BroadChain Financial learned that June 18th was a crucial moment in the cryptocurrency market, marking one of the most critical weeks of 2024. Cryptocurrencies, especially altcoins, experienced a significant decline.
The market struggled to absorb a large number of tokens unlocked, totaling $4.83 billion, including Aptos at $97 million, IMX at $51 million, STRK at $75 million, SEI at $62 million, ARB at $90 million, APE at $18 million, and UNI at $90 million. Early investors and venture capitalists seemed to be under pressure to cash out, with the flow of these tokens dragging down Bitcoin.
Bitcoin miners have started selling their Bitcoin holdings, leading to a significant $2.5 billion increase in Ethereum balances on exchanges, possibly due to potential sell pressure. Despite some improvement in inflation data, there has been a significant outflow from Bitcoin ETFs, with an average outflow of $660 million over five days. Overall net outflows across various sectors (stablecoins, futures leverage, ETFs, etc.) amounted to $2.4 billion, marking the third consecutive week of net outflows since the launch of ETFs in January 2024.
Furthermore, as SOL-USDT broke below key trend levels and support lines, SOL may face further downward pressure, with some analysts suggesting it could drop to $100.