BTC remains under pressure as ETF outflows, higher oil prices weigh on crypto markets: Crypto Daily

Bitcoin BTC$72,675.37 and most major cryptocurrencies remained under pressure as record outflows from U.S. spot bitcoin ETFs, renewed inflation worries from higher oil prices and weakening retail demand kept digital assets from joining Wall Street’s AI-led rally.

BTC is down about 1.4% in the last 24 hours and was trading recently under $73,000, while ether dropped 2.1% to $1,980. The broader CoinDesk 20 (CD20) index fell 2.38%.

The weakness follows a 10-session, $2.97 billion outflow streak from U.S. spot bitcoin ETFs, the longest run of withdrawals on record, which included the rapid exit of a $1.2 billion position.

The crypto market “sold off through last week without a clear catalyst,” according to a note from Laser Digital’s derivatives trading desk. “There seemed to have been a lack of demand, including Strategy announcing that they didn’t purchase any BTC.

“With STRC still trading below par and the continued lack of interest from retail buyers, BTC is expected to remain weak for the time being,” the note said.

That leaves crypto at risk of further underperformance versus equities, where enthusiasm around artificial intelligence has pushed global stock indexes to fresh highs even as oil prices climbed on stalled efforts to reopen the Strait of Hormuz. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Today’s signal

Hyperliquid’s hype (HYPE) token continues to strengthen against Solana’s sol (SOL), hitting record highs.

Still, weakening RSI momentum in the ratio between the two tokens is producing a bearish divergence on the daily chart that could signal a near-term slowdown or shallow pullback.

If it does occur, it’s unlikely to mark a structural break in HYPE’s outperformance trend because there’s no confirmation of the divergence on the weekly chart.