Bitcoin (BTC) started the week with a 3% drop, trading below $58,400 after spending the weekend above $60,000. This decline comes as the market anticipates the Federal Reserve’s potential rate cuts, which would be the first in over four years.
Historically, lower borrowing costs have fueled bullish sentiment as cheaper money often boosts riskier sectors like crypto.
U.S. Crypto ETFs See Strong Inflows
Despite Bitcoin’s decline, crypto ETFs in the U.S. saw significant inflows. Bitcoin ETFs recorded over $263 million in net inflows, the highest since July 22, while Ether ETFs had $1.5 million in inflows, marking a second consecutive positive day since August.
Crypto Market Losses: Ethereum, Cardano, and Solana Lead Decline
As Asian markets opened on Monday, the broader crypto market experienced a slump. Ethereum (ETH) dropped by 5.5%, its worst one-day performance since August. Cardano (ADA) and Solana (SOL) also saw significant losses, falling by 5% and 4%, respectively. Meanwhile, BNB Chain’s BNB limited its loss to just 1.1%, emerging as the least affected major altcoin.
BTC/ETH Ratio Hits Four-Year Low
The BTC/ETH ratio, which compares the movement of Bitcoin and Ethereum, dropped to a four-year low. Ethereum has faced growing competition from newer blockchains like Solana, Base, and Telegram’s TON, impacting demand for ETH.
