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Cryptocurrency markets were trading down on Friday due to significant outflows from ETFs. Bluechip cryptocurrency BTC sank 3.2% to $41,381 in early Friday trading, while Ethereum slid 2.5% to $2,467.

The crypto market is seeing an unexpected downtrend as Bitcoin faces selling pressure due to significant withdrawals from Exchange Traded Products (ETPs) to new spot ETF providers.

Blackrock’s Bitcoin ETF accumulated $1 billion worth of BTC in just one week, indicating a significant outflow of Bitcoin to such regulated ETFs. We may expect the Bitcoin price to rise once this changeover has passed and investors have completed their profit booking.

Other big altcoins, including Solana and Avalanche, plummeted more than 6% each. Cardano, XRP, Dogecoin, Polkadot, Chainlink, Toncoin, Polygon, Internet Computer, and Shiba Inu all declined.

CoinSwitch Ventures’ Investments Lead stated, “BTC experienced’sell the news’ pressure due to investor activity surrounding spot ETF approvals, resulting in its lowest price in a month. We can expect considerable fluctuation in the BTC price for some time. However, ETF inflows and assets under management (AUM) remain solid.

DeFi’s total volume is currently $5.54 billion, accounting for 8.49% of the total cryptocurrency market’s 24-hour volume. The entire volume of stablecoins is now $59.51 billion, accounting for 91.23% of the total 24-hour volume on the crypto market.

Bitcoin, the world’s largest cryptocurrency, has seen its market capitalization drop to $812 billion in the last 24 hours. According to CoinMarketCap, Bitcoin now has a dominance of 49.67%. In the last 24 hours, BTC volume climbed by 32.55% to $26.9 billion.

BTC faces a serious difficulty in retaining its current support of $41,000. A break below this level may indicate a bearish feeling, however a successful hold might open the way for the continuation of a new higher high.

ETH remains above the 20 EMA D. To maintain a positive trajectory, ETH must remain above $2,400, as a slip below this level might signal a negative reversal.