While cryptocurrency enthusiasts like Eric Trump urge investors to showcase their talents, on-chain data indicates a massive sell-off of coins. Amid the widespread market collapse, Arthur Hayes offloaded 13 million dollars in cryptocurrencies, including ETH, ENA, and PEPE.
Bitcoin and Ethereum ETFs were the most affected by the massive sales, with combined outflows nearing one billion dollars in the last day. According to SoSoValue Data, spot Bitcoin ETFs lost a staggering 812 million dollars, while Ethereum ETFs ended their 20-day streak of consistent inflows with outflows of 152 million dollars.
As traders attempt to understand the cryptocurrency market drop, several macroeconomic factors are at the core of the correction. Recently released U.S. employment data for July and the consequences of Trump's tariffs continue to fuel pessimism about Bitcoin and Ethereum prices.
