The global cryptocurrency market experienced a downturn as traders exited key exchange-traded funds (ETFs) linked to bitcoin and ether. Bitcoin dropped 1.1% in the past 24 hours to $96,013, while Ethereum (ETH) fell 1.1% to $3,336, according to CoinMarketCap data.
The total crypto market cap declined by 1.87% to $3.28 trillion, while the 24-hour trading volume surged 10.79% to $153.6 billion, reflecting heightened sell-side activity. DeFi accounted for $11.08 billion, or 7.21% of the market's trading volume, while stablecoins dominated with $144.1 billion, representing 93.82% of the total volume.
Bitcoin-linked ETFs in the U.S. recorded significant outflows, with $277 million in net redemptions on Friday, marking one of the largest withdrawals since their January debut. This followed a $680 million outflow the previous day, breaking a 15-day streak of inflows, as reported by SoSoValue.
With U.S. markets set for early closures ahead of the Christmas holiday, economic data releases are expected to remain minimal over the next two weeks, adding to market uncertainty.
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