Selling pressure continues to impact the altcoin market as a seven-day streak in negative flows for spot Bitcoin exchange-traded funds tell in the price of Bitcoin (BTC).
A notable BTC struggle has similar pressure on most altcoins, including BRC-20 project Bitcoin Dogs (0DOG).
Bitcoin sees over $211 million in net outflows
Spot Bitcoin ETFs recorded another day of net outflows with more than $211 million exiting the market on September 5.
This meant the US spot BTC exchange-traded fund market has now notched seven straight trading days of negative flows. In this period, data from SoSoValue shows the largest net outflow of over $287 million occurred on September 3.
Meanwhile, the last time US spot Bitcoin ETFs posted net positive flows was on August 26 with +$202 million, which ended an eight-day streak of positive flows.
While Bitcoin ETFs have recorded seven consecutive trading days of net outflows, Ethereum spot ETFs have managed only one day of net inflows in 15 trading days. The exception is the $5.8 million in net inflows recorded on August 28.
Altcoins dip amid downward pressure
Bitcoin price has struggled as jitters spread across the market—BTC is down 6% in the past week and trades around $55,700 at the time of writing. Ethereum changed hands around $2,350, about 6.6% down in 24 hours.
Top altcoins BNB, Solana, XRP and Tron have all shed over 5% in the past week. Cardano, despite the recent milestone of its Chang hard fork, is down 10%. Latest declines see Toncoin slip 12% over the week.
Overall, Coinglass data indicates open interest is down 1.2% while total 24-hour liquidations have jumped 5.9% to above $98 million.
It’s likely these declines could extend as crypto investor and former BitMEX CEO Arthur Hayes says it could be a dip to below $50k for BTC this weekend.
$BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.
Bitcoin Dogs among top trending new tokens
The battle for ‘dog’ token of the year has heightened with the emergence of Dogs, Sundog and Bitcoin Dogs.
But while the first two have recently hit headlines with the trending Telegram tap-to-earn games and SunPump’s arrival, Bitcoin Dogs looks to stand out after pioneering the ICO market on Bitcoin.
In fact, after going live on three top exchanges recently, Bitcoin Dogs has been on a frenzy as one of the hottest tokens.
Where it beats Dogs and Sundog is its tapping into the Bitcoin ecosystem’s growing traction as a network for decentralized finance, gaming and non-fungible tokens.
In its play-to-earn plans, 0DOG is getting a lift on Telegram, while in the NFT Ordinals’ market, Bitcoin Dogs has a roadmap for an exclusive 10K NFT collection and metaverse experience.
So while Bitcoin Dogs price may struggle alongside BTC and other altcoins, its potential to dominate the Bitcoin L2 ecosystem and meme coins has current outlook as a likely great entry.
0DOG currently trades around $0.0093, and has seen a 170% spike in 24-hour trading volume.
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