Bearish sentiment prevails as BTC price falls below $67,000, ether (ETH) drops: Crypto Markets Today
Bitcoin and ether extended their declines, pushing BTC below $67,000 and ETH below $2,000, while crypto stocks also fell.Summary
Bearish sentiment is dominating the crypto market as Bitcoin (BTC) fell 2.4% to around $66,900 and Ether (ETH) dropped 2.7% below $2,000, leading the broader CoinDesk 20 index down 3.7%. This decline negatively impacted crypto-related stocks like Coinbase and Robinhood. Derivatives data show intensifying deleveraging in BTC futures, with negative funding rates on major exchanges and falling open interest, signaling cooling institutional demand and defensive positioning, as evidenced by elevated options skew.
In contrast to crypto, gold and silver rallied following weaker-than-expected U.S. retail sales data, which weakened the dollar and lowered Treasury yields, increasing expectations for Fed rate cuts. Meanwhile, onchain lender Spark debuted new institutional products, Spark Prime and Spark Institutional Lending, designed to bridge offchain assets with DeFi markets, managing over $9 billion in stablecoin liquidity, causing its native token SPK to outperform.
Fundstrat's Thomas Lee suggested investors view the sell-off as a buying opportunity, though he noted Ether might need a brief dip below $1,800 for a sustained recovery.
(Source：CoinDesk)