#BTC ,#MarketPullback

Bitcoin (BTC) price dropped around 3 per cent in the past 24 hours to trade about $83,719 on Saturday, during the early London session. Ethereum (ETH) price dropped over 2.3 per cent in the past 24 hours to trade at about $1,878 at the time of this writing. Meanwhile, XRP price shed over 5 per cent in the last 24 hours to trade at about $2.14.

Top Reasons Why the Wider Altcoin Market Followed Bitcoin in Correction

According to on-chain data analysis, the demand for crypto assets has significantly declined in the last few days. For instance, Bitcoin demand remains in contraction mode, even at a higher rate than what was experienced in December 2023.

The overall cash inflow to altcoins led by Ethereum and XRP has significantly decreased in the recent past. The U.S. spot Ether ETFs are about to close March with the largest cash outflow since August 2024, of over $400 million. Meanwhile, on-chain data shows whale investors have increased their activity, possibly fleeing to the gold and stablecoins markets to protect capital.