Crypto Market Today: What’s Next for ETH, XRP, and SOL as Bitcoin Stalls Near $113K Amid ETF Outflows and Macro Pressures
AI Summary
Cryptocurrency markets remain cautious as Bitcoin struggles to hold above $115,000, ETF outflows mount, and investors await Federal Reserve Chair Jerome Powell’s upcoming speech at the Jackson Hole Economic Policy Symposium. The broader market is showing signs of weakness, influenced by macroeconomic headwinds and equity market pressures.
Bitcoin’s Struggle and ETF Outflows
- Bitcoin Price Action: BTC traded near $113,700 on Thursday, failing to sustain a rebound above the key resistance at $115,000, capped by the 50-day moving average. This resistance highlights ongoing market fragility.
- Market Capitalization: The total crypto market cap rose marginally by 1% to $3.86 trillion, which analysts interpret as a temporary bounce rather than a sustained recovery.
- ETF Outflows: Bitcoin ETFs saw significant net outflows over three consecutive days—$523 million on August 19, $311 million on Wednesday, and $192 million on Thursday. Ether ETFs also experienced over $500 million in outflows during the same period.
- Reason for Outflows: Analysts attribute these withdrawals to profit-taking and liquidations following Bitcoin’s record highs earlier in August.
Alex Kuptsikevich, chief market analyst at FxPro, noted, “The technology sector in traditional financial markets remains under pressure, dampening the mood of cryptocurrency buyers. Bitcoin’s unsuccessful attempt to return above $115K only highlights the market’s weakness.”
Ethereum $ETH and On-Chain Metrics
- Price and Performance: ETH traded at $4,289, up slightly by 0.4% on the day but down over 7% from recent highs.
- On-Chain Activity: Active Ethereum addresses have dropped 28% since July 30, signaling softer retail participation.
- Analyst View: The decline in active addresses could limit near-term upside for ETH, even if Bitcoin stabilizes.
XRP and Solana (SOL) Follow Bitcoin’s Lead
- Price Movements: XRP slipped to $2.87 and $SOL to $183,
