(Feb 10): After a relatively quiet start to the week, the two largest cryptocurrencies began sliding again on Tuesday (Feb 10) as bearish sentiment weighed on digital assets.
Ether, which has recorded steeper losses than Bitcoin since a sharp October selloff, fell as much as 6% to US$1,994. It was trading down 5% to around US$2,012 at 5.20am in New York.
Bitcoin fell as much as 2.4% to US$68,666, after hovering around US$70,000 over the weekend and slipping below that level on Monday. The original cryptocurrency had nearly touched US$60,000 on Friday before rebounding.
Bitcoin is coming off a particularly bruising week that saw it erase all of its gains since US President Donald Trump was reelected at the end of 2024. The crypto-friendly administration has been seen as a boon for the industry but Bitcoin recently reached its longest monthly losing streak since 2018.
“ETH remains in a bearish structure overall after breaking down from the US$2,800 to US$3,000 range,” said Rachael Lucas, an analyst at BTC Markets. The selloff comes on the back of macro risk-off sentiment and a broader crypto selloff, she added.
See also: The coming crypto apocalypse
Despite bouncing back from last week’s lows, markets are showing little risk appetite for the two largest cryptocurrencies. Bearish signals still plague Bitcoin derivatives. Funding rates for Bitcoin perpetual futures have remained below zero, signalling that traders remain positioned for downward pressure.
Both crypto tokens have seen billions in outflows from their exchange-traded funds since the early October crash. Investors have pulled US$3.2 billion from Ether ETFs, with US$462 million withdrawn just this year. Bitcoin ETFs, meanwhile, have seen US$7.9 billion in outflows in the same period, with US$1.8 billion of that pulled this year.
Uploaded by Arion Yeow
