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Bitcoin Slumps Under $26K as Bearish Outlook Engulfs Crypto Market
Price-charts suggest more declines ahead even as large investors are adding on their bitcoin holdings, one trader said.
Updated Aug 28, 2023, 3:18 p.m. Published Aug 28, 2023, 11:10 a.m.
dipped under $26,000 in European morning hours on Monday amid a generally bearish sentiment among crypto traders and the lack of new catalysts to rally markets.
BTC fell as low as $25,886 on Binance, CoinGecko data shows, before slightly recovering. Major tokens XRP, cardano's ADA, and solana's SOL fell as much as 2.2%, continuing a downtrend since last week.
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Ether fell 1.1% even as trading aggregator protocol 1Inch invested over $10 million worth of stablecoins from its treasury to purchase 6,088 ETH late on Sunday, providing some buying pressure to an otherwise tepid market.
The drop in majors came even as traditional markets buoyed on Monday, with Shanghai Composition and Nikkei 225 finishing more than 1%, Singapore adding 0.73% and European indices opening up to 0.36% higher.
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Meanwhile, FxPro trader Alex Kuptsikevich told CoinDesk in a note that the firm expected further declines, citing price-chart data.
“The technical picture for Bitcoin remains bearish on weekly timeframes, as the price is below its 200-week average and outside of its ascending channel,” Kuptsikevich shared. “The most likely short-term outlook is for a decline to the $23.9-24.6K region.”
On a price chart, an ascending channel is a price pattern made by higher highs and higher lows – with a break below this suggesting bearish price action among traders.
As such traders have remained bearish since the start of August: Futures traders are positioning for a bearish market while options activity shows traders expect a further downside.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
需要了解的:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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