The altcoin markets continue to be impacted by selling pressure as the seven-day negative streak of flows in spot Bitcoin ETFs has a direct impact on the Bitcoin price (BTC).
Bitcoin Dogs (BRC-20) and other altcoins are also under pressure from the BTC struggles.
Bitcoin net withdrawals exceed $211 Million
On September 5, the net inflows of Spot Bitcoin ETFs reached $211,000,000.
The US BTC spot exchange traded fund has experienced negative trading flows for seven consecutive days. Data from SoSoValue indicates that the biggest net outflow, of $287 million in this time period, occurred on September 3rd.
The last time US Bitcoin ETFs had net positive flows, was August 26, with +$202 millions, ending an eight-day positive streak.
Ethereum ETFs only managed to achieve one net-inflow day in the 15 days since their launch. On August 28, there was a $5.8-million net inflow.
Altcoins dip amid downward pressure
Bitcoin’s price is struggling as market jitters have spread. BTC has fallen 6% over the last week, and currently trades at around $55,700. Ethereum traded around $2350 in the past 24 hours, a 6.6% drop.
BNB, Solana XRP, Tron and other top altcoins have lost over 5% each in the last week. Cardano is still down by 10% despite its recent Chang hard fork milestone. Toncoin has seen its price drop 12% in the last week.
Coinglass’ data shows that open interest has decreased by 1.2%, while 24-hour total liquidations are up 5.9% at more than $98 Million.
Arthur Hayes, former BitMEX chief executive and crypto investor, says that the BTC price could drop below $50,000 this weekend.
The $BTC price is high, but I want to get under $50k by the weekend. I took a cheeky short. Please pray for my soul because I’m a degen.
Bitcoin Dogs are among the most popular new tokens
Dogs, Sundogs and Bitcoin Dogs have all entered the race for the title of ‘dog token’ of the year.
While the two first games have been making headlines recently with their tap-to earn Telegram games, and SunPump’s appearance, Bitcoin Dogs stands out as the pioneer of the ICO on Bitcoin.
After going live recently on three major exchanges, Bitcoin Dogs is one of the most popular tokens.
Its advantage over Dogs and Sundog comes from its ability to tap into the growing popularity of Bitcoin as a decentralized network for gaming, non-fungible coins and finance.
Bitcoin Dogs’ roadmap for a 10K NFT exclusive collection and Metaverse experience is a part of its Play-to-Earn plan.
While Bitcoin Dogs may not be able to compete with BTC or other altcoins at the moment, it has the potential to take over Bitcoin L2 and meme coin ecosystems.
0DOG is currently trading around $0.0093 and the 24-hour volume has increased by 170%.
The post Bitcoin Dogs is among the top new trending tokens, even though altcoins struggle to compete with BTC as it falls may be updated as events unfold.
