@carloswoodallfpp
Today’s crypto market crash has resulted in Bitcoin and large-cap altcoins squandering much of this week’s gains.
The Bitcoin price fell to $63,800, down nearly 6% from this week’s high of $68,100. The altcoins are faring much worse, with the Ethereum price down over 9% today.
Nevertheless, most experts remain confident that the crypto market is on the cusp of a major bull run. Indeed, smart money traders are searching for the best crypto to buy during the dip. Several factors are contributing to the weakness in the cryptocurrency market.
The recently approved spot Ethereum ETFs saw $133 million in net outflows, sparked by $326 million worth of withdrawals from Grayscale’s ETHE ETF.
As in the case of Bitcoin spot ETFs, experts believe that Grayscale will continue to record heavy outflows, owing to its high management fees. Consequently, the Ethereum price could adopt a bearish stance over the coming days before a bullish recovery.
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