The global cryptocurrency market has experienced a noticeable decline, with Bitcoin (BTC) approaching the $66,000 threshold. According to CoinGecko data, the overall cryptocurrency market capitalization has dropped by 4.6% in the last 24 hours, currently standing at $2.63 trillion. Despite this, daily trading volume has surged by 42% to reach $134.77 billion.
This market-wide downturn coincides with Bitcoin’s decrease from $70,000 to $66,400 within the same timeframe, resulting in its market capitalization hovering around $1.3 trillion and a 24-hour trading volume of $40 billion.
Furthermore, Bitcoin ETFs have witnessed a net outflow of $85.7 million on April 1, contrasting with the $862 million inflows recorded last week, as reported by Farside Investors. On March 31, Tether, the issuer of the largest stablecoin, purchased 8,888 Bitcoins for $618 million, averaging $69,531 per coin, adding to its existing holding of over 75,000 BTC acquired at an average price of $30,305.
Some investors and social media users are contemplating potential whale manipulations and exploring opportunities to “buy the dip.” Santiment data reveals a significant surge in calls to “buy the dip,” dominating 33.55% of total social volume surrounding crypto-related discussions. The majority of these conversations originate from platforms like Reddit and 4chan. Conversely, discussions regarding another selloff represent only 2.46% of total conversations and posts.