with potential selling pressure. Despite improved inflation data,

Bitcoin ETFs saw significant outflows ($660 million on average over 5 days) as the overall net outflow across all sectors (stablecoins, leveraged futures, ETFs, etc.) was $2.4 billion, the third week of declining net flows since the launch of the ETF in January 2024.

As SOL-USDT breaks below key trend levels and support lines, SOL may face more downward pressure, with some analysts pointing to a possible drop to $100.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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