Cryptocurrency Market Continues Downward Trend Amid Institutional Selling

The cryptocurrency market has been under pressure lately, with Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) experiencing significant losses. According to recent data, institutional investors have been selling off these assets, leading to increased outflows in exchange-traded funds (ETFs).

Bitcoin ETFs saw $396.60 million in net outflows on Thursday, while ETH ETFs recorded $52.94 million in outflows over the same period. In contrast, XRP ETFs showed signs of stabilization, with $3.83 million in inflows after $5.34 million in outflows on Wednesday.

The technical analysis suggests that the bearish trend is likely to continue for these assets. For Bitcoin, the key area to monitor is horizontal support at $60,000, while Ethereum's 50-day EMA near $2,116 and the 100-day EMA around $2,223 represent a sizeable supply zone above current prices.

Ripple has also been experiencing a bearish trend, with its price approaching the February 6 low at $1.1179. A daily close beneath this level could clear the way for a move toward the psychologically important $1.00 level.