Bitcoin Falls Below $77,000, Ethereum, XRP, Dogecoin Flat Ahead of Midterms
Less than 1 min read
BTCUSD +0.21% ETHUSD +0.22% SOLUSD +0.27% XRPUSD +0.01%
Bitcoin held near $77,000 despite significant net outflows from spot Bitcoin ETFs as investors braced for Tuesday’s U.S. midterm elections.
Notable Statistics:
- Coinglass data shows 67,742 traders were liquidated in the past 24 hours for $226.49 million.
- SoSoValue data shows net outflows of $643.3 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net outflows of $155.9 million.
- Top losers in the past 24 hours include Rain, NEAR Protocol and Ethena.
Notable Developments:
- Bitwise puts Bitcoin’s ‘fair value’ at $197,000, citing 3 catalysts for a rally.
- Bitcoin bulls claim ‘bottom’s in’ but bears eye $73,000 ahead of midterms.
- XRP drops 16% in a month but ETF inflows and stablecoin growth signal strength.
- Bitmine adds 8,573 ETH as Tom Lee cites 6 bullish factors for ETH.
- Why Crypto PACs are spending over $200 million on the 2026 midterms?
- Strategy buys $65.5 million in Bitcoin as Michael Saylor adds 811 BTC.
Trader Notes:
Bitcoin faces mounting macroeconomic pressure ahead of the U.S. midterm elections tomorrow, with potential Fed rate hikes, weakening tech stocks, and growing recession risks threatening risk assets. Bloomberg Intelligence strategist Mike McGlone warned that Bitcoin’s recent weakness could signal a broader market correction. Macro analyst Mario Innecco argued that rising government debt and persistent monetary inflation could eventually benefit gold and other hard assets. McGlone considers the coming week critical. If stocks finish lower following the midterms, he expects selling pressure to accelerate.
Disclaimer:
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