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Dip buyers be damned. The total crypto market cap (TOTAL) has sunk like a stone, erasing a quarter billion dollars in wealth amidst the 14% plunge that has followed the arrival of spot BTC ETFs. Can crypto markets rebound?
Traditional markets may be up on the day, with both the broad basket S&P 500 and the tech-heavy Nasdaq 100 indices both setting new cycle highs, but crypto prices continue to trade down.
Bitcoin has experienced outsized losses compared to TOTAL off its ETF debut, down 17% from then and a further 0.9% on the day, with the outsized negative price action partially a direct result of continued Grayscale redemptions combined with crypto traders unwinding their bullish BTC ETF approval bets.
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