The crypto markets are facing pressure from various factors, including the US elections, uncertain macroeconomic data, and negative sentiment surrounding crypto exchange-traded funds (ETFs) outflows. US-traded Bitcoin and Ethereum ETFs have experienced consecutive weeks of negative flows, with Bitcoin ETFs losing over $983 million and Ethereum ETFs losing $103.5 million. There has also been a decrease in total stablecoin supply, indicating potential investor capitulation. Institutional interest in Ethereum-based products has declined, with VanEck closing its Ethereum Strategy ETF and WisdomTree withdrawing its application for a spot Ethereum ETF. Risk management indicators show negative BTC price momentum, while Bitcoin is testing its 50-week moving average and Ethereum its 200-week moving average, both critical support levels. The US election is expected to create uncertainty for risk assets like crypto, and macroeconomic data shows weakness in manufacturing activity and the labor market. This ambiguous picture leads to hesitation in the global economy, and the projected rate cuts by the Federal Reserve may not be enough to stimulate growth in all sectors. Overall, this uncertainty suppresses the appetite for risk in the market.



Other News from Today