Crypto Markets Show Signs of Weakness Despite Sustained Institutional Demand

Crypto markets have shown signs of weakness despite sustained institutional demand for Bitcoin and Ethereum spot Exchange-Traded Funds (ETFs). The largest cryptocurrency, Bitcoin, has declined for a second consecutive day as ETF inflows show signs of tapering. Meanwhile, Ethereum's recovery has lost momentum below its 100-day Exponential Moving Average (EMA), while XRP edges down within the $1.10-$1.15 range.

The price analysis suggests that Bitcoin is approaching short-term support at $65,000, with upside resistance remaining firm at $67,000. Altcoins, including Ethereum and Ripple, mirror Bitcoin's neutral-to-bearish tone, testing key support levels at $1,900 and $1.13 respectively.

The Crypto Fear & Greed Index is in Fear territory, indicating a minor drawdown to 31 from 33 the day before. This could negatively impact appetite for risk assets, reducing demand and tailwinds in the broader crypto market.