According to data from Santiment, most tokens are now in an opportunity zone, which means that the global cryptocurrency market went down a lot today.
CoinGecko says that the total value of the cryptocurrency market has dropped by 4.1% in the last 24 hours, and it is now worth $2.49 trillion. Even though this happened, the overall daily trading volume went up by 16% to $99.1 billion.
The rise in trade volume is usually a sign of more market volatility. Bitcoin (BTC) and Ethereum (ETH), two of the most important cryptocurrencies, fell by 3.5% and 2.6%, respectively. At the moment, one bitcoin is worth $64,250, and one ether is worth about $3,150.
Crypto ETFs face significant losses.
According to Farside Investors, the loss of $120.6 million from Bitcoin ETFs over the past day is an important change. Surprisingly, the BlackRock IBIT Bitcoin ETF had a day when no fund came into it. This is the first time that has happened since ETFs were first launched in the U.S.
Furthermore, the Grayscale Bitcoin Trust (GBTC) saw a net loss of $130.4 million on April 24, which may have added to the general negative outlook in the market.
On the other hand, data from Santiment shows that more than 85% of the assets listed on their website are now in the opportunity zone. According to an X post by the market data platform, the Market Value to Realized Value (MVRV) ratio over one, three, and six months has shown that now is a good time to buy.
Even though these are all good signs, buyers are becoming more and more scared after the recent drops in market cap. Santiment talks about a rise in “buy the dip” attitudes on social media, which make up 34.97% of all crypto conversations. Notably, Santiment’s data shows that Reddit and X are the main places where people interact with each other, while Telegram and Bitcointalk have smaller shares.Ā
