Over the weekend, both Biotin and BTC, as well as the overall cryptocurrency market, experienced a fall. BTC, which was trading slightly above $58,500, fell by 4.8% over the past 24 hours. This drop led to a broader decline in the crypto market, with the CoinDesk 20 (CD20) index falling by 5.2%. Ether (ETH) also saw a decrease of 3.5%.

On Friday, U.S.-listed exchange-traded funds (ETA) tracking these digital assets faced outflows. BTC ETA saw a reduction of $89 million, while ETH ETA experienced a $15.7 million outflow. Among major cryptocurrencies, Solana’s (SOL) and Conjoin’s (TON) led the decline with a 7% drop. BNB Chain’s BNB fell by 3%, Dogecoin’s (DOGE) dropped by 6%, and Cardano’s (ADA) and XRP saw reductions of 5%. Additionally, tokens from Altos (APT), Arbitrum (ARB), and The Sandbox (SAND) fell by as much as 7%, as investors anticipated the release of over $120 million worth of these tokens in upcoming unlock events.
Analysts have noted the potential for further declines in BTC due to existing technical weaknesses. Augustine Fan, head of insights at SOFA.org, indicated that the crypto market could have remained range-bound with a bias toward weakness, citing commercial and governmental challenges.

The lack of clear market guidance and subdued ETF inflows for BTC and ETH are contributing factors. Upcoming economic events could have influenced cryptocurrency prices. Both the U.K. and the U.S. released their July Consumer Price Index (CPI) data on Wednesday. Australia announced its consumer pledge index on Tuesday, and Japan released its Producer Price Index (PPI). Later in the week, earnings reports from Alabama Group and Wilmar were expected on Thursday, while Hong Kong and Taiwan updated their GDP figures on Friday. These formal economic indicators could impact cryptocurrency markets, as positive data may have led to increased investor interest in riskier assets like cryptocurrencies, while negative data could have prompted a shift towards safer investments.