BroadChain Financial learned that on June 18th, 10x Research stated in its market analysis report that last week was a crucial moment for the cryptocurrency market and one of the most critical weeks of 2024.
Cryptocurrencies, especially altcoins, have experienced a significant decline. The market struggled to absorb a large number of token unlocks, totaling $483 million, including Aptos at $97 million, IMX at $51 million, STRK at $75 million, SEI at $62 million, ARB at $90 million, APE at $18 million, and UNI at $90 million.
Early investors and venture capitalists seem to be facing pressure to cash out, with these token flows dragging down Bitcoin.
Bitcoin miners have begun selling their Bitcoin inventory, and the Ethereum balance on exchanges has increased significantly by $2.5 billion, which is related to potential selling pressure.
Despite some improvement in inflation data, there has been a significant outflow from Bitcoin ETFs (an average outflow of $660 million over 5 days). Overall net outflows across various sectors (stablecoins, futures leverage, ETFs, etc.) totaled $2.4 billion, marking the third consecutive week of net outflows since the launch of ETFs in January 2024.
Furthermore, with SOL-USDT breaking key trend levels and support lines, SOL may face further downward pressure, with some analysts suggesting it could drop to $100.
