Crypto Market Downturn: Bitcoin and Ethereum Prices Plummet

The crypto market has been experiencing a downturn in recent days, with the total market capitalization dropping by $150 billion over the past six days. Bitcoin (BTC) and Ethereum (ETH) have both seen significant price drops, with BTC falling to $72,500 due to $1.4 billion outflows from BTC ETFs.

Ethereum has also dropped below $2,000, entering a bearish range according to analyst Ali Martinez, who predicts that ETH could drop to $1,560 if it makes a weekly close below $1,850. The Estimated Leverage Ratio for Ethereum has risen to 0.74, indicating that derivative positioning is driving the price rather than real crypto market demand.

XRP has seen a surge in spot bids, with seven times more bid orders than sell orders according to analyst Dom. However, this is not due to a strong market structure, but rather due to its rival XLM's recent success in tokenizing stocks with the DTCC. The long/short ratio for XRP remains negative, indicating that bears still outweigh bulls despite the rising bids.